Closing Attorney East Tennessee
For most people, meeting with an attorney is a very rare occasion. Creating an estate plan or making a real estate purchase, might be the only time they will meet with a lawyer. However, there is much more to a real estate closing than the 45 minutes spent at a conference room table signing documents.
Step 1: Receive the contract
This is the first step in making this house yours. The role of the closing attorney is to reach out to all parties to gather information on the transaction required of each the buyer and the seller. This happens once you receive the contract.
The attorney coordinates with the lender to obtain the banking documents. Also, to keep tabs on receiving Inspection reports, and orders a “title abstracts.”
The attorney gathers the information about mortgages that needs paid off. Things like loan insurance, inspection reports, and homeowner documents.
Step 2: Examine the title to the property
Learning the history of your soon-to-be property. Examining a title means to research the chain of ownership (or deeds from one owner to the next). This goes back at least 61 years for the particular parcel of land. The examiner looks to verify that all mortgages or liens against the property have been satisfied. Then, lists any easements or defects in the title. Often a title search requires research on the exact parcel deeded. Over the course of the prior decades, the piece of land could be combined or divided.
Step 3: Apply for Title Insurance
Securing your purchase. Once determined, a clear title and the attorney has issued a “Title Opinion.” The office will apply for title insurance. But what is title insurance? It’s a binder and policy that insures the good title of the property. This assures the lender that it can be used as collateral for the loan.
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.