HERITAGE TITLE CLOSING PROCESS

The Step-by-Step guide below summarizes essential information about Heritage Title’s closing process, including what occurs during each stage and actions that will help facilitate a smooth transaction.

STEP 1:
Heritage Title receives the executed contract and Earnest Money.

STEP 2:
Our order entry department receives the contract, and Earnest Money is deposited.

STEP 3:
A copy of the receipted contract is sent to all parties via email. In this email, the Seller and Buyer information sheets are delivered to be completed by the corresponding parties.

STEP 4:
Title is opened. The file is assigned a GF number, our plant begins the title search, and the tax certificate is ordered.

STEP 5:
The legal history of the property is checked. The title search includes a list of owners of record, liens, encumbrances, lawsuits, divorces, and any other factors that could put a cloud on the title or affect the transfer of title.

STEP 6:
Once all title documents are compiled, our examiners will review them and issue a title report.

STEP 7:
After the report is created, the Title Commitment is issued. At that time, the assigned closing team works on all items listed in Schedule C of your Title Commitment. Those items must be cleared from title in order for the underwriter to issue a title policy. The Buyer and Seller receive a copy of The Commitment along with the lender.

STEP 8:
The Seller’s loan payoff information is requested, and survey and HOA documents are ordered, if applicable.

STEP 9:
A closing time is scheduled for both parties.

STEP 10:
All lender-requested closing documents are delivered to the assigned Closer, who will prepare everything to facilitate a smooth closing day. If the transaction is cash, the Closer will prepare all the closing documents needed for closing.

STEP 11:
A copy of the closing statement is sent to all parties for review before the closing date.

STEP 12:
On closing day, the Buyers and Sellers sign the closing documents. Once the lender reviews the signed documents and approves them, funds are disbursed through Heritage Title. However, if the buyer is paying cash, funds are disbursed once all parties have signed, and Heritage Title receives all funds.

STEP 13:
After closing, the Owner’s and Lender’s title policies are issued and delivered in the mail within thirty days. Legal documents are recorded at the County Clerk’s Office when funds are disbursed.

Please keep in mind that the preparation and timing of the step-by-step guideline shown above
can vary depending on curative matters if shown on the commitment, lenders, buyers, and sellers. However, Heritage Title promises to do the BEST we can to ensure your closing runs as smoothly as possible. We take pride in what we do!