Closing

SFL Title’s closing team prepares your HUD-1 and closing documents accurately and efficiently. The closing team will handle arrangement of time & location of the closing, including contacts made with both notaries and borrowers to confirm requirements and expectations.  In this section we will summarize the closing process in order to help you feel more comfortable going into this process.

By now you’ve expressed interest in purchasing a specific property, but perhaps you’ve had to take out a loan in order to do so. If that’s the case, then your lender has three days from the time of the loan application to provide a Good Faith Estimate: a detailed summary by line item of expected costs. In those three days you should also receive a booklet titled “Buying Your Home”: if you don’t receive these two things within three days of applying for your loan, contact your lender.

The next step is finalizing your sales contract with the seller. Once the agreement is reached, you’re on the fast track to closing. The means of choosing a closing agent (AKA settlement agent) is wide-open. Some buyers choose an agent at the recommendation of their real estate agent or lender, but you are free to choose an SFL Title closing agent regardless of who is recommended to you. Once you’ve chosen your closing agent, they manage the process from there.

SFL Title will take your earnest money deposit (assuming you’ve made one) and deposit it into escrow where the funds will be held until the transaction is closed. If you choose SFL Title as your closing agent, then we automatically begin processing the necessary title work. This involves a title search that retrieves the history of the title, and brings to light any outstanding mortgages, liens, or fraudulent activity related to the title to ensure that the seller is truly entitled to sell the property and that the title can be financially cleared and ready to purchase. An inspection  or survey may be required.

As you approach the finish line, your SFL Title settlement agent will prepare the HUD-1 documents for signing. These documents clearly delineate all financial responsibilities on all sides of the agreement associated with the closing. When closing day finally arrives, the buyer, seller and closing agent will meet in person (if you cannot meet in person we have notary on staff that can sign for you, or we can send your documents by mail) to review the materials and make necessary signatures, at which point the title is officially transferred into your name.