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The Closing Process
 
 
 
 
WHO CHOOSES THE CLOSING COMPANY?
Federal law (the Real Estate Settlement Procedures Act) entitles the Purchaser to choose the closing/title insurance company when purchasing or refinancing residential property.
 
 
 
 
WHAT HAPPENS AT THE CLOSING?
Adrienne Abstract & Closing Company acts as an impartial facilitator at each closing and has a fiduciary duty to all parties. We begin to prepare each closing shortly after the Purchase and Sale Agreement is signed and complete the following throughout the closing process:
  • Review Purchase and Sale Agreement to ascertain terms and verify proper execution
  • Perform search of the public court records to determine the state of title
  • Request homeowner’s association fees and transfer fees
  • Work with the lender to meet all lender requirements
  • Work with Purchaser and Seller and real estate agents
  • Schedule closing when the lender clears the transaction to close
  • Print and prepare the closing documents and loan documents
  • Explain all closing documents to Purchaser and Seller
 
 
 
 
 
 
 
 
 
WHAT HAPPENS AFTER THE CLOSING?
  • Return loan package to Lender
  • Record the Deed and Mortgage(s) with the County Recorder
  • Disburse all funds to appropriate parties
  • After the Deed and Mortgage(s) are recorded, issue title insurance policies
  • Verify that all prior mortgages and liens are been paid
 
 
 
 
WHAT IS TITLE INSURANCE?
Title insurance protects the Lender and/or the Purchaser in the event a defect in title, liens, or encumbrances are discovered after the closing. Our underwriter, First American Title Insurance, will reimburse the insured for any loss and related legal fees, up to the amount of the policy. Lenders almost always require a Lender’s Title Insurance Policy to protect the Lender if there is an issue with title. Title insurance companies also offer Owner’s Title Insurance Policies, which protect the Purchaser. Lender’s Title Insurance Policies expire when the loan is paid off; thus, many Purchaser’s opt for an Owner’s Title Insurance.
Lender’s Title Insurance Policy - The cost of a policy is based on the loan amount. Title Insurance Policies in Pennsylvania are all-inclusive, meaning that when an Owner’s Title Insurance Policy is issued, there is no additional charge for the Lender’s Title Insurance Policy.
Owner’s Title Insurance Policy - The cost of a policy is based on the sales price or the fair market value of the property.
Please click here to see the state regulated chart.
 
 
 
 
 
 
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Website by Consultline, LLC
 
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© Adrienne Abstract & Closing Company
Website by Consultline, LLC
 
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 724-831-1410
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