Learn About Closings

What is a closing?

Closing, which is also known as "settlement," is where the title to a property is transferred from the seller to the buyer. The closing is typically held in the office of an attorney or title company, and involves the completion of all the necessary paperwork to finalize the agreement between buyer and seller.

What are closing costs?

Closing costs are all costs required to close the real estate transaction. They can include (but are not limited to) surveying fees, property taxes, homeowner’s insurance, flood insurance, title insurance, attorney fees, real estate commission, lender fees, and the balance of the down payment. Prior to closing, you should review your final closing statement or HUD-1 Statement to ensure that all the calculations are correct and that you have been given all the credit for deposits and other agreed upon buyer and seller credits.

Getting ready to close the transaction?

1st Choice Title handles all aspects of the closing so you don't have to!

1st Choice Title will coordinate with the lender regarding the mortgage documents necessary for closing. The lender will forward its "package" of documents to 1st Choice Title to be signed on the day of closing. 1st Choice Title will speak with all parties involved to set up a mutually agreed upon time for closing on the date specified in the contract or other date if agreed upon. If the transaction is a 1031 exchange, we will work with the 1031 Exchange Company to facilitate a smooth transaction.

1st Choice Title will prepare a closing statement and forward it to all parties in the transaction for review. The closing statement will indicate what funds are needed for completion of the closing. All prorations between the buyer and seller will appear on the closing statement. Funds needed at closing must be wired directly from a bank.

During the closing, 1st Choice Title will explain all documents that are to be signed and will ensure that they are executed properly.

What happens after closing?

After closing is over and the buyer and seller have left the closing table, 1st Choice Title's job is not finished. We will:

  • Completely review the disbursement sheet and review all documents involved
  • Assemble and return the lender's package per the lender's written instructions
  • Record the deed, deed of trust or assumption documents in the county's public records
  • Disburse all funds to appropriate parties
  • Issue the title insurance policy
  • If required, after paying off the appropriate lenders, obtain, or prepare and record all releases.

At all times before, during and after the closing, feel free to contact us if you have any questions or concerns.