The closing represents a culmination of all the work and documentation in the home buying process. It is the moment a buyer gets keys and is recognized as the new owner of a piece of real estate. A title company performs the closing and has duties prior to the closing date. This article describes Southern NH title company responsibilities.
Role of a Title Company
A title company is typically chosen by the lender (or buyer) to compile documents and other tasks for a closing. The title company represents the mortgage company even though the buyer is responsible for paying the charges as part of closing expenses. NH buyers rarely use attorneys for contract review, but it is certainly within their rights to do so. Most title companies have attorneys on staff that are able to assist.
Title Company Duties Prior to Closing
The title company is responsible for many tasks required in a real estate purchase. The initial task is a title search. This is a review of town records on the property to make sure that the title is acceptable to convey to a new owner. The second is preparing legal paperwork for the property transfer and mortgage. Lastly, they must also prepare settlement forms that outline the charges for all parties in the transaction. Each of these important for a successful closing.
The Day of Closing
The title company completes the actual closing by ensuring the documents are signed, recorded into public record, and money is exchanged. The buyers and sellers are responsible for signing specific paperwork, although the majority require only the signature of the buyers. Some documents are submitted into public record while others are held by the mortgage company. The other critical aspect of a closing is the transfer of funds. All fees and calculations are noted in a settlement document supplied to both buyer and seller. In many circumstances, funds are transferred from the mortgage company to the title company for proper accounting and distribution.
Southern NH Title Company Responsibilities
The official capacity of a title company normally begins with a title search, but may often also involve review of documents such as condominium contracts or Purchase and Sales Agreements. It is important to remember that they act on behalf of the lender in the transaction no matter who is responsible for their fee. Buyers, Sellers, and real estate agents must all act together with a title company to ensure a successful closing.