How Closing Works: What Happens and When?

The Settlement Process

1. Once the title order is placed with Title Rite Services, Inc., a title abstract is ordered as well as a location survey where required.
2. The Title Company coordinates between the borrower/purchaser, the lender and realtor or builders involved in the transaction
3. The Title Company obtains mortgage payoff amounts as well as all pertinent tax, water and homeowners association figures.
4. The Title Company prepares the title insurance commitment, the deed, settlement sheet and in many cases loan documents.
5. The Title Company conducts the closing, collects and disburses all funds to the appropriate parties, records all necessary documents including deeds, mortgages and mortgage releases in the appropriate jurisdictions.
6. Once all documents have been recorded in the county, a final title policy is issued.