Steps of the Title Closing Process
An attorney based in East Rockaway, New York, Marc Rovner works as the director of business development for BETA Abstract, a title insurance company with offices in three states. In addition, Marc Rovner is a staff attorney at BETA Abstract and has taught a title closing course at Hofstra University.
The title closing process starts with a sales contract signed by the buyer and seller of a real estate transaction and delivered to the title closer. An escrow agent receives the escrow and opens a title order for tax information, survey documentation, maintenance fees, and other documents.
The title closer then conducts a search of the public records, including deeds, mortgages, wills, and liens, etc. The point of this search is to identify any potential issues that may affect the title of the property, or call into question its validity. Upon reviewing the documentation and any additional instructions, the title closer schedules the closing date. Then, the seller signs the deed and closing affidavit, and the buyer signs the new mortgage and note, completing the transaction.