Buying a house? Unsure what to expect as you close?
Our experts break down the steps you’ll go through when it comes to title and escrow.
- The contract is executed by all parties and sent to Title/Escrow Company
- Earnest Money and Option funds are delivered to the Title/Escrow Company as per Contract.
- A title search is conducted on the property to determine the status of title. Afterwards, a Title Commitment is provided to you and your lender for review along with current tax information on the property.
- The existing property Survey is sent for approval or a new one is ordered if required as per the Contract.
- Your escrow team will order any required mortgage payoffs, and HOA documents for your review as needed to ensure that any outstanding items are paid at closing.
- Loan documents are submitted by the lender to escrow on your behalf so that a Final Closing Statement can be prepared for your review prior to closing.
- Escrow will schedule a time for you and the seller to sign your closing documents.
- Final documents are signed in the presence of a certified notary at your scheduled closing.
- The sale is registered with the county, updating ownership records, and funds are disbursed
- Your real estate agent gives you keys: you officially own a home, congratulations!
- A copy of your recorded deed and your Owner’s Title Policy is delivered to you after closing.
*Steps may depend on the region within Illinois
This article is part of the Home Buyer Guide.