What to Expect at the Closing
Your long home-buying journey is almost over. You found the home you love, the seller agreed to your offer and now it’s time for closing. Of course, there’s a lot to think about right now, and the last thing you want is something to go wrong. So, make sure you work with an experienced closing agent, like Milestone Title, to help ensure the details come together and everything runs smoothly. Milestone Title plays an important role in the purchase and sale of real estate and has constant involvement from the time the contract is signed until the completion of the transfer of title. At the time the contract is signed, you have the right to request Milestone Title as your title company of choice, and it is important that you understand the services that we provide. As soon as the seller accepts your offer, the behind-the-scenes work begins. You can expect closing to happen within 30 to 90 days (based on the date chosen in your purchase contract).
Select a Closing Agent – Ask to work with Milestone Title
If you are working with a real estate agent, with your permission, he or she may place an order with Milestone Title as soon as your sales contract is accepted. Most homebuyers rely on their real estate agent to select a closing agent—someone they work with regularly and know to be professional, reliable and efficient. However, you have the right to choose your own closing agent and we hope that you’ll choose Milestone Title! We will oversee your closing process and make sure everything happens in the right order and on time, without unnecessary delays or glitches.
Title Search is Conducted
Once the title order is placed, Milestone Title hires a third-party abstractor who conducts a search of the public records. This should identify any issues with the title such as liens against the property, utility easements, and so on. If a problem is discovered, most often our title professionals take care of it. After the title search is complete, Milestone Title can provide a title insurance policy.
Shop for 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 bank or lender will typically require that you purchase a Lender’s policy. However, it only protects the lender. It is always recommended that you obtain an Owner’s policy to protect your investment.
The Finish Line: Prepare for Closing
In the time between the receipt of the contract and the final settlement, Milestone Title will maintain close contact with the mortgage lender, Realtor(s), and attorney(s), to obtain the documentation necessary for closing the transaction.
Closing will be scheduled once all parties agree on the date, time and location. The lender will send the closing instructions to Milestone Title and we will collaborate on the preparation of the Closing Disclosure. Once approved, the Final Closing Disclosure will be prepared by the lender and sent to Milestone Title with the loan documents.
A member of the Milestone Team will conduct the closing, explain the documents in detail and answer any questions you may have. Once you’ve finished, Milestone Title will ensure the lender has all of the funds needed on the day of closing and you’ll receive the keys to your new home!
Milestone Title doesn’t disappear after your documents are signed. We’re here to protect your property rights for as long as you own your home and answer any questions you may have along the way.