Purpose Of A Closing/Settlement

As your closing agent, Key Title acts as a third party to ensure that: the Lender's Instructions and Conditions are met, all costs incident to the refinance (e.g. required inspections, lender fees, escrow account payments, title insurance costs, loan payoffs, taxes, et al.) are paid to the appropriate parties, and that any cash out proceeds are disbursed in accordance with the homeowner's direction and   appropriate jurisdictional law.

Prior To The Closing Day

Upon receipt of the title order request from the lender, Key Title contacts the homeowner to obtain information essential to preparing documents and ordering any loan payoffs and to determine if all parties will be present at settlement. The government land records will be searched to determine what liens and/or judgments encumber the property and takes those steps required by the lender to ensure the lender's lien position. Annual tax amounts and whether they are current is verified and communicated to the lender along with a preliminary title report. When the lender provides closing instructions, a HUD-1 Settlement Statement is prepared and the parties meet to sign documents and close the transaction.

On Closing Day

The homeowner will come to Key Title's offices to approve the settlement statement and sign documents.    This process can take from 20 minutes to an hour, depending on the number of documents the lender requires be signed and the complexity of the transaction.

Post Closing

Once a final "bring-down" title search is completed and legal documents are recorded, Key Title disburses funds to the appropriate parties within the legal time limits.