What is a closing agent?
Closing agents can be a representative of a title company, an escrow agent, settlement agent or a real estate attorney that conducts the closing (or settlement) of a home purchase transaction. Their main function is to ensure the proper transfer of the legal title and overseeing the closing process (coordinating the document signing, verifying all parties involved have performed their required responsibilities, making sure everything happens in the right order and on time).
Can I choose my closing agent?
Real estate agents may recommend or select the closing agent with your permission, but you can choose your own closing agent if you wish, subject to reasonable requirements imposed by your lender, no matter if the transaction is a purchase or refinance.
When can I close?
For purchase transactions, the closing date is established under the purchase agreement, but it can change pursuant to contract addendum.
The closing can occur once all of the conditions of closing (contract terms) have been met (closing documents have been signed, title is clear, funds have been received). At that point funds may be disbursed in accordance with your written instructions.
Will I receive any documents prior to closing?
We make every effort to send you a digital copy of your closing documents prior to your signing appointment. Don’t hesitate to reach out to a titlegenius representative if you have questions about your closing documents.
Who needs to be at the closing?
All parties required to attend signing will be notified prior to closing day. Sometimes there are parties that are not buyers or sellers who need to be present to sign, such as non-borrowing spouses or other parties with potential interest in the property. titlegenius will keep you and your agent informed on who needs to be present.
What does escrow mean?
“Escrow” refers to an arrangement in which a neutral third-party controls money or assets until two other parties involved in a transaction meet certain conditions. An escrow agent only complies with written instructions signed by both parties.
Once all the conditions are met, necessary paperwork is signed, and the closing is complete, the money from the escrow account is released and sent to the appropriate parties in accordance with the instructions provided.
What happens after the closing?
Following closing, Radian Settlement Services will disburse funds as authorized, including charges for title insurance, recording fees, commissions and loan payoffs. Radian Settlement Services will make arrangements for recording of deeds and any other documents as instructed, request issuance of the title policies, and prepare and distribute final accounting statements to all parties.
When do I get my title insurance policy?
The last step of the closing process is the issuance of the title insurance policy. After confirmation that all the appropriate steps were taken to close the transaction (recording of the deed and mortgages, required payoffs made to the appropriate parties, and all contract conditions met), the title insurance policy is issued and sent to the insured parties.