Selling 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 Real Estate Agent or Seller sends in a request for the Listing PR or sends the actual signed contract.
- The title company sends an authorization sheet to the Seller requesting the Lender’s name, loan number, last four digits of the social security number, HOA if any, any special assessments and anything else needed to clear the property for closing.
- When the Preliminary Title Report is returned the Title Company sends it along with the Plat Map to the Real Estate Agent and the other title company (split closing). The Title Company also matches their Preliminary Title Reports with the other title company to ensure the correct property is being processed, the seller’s and any other information that should be on the report.
- After clearing the property, ordering payoffs, final assessments, divorces, judgments the Title Company can then prepare a Sellers Closing Disclosure and Settlement Statement to send to the Real Estate Agent to check figures. After they have checked the figures, it is then forwarded to the other title company so prorations can be matched.
- The Title Company then closes, balances with the other title company, and sends the wire instructions requesting them to call and confirm the instructions. After the funds are received from the Buyers title company a Warranty Deed can be recorded and funds are disbursed.
- Congratulations, your home is sold!
This article is part of the Home Seller Guide.