Prior to the sale of the real estate, University Title obtains the balance on all outstanding notes, carries out the instructions of the lender and the sales contract, obtains all invoices pertaining to the sale, and gathers and prepares all information and documentation necessary for the sale. University Title Company performs the following services:
- Protects the parties of the transaction by having a neutral party seeing that their agreement is implemented.
- Allows the seller to use part of the purchase money to pay his liens and to pass title to the purchaser subject only to the liens agreed to in the sales agreement.
- Aids in the settlement of multiple property transactions.
- Aids in a transaction involving a sale and simultaneous release.
- Enables the real estate broker to devote more time to selling other properties by turning the time-consuming details of settlement over to the settlement agent.
- Inspires confidence in buyers and sellers of real estate that the appropriate documents have been signed and recorded and that taxes and prior liens against the property have been paid.
- Assures lenders that the disbursement of their loan proceeds has been properly handled.
The buyer and seller meet with an escrow officer face to face. The real estate agents are there and often the lender is there as well.
- The settlement statement is explained to you. It shows all the costs and revenues associated with the transaction. Its bottom line shows what the property is costing the buyer and how much money the seller is making on the sale.
- All other documents are given to the buyer and seller for their review and signature.
- The money is collected and disbursed.
- The buyer should bring good funds to closing in the form of a cashier’s check, wired funds or cash.
- Both buyer and seller must provide current photo ID, which must be government issued (state or federal).
- If the buyer is buying without a loan, funding should happen at the time of closing.
- If the buyer is borrowing money to purchase the property, funding may take place the same day or later. Lender approval is required prior to funding.