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856-795-4300 - New Jersey

610-889-7660 - Pennsylvania

302-892-6210 - Delaware

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You are here: Home / Uncategorized / Understanding the Closing Process

Understanding the Closing Process

October 17, 2013 Thomas Wilson

When purchasing a home, there are so many details to take care of that the last thing you need to worry about is a problem with your closing. Your skilled professionals at Trident Land Transfer are here to handle the details and make sure everything runs smoothly.

The behind-the-scenes work begins as soon as your offer is accepted by the seller, which can be anywhere from 30 days to three months before the closing. Here’s how the settlement process typically works:

Your real estate agent will place an order with Trident Land Transfer as soon as your sales contract is accepted. Trident will oversee the closing process and make sure everything happens in the right order and on time, without unnecessary delays or glitches.

First, your deposit will be placed in an escrow account where the funds will remain until the time of closing. Next the preliminary title work is done. Trident conducts an exhaustive search of the public records to make sure there are no issues with the title such as liens against the property, utility easements, etc. If a problem is discovered, most often we will take care of it without you even knowing about it. After the title is cleared, we can provide title insurance.

There are two kinds of title insurance coverage: a Lender’s Policy, which covers the lender for the amount of the mortgage loan, and an Owner’s Policy, which covers the homebuyer for the amount of the purchase price. If you are obtaining a loan, the lender will require that you purchase a Lender Policy. However, it only protects the lender. We always recommend you obtain an Owner’s Policy to protect your investment.

Once the preliminary title work is complete, Trident will issue a title commitment. Meanwhile, the settlement coordinators are simultaneously working on other important details. If the contract calls for a prior mortgage to be paid off, the coordinator will order payoff figures from the existing lender. Other tasks typically include ordering property inspections, surveys, and termite reports. Each closing is unique, which is why it requires a skilled professional to oversee the process.

Any problems or discrepancies discovered by the settlement coordinator are reported to the appropriate parties so that they can be corrected. The real estate agent’s role is to facilitate cooperation, coordination, and compliance between all of the settlement service providers.

If you are obtaining a loan, your lender has three days from the time of the loan application to provide you with a Good Faith Estimate of your loan costs. Keep in mind this is just an estimate. The final costs will be outlined on the HUD-1 Settlement Statement prepared by your Settlement Officer. It is usually provided to the buyer three days prior to closing. Items shown on a typical HUD-1 include costs paid at closing as well as pre-paid costs such as your earnest money deposit or loan application fee.

As closing day approaches, Trident will order any updated information that may be required. Once the we are satisfied that the paperwork is in order, we will confirs the date, time, and location of the closing with all the parties involved.

On closing day, all of the behind-the-scenes work is done. While you’ve been busy packing, ordering utilities and coordinating the movers, the closing process has been happening behind the scenes so that your new home is ready for you to move in.

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About Trident

The market leader for more than 30 years, Trident Land Transfer serves buyers, sellers, realtors and attorneys with Title Insurance and Closing Services throughout Pennsylvania, New Jersey and Delaware.

Trident Land Transfer has attained ALTA Best Practices certification from the independent firm RSM US, LLP, which is ranked 5th in the US by Accounting Today.

Awarded through a rigorous 3rd-party audit process, this coveted certification confirms that we meet the preeminent industry standards in providing superior service and expertise to our title and settlement clients.

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856-795-4300 - New Jersey

610-889-7660 - Pennsylvania

302-892-6210 - Delaware

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