CalAtlantic Title makes it a priority to provide our customer with information to successfully guide them through the title insurance, escrow and closing process. We take great pride in our ability to provide excellent, customer-based programs that ensure your transaction will be afforded the professional care CalAtlantic Title has become known for across the country.
Why do you need a title search?
From the time a contract is finalized for a home sale or purchase, CalAtlantic Title works with your real estate agents and lenders to provide a title search and title insurance commitment on the property. Your title agent searches the public record to verify the current owner of the property, what mortgages exist on the property, current property taxes owed, homeowners’ association requirements, and liens or judgments against the property. The title agent also reports any easements, rights of way or encroachments on the property that may affect your use of the property. Your CalAtlantic title agent wants to make sure that all issues are cleared up that could impact your ownership rights or use of the property.
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How do we help you finalize a transaction?
Your closing or escrow agent communicates with the real estate agent, lender, homebuyer or borrower and seller to make sure all the paperwork is in place for the closing or signoff. They also create an escrow account where the monies that are paid out at the time of the sale are kept secure until the transaction is finalized. This includes the earnest money, downpayment, mortgage monies and the money needed for all the closing fees.
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THE CLOSING OR SIGNOFF
Here are a couple of things to help you prepare for the closing:
Reviewing the Closing Disclosure or Settlement Statement
Your escrow agent or title officer will receive a series of instructions from your lender, concerning all paperwork needed to consummate the deal. Once all the required insurances, documents and certifications are acquired, your closing agent will prepare the final loan package. As part of that loan package, the closing agent will prepare a Closing Disclosure for the homebuyer, which is a statement that details your actual closing costs. By law, the Closing Disclosure must be provided to you three days prior to closing.
REVIEW THIS DOCUMENT THOROUGHLY. It is vitally important to review the document and to compare it to the original Loan Estimate you received from your lender. The closing costs should be very similar to the original estimate. If you see any errors or have concerns about variations in prices between the two documents, report them immediately.
The Seller will also receive a document called a Settlement Statement which details the Seller’s costs and proceeds from the sale.
PREPARING FOR THE CLOSING
Your escrow or closing agent will contact you to arrange a time to sign all the final documents. Typically, you will need to bring the following items to the closing:
- All documents required by your lender
- Bring your spouse, as all parties must be present for the final signing
- Valid Photo ID with signature for all parties (must be a U.S. driver’s license, U.S. ID card, or U.S. / foreign passport)
- Please allow sufficient time for the closing process, as there are many documents you will be required to sign. Your CalAtlantic Title agent will walk you step by step through the process, explaining each item in your mortgage package before asking you to sign.
- Any monies required at closing. PLEASE NOTE: Large sums needed for the closing must be sent as a wire or paid in the form of a cashier’s check. Check with your escrow or closing agent in advance to determine how payment will be made.
Call your local CalAtlantic Title representative if you have any questions before closing.