Closing day, explained before you get there.
If you have not been through a closing, it can feel like a lot of paper and a lot of people. It is a short list of steps, and here they are.
A calm closing-table moment: pens, documents and a window. No couples holding keys, no stock smiles.
What happens, step by step.
The timing is set by your contract and your lender. The steps are the same on almost every closing.
- The contract is signed. Your agent sends it to the title agency. That starts the title work.
- We search the title. We read the public record for who owns the property and what claims are attached to it.
- You get the title commitment. It is a written summary of what the title insurer will insure and anything that must be fixed first.
- Problems get fixed. Unpaid taxes, old mortgages and similar issues are paid off or released before closing.
- The numbers are finalized. Buyers with a mortgage get a Closing Disclosure from the lender. Read it, and ask us if anything looks off.
- You sign. Buyers sign the loan and transfer documents. Sellers sign the deed and settlement statement. The closer explains each page.
- Funds are paid out, the deed is recorded and keys change hands. Your agent will confirm the timing.
Your checklist.
Bring the items for your side, and the shared ones at the bottom.
If you are buying
- A government-issued photo ID, with the name matching your contract.
- Closing funds by wire or cashier's check, exactly as we instruct.
- Proof of homeowner's insurance, if your lender requires it.
- Anything else your lender asked you to bring.
If you are selling
- A government-issued photo ID, with the name matching your contract.
- Keys, garage door openers, mailbox keys and any access codes.
- A forwarding address for mail and any final bills.
- The name of any lender being paid off, if you have not already told us.
If someone is signing for you
Tell us early. A power of attorney, or papers for a trust or company, has to be reviewed before closing day.
Confirm wire instructions by phone
Criminals send fake emails that look like they come from title companies. Before you send money, call us at 614.228.6135 and confirm the instructions. Treat any emailed change as suspicious.
It happens, and here is how it gets handled.
Title issues are common, and many are routine to fix. Here is what that looks like.
What we might find
- A mortgage that was paid off but never released.
- Unpaid property taxes or a contractor's lien.
- A court judgment against a seller.
- An error or missing signature in an old deed.
- An estate where no one has the authority to sell yet.
What happens next
- We tell your agent, your lender and you what we found.
- We work out what it takes to clear it: a payoff, a release, a corrected document or a court step.
- When it is complicated, the attorneys at Carlile Patchen & Murphy are in the same building.
- We tell you early if clearing it affects your closing date.
Real title questions, plain answers.
It covers losses from certain problems with ownership that existed before you bought, such as a forged deed, an unpaid lien or a recording error that the search missed. The policy lists what is covered and what is excluded, and we are glad to go through it with you.
Title insurance premiums in Ohio are filed with and approved by the state, so the premium for the same policy is nearly identical at every agency. That is why we compete on service instead. Here is the longer explanation.
A title search reads the public record to find who has owned a property and what claims are attached to it, such as mortgages, liens, judgments and easements. It is how problems get found before closing instead of after.
Escrow means a neutral third party holds money and documents until everyone has done what the contract requires. At closing, the escrow agent releases the funds and papers to the right people.
Most problems can be fixed, often with a payoff, a release or a corrected document. We tell everyone what we found and what it will take to clear it. If it needs a lawyer, attorneys at our parent firm are in the same building.
It depends on the contract date, your lender and how clean the title is. Your agent and lender set the closing date, and we work to it. The title work is one piece of the timeline. [PLACEHOLDER: typical title turnaround time]
Your purchase contract decides. Common costs include the title search, closing fees, the lender's policy, the owner's policy, recording fees and prorated taxes. Customs differ and many items are negotiable, so check your contract and ask your agent. Your settlement statement shows every dollar.
The lender's policy protects only the lender's loan. It does not protect you. An owner's policy protects your ownership and your equity. It is usually optional, but without it you would face a title claim on your own. Ask us about it before closing.
Ask us anything about your closing.
Send a question or give us a call. No question is too small.