Closing & Escrow
Our escrow and settlement services professionals are experienced with the intricacies of your local market and the ins and outs of every type of residential and commercial resale, new construction, refinance, relocation and timeshare transactions.
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When you make the decision to work with us, you’ve chosen a partner dedicated to meeting your immediate needs while building a long-lasting relationship you can always count on. We will work hand in hand with you through every step of the closing process so you can feel comfortable throughout the real estate transaction.
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The closing is the last step in the process of buying a house. It is the day that you complete a real estate transaction and the final transfer of money and keys takes place. At the end of the closing, you'll officially own a new home.
CLOSE ON YOUR PROPERTY
Our professional closing staff is ready to prepare the calculations and documents necessary to conduct a closing. This includes collaboration with the lender, brokers, real estate agents, buyers, sellers, and attorneys who may be involved in the transaction. We generate settlement statements and 1099 reports, facilitate deed preparation, and prepare other necessary affidavits. More importantly, we oversee the proper disbursement of the closing funds and delivery of the documents necessary to issue the title insurance policy.
HOME CLOSING PROCESS
STEP 1:
The buyer and seller reach an agreement to close. A purchase agreement (Contract) has been signed by both parties and earnest money deposit has been made. The Real Estate Agent will contact the Title Company and submit the Contract.
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STEP 2:
Title Search and Examination. Serenity Title & Escrow will perform a search of public and non-public records including Deeds, Mortgages, Paving Assessments, Liens, Bills, Divorce Settlements, and anything else that could possible effect the transfer of title from the seller to the buyer.
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STEP 3:
Document Preparation and/or Request to Produce. Serenity Title & Escrow will review legal and loan documents, assembly charges, prepare the closing disclosure which outlines all of the charges for the buyer and seller associated with the closing, prepare settlement statement, and set a closing date.
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STEP 4:
Closing. This is overseen by the Settlement or Closing Officer. The seller signs the Deed over to the buyer, the buyer signs their new mortgage and various other documents: ​
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Closing Disclosure: This document details your mortgage and closing costs, including your one-time fee for title insurance. You are required by law to receive this at least three days before closing.
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Deed of Trust: This document, which may also be called a Security Instrument or Mortgage, transfers legal ownership of the property with the condition that the lender may foreclose on your home if you fail to repay your mortgage. This document explains your responsibilities and rights as a borrower.
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Promissory Note: This is an agreement to pay the lender back for the money they are lending you in the mortgage.
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Escrow Account Documents: These set up the account your lender manages to pay for items such as property taxes and homeowners insurance.
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STEP 5:
The buyer is given their title policy and keys to their new home. The seller will receive the payout of any remaining net funds, and all documents from the transaction are recorded with the County to show transfer of ownership.
WHAT TO BRING TO CLOSING
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A unexpired government issued photo ID
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Proof of Homeowners Insurance
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Cashier’s Check or Wire Info*
*BEWARE*: fraudsters are always looking for an opportunity to infiltrate the closing process and steal your hard-earned money through wire fraud. If you get any suspicious messages about changing the wire instructions soon before or after closing, call your title agent directly to confirm. CALL, DO NOT CLICK!
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