Transaction and Real Estate Closing Guidelines
CLOSING AND TITLE INSURANCE
Whether you work with the Owner, a lawyer, or a Realtor - after you submit your offer and it is accepted - the deposit and closing will be managed by a title insurance company. They will handle your deposit, provide title insurance, and prepare all of the closing documents. The title insurance company will calculate all of the customary closing costs as they normally apply to the buyer or to the seller and work with the mortgage company (if any) to arrange payment and distribute proceeds.
They will also conduct the formal closing on the home. At the closing, a settlement agent from the title company will gather all the necessary documentation, explain it to the parties, collect closing costs and distribute monies. Finally, the title company will ensure that the new titles, deeds and other documents are filed with the appropriate entities.