The CG Title Closing Process

Real estate transactions don’t happen all at once.  Usually, the process of closing on a real estate transaction takes place over the course of several weeks after the contract is signed.  The closing date is negotiated by the Buyer and Seller and is memorialized in the Contract.  Once the contract is signed, the following occurs:

1. The fully executed contract is provided to the Closing Agent (or “Title Company”) for handling.
2. The Title Company orders a commitment for the issuance of a title insurance policy (policies) from the title insurance underwriter, and also orders all relevant and required searches, i.e., title search, lien search, name searches, and judgment lien searches, etc.,
3. Upon receipt of the commitment for title insurance, the Title Company begins to work through the requirement for issuance of the policy.  These requirements include things like obtaining a payoff for the Seller’s mortgage (if applicable), obtaining releases of lien (if applicable), and other matters incident to closing the transaction.
4. Title Companies work hand in hand with lenders, realtors, surveyors, and other professionals involved in the transaction.
5. And finally, the Title Company will administer the closing by coordinating the execution of all closing documents, collecting and disbursing all funds, and recording the conveyance and encumbrance documents (as applicable).