East Tennessee Closing Attorney continued…
Step 4: Collect and prepare documents
Getting your ducks in a row. The attorney’s office will collect all the documents from the lender. This includes the disclosures and more from the realtor’s closing coordinator. Then it is time to prepare the deed and settlement statement. A full package of all the necessary paperwork to finalize the purchase is readied.
Step 5: Closing Day
The house is almost yours. Parties meet at the attorney’s office. Then the attorney explains all the legal documents to the parties and walks each party through what they need to sign. Also, how it affects that party. A buyer can expect the closing attorney to fully explain the loan documents. This includes the interest rate, amortization schedule, late payment or prepayment penalties. Also, the term of the loan and maturity date, events of default, to name a few. After a few signatures – and maybe a handshake or two, you will receive the keys to your new home.
Step 6: Disbursement
Tying up all loose ends. The attorney serves as the clearinghouse for all the funds brought to closing: the lender, the seller, the buyer. These funds are in a trust account until disbursement. Then, the attorney coordinates the payment based on the settlement statement. Prior mortgages are paid off, bills from third parties that were included in the transaction, commissions, and seller’s funds.
Step 7: Recording the Legal Documents
Making it official. All executed and pertinent documents to the transaction file in the appropriate public records. Also, proper indexing is verified. The attorney’s office then continues to follow up with the lenders. This is to make certain the satisfaction of liens/mortgages are filed where appropriate. Also, file for the final title insurance opinion. The buyer and seller receive original documents that have been filed and a record book of the transaction.
Crossland Title Inc. is a Knoxville title agency providing full-service real estate title solutions. Crossland Title Inc. makes your closing seem effortless.
With more than 32 years of experience in the real estate and title business, owners Pam Rice and Beth Crox have built their reputations upon the virtues of personal service and integrity. They believe that reputation as an honest and reliable business is the recipe for success.