Mad River Title Agency

The Basic Steps of Closing with Mad River Title Agency

Closing a real estate transaction is basically the investigation made or actions taken by the attorney/title agent before the issuance of title insurance or final certificate of title. There are five basic steps that are usually followed in every real estate transaction. Although it is not the job of the attorney/title agent to cure defects in or problems with the title to the property or perform escrow or other services outside of closing the transaction, our attorney/title agent regularly helps in these matters.

Step 1: Starting the process

A real estate purchase agreement is signed by the buyer and seller. For sales with no lender involved, the buyer or seller delivers the agreement to us. If a lender is involved, the buyer sends the signed purchase agreement to their lender and then we recieve the agreement along with a title request from the lender. For a refinance, we recieve a title request from the lender. Once we accept the transaction, we start the closing process by opening a title order.

Step 2: Title search and examination

The majority of our title searches and all of our examinations are personally completed by Anthony M. Edwards, our owner, attorney, and title agent. Any searches that are completed by a third party are personally reviewed by Anthony.

A title search is a search made of the public records in the county where the property is located. Records searched include deeds, mortgages, easements, leases, liens, wills, divorce settlements, and other documents affecting title to the property.

Title examination is the examination of the documents found during the title search that affect the title to the property. This is when verification of the legal owner is made and the liens against the property are determined.

Upon completion of the search and examination, a title commitment or preliminary certificate of title is prepared, reviewed, and sent out to interested parties including the buyer and/or lender.

Step 3: Document preparation and/or request to produce

The file begins to be processed. We work with the buyer, seller, realtors, and lender to schedule a closing date. Lien payoffs, a mortgage location survey, and other items are ordered. Title defects are corrected. We review the lender's instructions/requirements, review instructions from other parties to the transaction, review legal and lender documents, and prepare our own closing documents.

Step 4: Settlement/closing the transaction

Our attorney oversees the closing of the transaction. Unlike other title agencies in the region, we do a hybrid round table closing. The seller and buyer appear at the closing together but each party signs their documents separately to protect privacy and provide a smoother closing. Typically, the buyer signs their documents first. These documents include the settlement statement, note, and mortgage. The seller then signs their documents including the settlement statement, deed, and closing affidavit. The seller and realtors are paid.

Step 5: Post-closing

After the signing has been completed, we will send payment to all lienholders, and pay all parties who performed services in connection with your closing (if they have not already been paid). The deed, mortgage, and any other recordable documents are recorded in the county in which the property is located. The documents are recorded personally by Anthony after he updates the title search. Title insurance policies or the final certificate of title are prepared and sent to the lender and buyer. This all happens without any further actions by the buyer or seller.