What Happens at the Closing Table

At the Cislo Title closing tables, the final steps of purchasing a home are completed, ensuring all parties meet their contractual obligations and that the property’s ownership is transferred smoothly and legally.

Here’s a rundown of what typically happens during this crucial meeting:

  1. Review and Sign Documents: Home buyers and sellers gather to sign numerous important documents. For buyers, this includes, the promissory note (committing to repay the borrowed amount), and the deed of trust or mortgage which secures the note.
  2. Verification of Funds and Documents: The title company ensures that all necessary funds are accounted for and that all documents are correct and ready for signing. This includes verifying that the buyer has provided all necessary funds for down payments and closing costs.
  3. Settlement Statement Review: The ALTA Settlement Statement both parties must agree on all costs before proceeding.
  4. Funds Disbursement: After all documents are signed and reviewed, the title company handles the disbursement of funds. This includes paying off the seller, any previous lenders, and covering any other fees or charges listed on the settlement statement.
  5. Recording of Deeds: The title company ensures that the deed, which transfers ownership of the property from the seller to the buyer, is recorded in local government records, formally completing the transfer process.
  6. Handing Over the Keys: Once everything is signed and all funds have been properly distributed, the keys to the property are handed over to the new owner, marking the official completion of the transaction.
  7. Title Search and Insurance: Once completed Title insurance policies are issued to protect the buyer (and lender) from future claims.

The role of the title company is pivotal in making sure all legal and financial aspects of the property transfer are conducted accurately and with integrity, providing peace of mind to both buyer and seller.

Share this Article


Leave a Comment