Three Stages of Title Processing
PRE- PROCESSING
PROCESSING / CLOSING
POST CLOSING
Pre-Processing Stage
Conduct TITLE SEARCH done by a third-party abstractor
Order ”Municipal, judgement, tax and land surveys”
Prepare the TITLE COMMITMENT in accordance with the required specifications
Gather the outstanding tax dues, condominium/homeowners’ association dues, seller’s payoff and other lien payoffs
Examine the title and resolve any issues, if any
Closing Stage
Obtain the lender’s instructions, loan documentation, and proceeds
Prepare CD / FINAL HUD and other documents that will be signed at the closing
Setup a closing date with the lenders, realtors, and other parties involved
Conduct the settlement
Post-Closing Stage
Disburse the proceeds
Record the DEED, MORTGAGE and other recordable documents in the COUNTY
Executed documents sent to the LENDER/FINANCIAL INSTITUTIONS
Payoff all existing liens and mortgages as per the Title Commitment
Finally, issue TITLE INSURANCE POLICY (OWNER AND/OR LENDER)