SELECTING A SETTLEMENT OR CLOSING AGENT
Selecting a “settlement” or “closing” agent for your mortgage transaction is an important part of the process. The individual fulfilling this role is responsible for ensuring funds are properly accounted for and disbursed and that all legal documents are executed, recorded and returned to your lender. Leverage on-line resources as well as your Loan Officer or Realtor to learn more and find a settlement or closing agent for your transaction.
WHAT ARE THE TITLE SEARCH AND EXAMINATION?
This is a search made of the public records. Records searched include deeds, mortgages, assessments, liens, wills, divorce records and other documents that could affect title to the property you are purchasing. Once the search and examination are complete, a title commitment or preliminary report is prepared.
WHAT HAPPENS AT SETTLEMENT OR CLOSING?
The settlement or closing agent oversees closing of the transaction which includes having the seller sign the deed and closing affidavit. They also ensure the buyer signs the new note and mortgage. They ensure the old loan is paid off and that the seller, real estate agents, attorneys and other parties present at the closing of the transaction are paid.