| THE CLOSING |
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FINALIZING THE SALE/PURCHASE. The name used to describe the finalization
of the sale/purchase of the property is called the closing. This is when the keys
the property.
TIMING. Closings occur during normal business hours.
LOCATION. The closing is held at a title company (explained further on) who
prepares some of the necessary documents to finalize the sale/purchase of the
property.
TITLE COMPANY
DUAL ROLES. The title company has more than one role in the closing. Prior to
the occurrence of the closing, the title company conducts a title search for the
preparation and issuance of title insurance. The second role is to conduct the
closing.
TITLE INSURANCE. This is an insurance policy paid for by the Seller to insure
that proper title to the property has been given to the Buyer. If there is ever
someone who claims superior title to the property than the Buyer, the title
insurance will come into play to defend the Buyer's title.
TITLE SEARCH. The title company will conduct a search of the previous owners
and all items recorded on the property prior to issuing the title policy. The title
company will include exceptions to its title insurance if there are any problems
with the title. A Seller is required to tender marketable title to the Buyer which
can be deemed from the title search.
Problems. Liens are the most common example of problems that arise during
a title search. Attorney Angela Lund-Logan reviews the title search conducted
by the title company looking for potential problems so that a marketable title is
tendered to the Buyer.
CONDUCT CLOSING. The title company provides the office where the Buyer and
the Seller meet for the closing. The title company prepares documents such as
the HUD statement, calculates the real estate taxes, communicates with the
mortgage company to assure funding, and issues checks from the proceeds of
the purchase. Attorney Angela Lund-Logan not only accompanies her clients
to the title company for the closing, but reviews the documents prepared by the
title company for accuracy.
DOCUMENTS
DEED. For the Buyer to be given title to the property, the Seller must sign the
deed. The deed contains the legal description of the property. The legal
description must be accurate on the deed or the Buyer may incur extensive
legal fees to correct the mistake or even worse not receive title to the entire
property. Attorney Angela Lund-Logan will either draft the deed or review the
legal description on the deed for accuracy.
The title company will take the deed to the Recorder's Office in the county in
which the property is located to allow the deed to be recorded. A deed is not
considered effective until the deed has been "recorded." Once the Recorder's
Office has recorded the deed, the original deed will be sent to the Buyer.
Please be patient as the process can take months.
P-TAX FORM. This form gives the information of the Buyer, the Seller, and the
property as well as calculating the county and state taxes for the purchase.
HUD. The HUD statement is prepared by the title company and details the
financial information of the sale/purchase including the payment due or the
refund to be received at the closing. Both the Buyer and the Seller will know
exactly what credits were received and what expenses/fees were paid. The fee
for Attorney Angela Lund-Logan can included in the HUD to be more convenient
for her client.
FEES
Attorney Angela Lund-Logan requires a downpayment to be made at the time of
acquiring her services if her total fee is not paid. The remainder of her fees can
be paid at the time of the closing and will be included in the HUD statement.
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