What to expect now that your contract is escrowed

  1. After your agent or yourself has escrowed the contract with the title company you will receive a copy via email or regular U.S. Mail. (always a good idea to provide us your email address on contract for immediate correspondence)
  2. The contract is then sent to our title plant for research of the title to the property by geographic index and by name. (sometimes our title plant will require we obtain the last four digits of your social security number and/or a middle name and birth date, so that we can rule out any common names that might have liens against them)
  3. After the title plant has examined the property and researched the names, a Title Exam is produced along with a Tax information sheet. (the tax information sheet will show what the prior year’s property taxes assessed, we use this information for proration of taxes at closing and to make sure all property taxes are paid to date)
  4. Next the escrow assistants produce the Title Commitment, this document is a reflection of what the final title policy will look like after closing (and it will show any requirements needing to be met before closing and any exceptions the title company will take in the final policy)
  5. Inspections are next, the title company waits for any outstanding invoices due to inspections, surveys, pest reports and/or repairs to be provided. We use this information to build our closing statements for closing;
  6. Curative issues may or may not be required before closing, the issues will be found under Schedule C of the title commitment, (the company will require such things as certified copies of divorces or probates that were handled in another county; as well as obtain payoffs from your current lender on your outstanding loans on the property)
  7. If a Lender is involved, the company will wait for the lender to provide specific instructions in regards to the closing documents, once all documentation has been approved then we proceed to closing the transaction;
  8. If you are having to bring money to closing, please note that we only accept Wire transfers and Cashiers Checks, we do not accept personal checks or cash over $1100.00;
  9. At Closing you will be asked for your unexpired/current driver’s license and/or a form of identification with picture, we will also require the sellers on the transaction to provide us with the 1099 information for tax reporting purposes; next we will have a series of documents for you to sign, (the set will be comprised of documents from your lender, if a loan is being used in the transaction, and documents from the title company, if possible your loan officer or representative is present at closing to answer your questions in regards to the documents they provide)
  10. Closing is complete, both parties, the seller and the purchaser, have been to the title company to sign papers, now we send some of the documents to the lender, if a loan, for approval and when approval is given we update our exam information at the courthouse before filing all necessary documents with the county clerk’s office;
  11. Once approval is given and update is all clear we proceed to disburse the file accordingly. (arrangements can be made at closing for pick-up of funds; wiring or mailing of proceeds)
  12. After closing is complete, and all monies have been distributed, then we prepare the final title policy for you and/or your lender and mail it with the original documents filed with the County Clerk.
  13. After a few months we send our files to a secure off-site storage facility for 7 years. We always keep the fewest copies in our files when possible for your privacy.
  14. WHEN YOU GET READY TO REFINANCE OR OBTAIN A HOME EQUITY LOAN, CALL US!! We have your prior file and can make the next transaction happen quicker!

Thanks for choosing Bay Area Title Services, LLC
for all your real estate closing needs,
We look forward to seeing you again!