Live Oak County Forehand Title Company

FOREHAND TITLE COMPANY
Complete Land Title Service
Serving Live Oak County

"Dedicated to efficient and accurate title service."

Information	Funding
The Real Estate Closing Process

Information
Forehand Title Company is honored to take part in the sale of your property. We offer these suggestions for a smooth closing:

If there is an existing lien on the property, please provide:
Seller's Social Security Number(s)
Loan Number
Lender's Phone Number

Please advise the title company, as soon as possible, if a Power of Attorney is to be used in the closing.
If there is a manufactured home on the property, please provide:
Serial Number
Separate payoff?
Please provide the existing survery, if available.
Buyers and/or sellers must present funds in Cashier's Check, Certified Funds or Wired Funds.
The title company may only distribute the proceeds directly to the Seller(s) named on the Deed. All proceeds checks will be payable as designated on the Deed.

Funding

Funding occurs only after all papers have been signed by sellers and buyers.
Funding at the end of the month may be slower due to high demand.

If the buyer is securing a new loan, please be aware that funding occurs strictly in conformance with the Lender's requirements:
Funding cannot occur until all inspections required by lender have been completed.
Some lenders fund only at certain times of the day.
Some lenders require the closing package to be returned to the lender for review, prior to releasing funds.
Some lenders require a verbal telephone review process prior to closing.

The Real Estate Closing Process

Title Search is Ordered- An escrow contract starts the process.

Title Search Begins- Our team of title examiners will review the title to your property, research the ownership and chain of title, payment of real estate taxes, any lien of record, and the legal description.

Title Search Review- Our title insurance underwriter reviews the title search, the survey and contract to determine potential risk in the transaction. Any clouds on the title, such as judgements, IRS liens, unreleased deeds or trust, and ownership claims are identified for corrections prior to settlement. The underwriter will provide a commitment to insure called a title insurance binder.

Settlement Statement- Our processor then begins to accumulate all of the other documents for your closing which includes the deed and the preliminary accounting statement (called the HUD-1 settlement statement) and may also include the termite inspection, repair bills, and homeowners insurance. All of these documents may then be faxed to the lender (if any) for their review and approval. This normally takes place 2-4 days before closing.

Once the lender gives final approval to close, they will send us the loan documents for signing and final adjustments to the HUD-1 settlement statement. This normally takes place the day before your scheduled closing. Your processor will call to confirm the time of closing and give you the amount (if any) for your cashier's check.

Closing- The buyers and sellers come in and sign their documents after reviewing them with the closing agent. If everyone agrees that the papers are in order, the buyer (and possibly the seller) submits a certified or cashier's check to cover the closing costs and the balance of the funds due (if applicable).

Official Recording-After the closing, Forehand Title Company officially records the mortgage and deed at the county clerk's office. This legal transfer of the property may take a few days after closing.