Chapter 3: Contract to Close
« Lesson 3: Everything You Need to Know about Title »
The title company takes your deal from a signed purchase agreement to a closed deal.
They will review the title work, clear any liens/judgements/encumbrances, etc. from the title, payoff mortgages, and issue a title insurance policy.
As you know, your clients have the right to shop for a title company. They will most likely take your recommendations, but occasionally a buyer or seller will know someone they’d prefer to use or want to shop price. This is completely ok. In our experience, any title company with the words ‘registered abstract and title’ or something like that in their name are typically pretty old school and don’t offer a great client experience, so if you can avoid them, great.
We LOVE working with Title Smart. They are an amazing local, lady-owned business and they do a great job. Our clients always get their deals done on time and the closing experience is friendly and welcoming. Nicole Paulson is our closer. When you have files to submit to title, please send them via email along with our Fillable Closing Worksheet (note: this can be found in “instanet forms” in the Brick & Banister Real Estate folder) firstname.lastname@example.org AND email@example.com. When you use Title Smart for all of your closings, you’ll never be in a position of which closing to attend, should you have two in one day, because they will help to manage your scheduled closings as well.
The closing team will send your clients some paperwork to fill out and return prior to closing. They will work with both sides to schedule closing at the buyers preferred time and location. Sellers are able to presign if the buyers time doesn’t work for them or they prefer not to meet the buyers at closing. Please let the closing team know if this is the case for your sellers.
Many agents are curious about what they need to do at a closing, and for the most part, you don’t really have to do anything. Occasionally you’ll need to sign something and answer a question or look something up. Use this time to observe the process, be excited and supportive of your client, thank them profusely and ask them if they would happily send their friends and family your way.
The Closing Disclosure and Alta Settlement Statement are documents you will see at closing. You will be given two copies of the Alta Settlement Statement at closing along with the brokerage commission check. You keep one Alta for your files, and bring the other Alta and check to Amy so she can issue your commission payment!
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Properties are provided courtesy of the Regional MLS of Minnesota, Inc., Broker Reciprocity Database.
Information Deemed Reliable But Not Guaranteed. ©2018 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.