Roles in the Closing Process
The Seller:
- Deposits the executed deed to the buyer with the settlement agent;
- Deposits evidence of pest inspection and any required repair work, if applicable; and
- Deposits other required documents such as tax receipts, addresses of mortgage holders, any state or federal required documentation, etc.
The Buyer:
- Deposits the funds required, in addition to any borrowed funds, to pay the purchase price with Tennessee Title;
- Deposits funds sufficient for homeowner's insurance and title insurance;
- Arranges for any borrowed funds to be delivered to the settlement agent;
- Deposits any deed of trust or mortgages necessary to secure loans;
- Approves any inspection reports, the commitment for title insurance, etc., called for by the purchase and sale agreement; and
- Fulfills any other conditions specified in the instructions.
The Lender (if applicable):
- Prepares loan document package for buyer/borrower;
- Deposits proceeds of the loan with Tennessee Title; and
- Directs the settlement agent on the conditions under which the loan funds may be used.
Fountain Street Title:
- Opens the order for title insurance;
- Obtains approvals from the buyer on the commitment, pest and other inspections;
- Receives funds from the buyer and/or any lender;
- Prorates taxes, rents, etc;
- Disburses funds for title insurance, recording fees, real estate commissions, lien clearance, etc;
- Prepares an estimated settlement statement, as required, for each party, indicating amounts to be disbursed for services and any further amounts necessary to close;
- Records deed and loan documents, delivers the deed to the buyer, loan documents to the lender and funds to the seller, closing the escrow;
- Issues final settlement statement and forwards to buyer, seller and lender.
Questions?
If you have questions about the escrow process, please contact Tennessee Title and we will be happy to assist you.