Closing Process
View our closing costs explanation to see how the closing costs are broken down between buyers and sellers. However, these may change depending on the contract negotiation and terms.
We ask that one includes the following: buyer name, address, phone number and email address, seller name, address, phone number and email address, mortgage terms and contact information, home owner association (HOA) contact information, buying and listing agent name, company and contact information
Download the current deposit transmittal and verification form. You can get more forms on our “Realtor Resources” page.
We ask you please provide a river’s license or another form of valid ID, previous property title, payments necessary and a power of attorney if signing for another person.
After the closing documents are signed, Setco works with the county to let them know the property changed ownership. The county “records” the change in their records by updating the deed information in their system.
We will send them to you within 45 days after your closing. If it’s been 45 days and you have not received them, please give us a call.
There are two types of policies – owner’s policies and lender’s policies. The owner’s policies sent to buyers include the original warranty deed and their policy. The lenders receive the original mortgage, their lender’s policy and a copy of the warranty deed. You may also get a few more documents as they apply to your purchase.
Title Insurance
Buying a house can be an exciting time. However, it can also come with challenges and be quite confusing. The process of buying your forever home can happen quickly, and sometimes the important things can be unexplained–like title insurance.
The title to a piece of property is the evidence that the owner is in lawful possession of that property.
Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances, or the defects in the title to the property. Each title insurance policy is subject to specific terms, conditions, and exclusions.
Insurance, such as car, life, or health insurance, protects against potential future events and is paid throughout a monthly or annual premium. A title policy insures against the events that occurred in the property’s history and its previous owners for a one-time premium paid at the close of the escrow.
Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements, and other items specified in the policy.
Purchasers and lenders need title insurance for security against various possible title defects. The buyer, seller, and lender all benefit from the issuance of title insurance.
After the closing agent opens a title order, the underwriter begins a title search. The underwriter will create a preliminary title report, called the title commitment, that will be presented to the customer for review and approval. When the title requirements have been satisfied, all closing documents are executed upon escrow’s instruction. After documents are signed, demands will be paid, funds will be disbursed, pertinent documents will be recorded, and the title policy will be created.
An escrow is a legal arrangement in which a third party temporarily holds large sums of money or property until a particular condition has been met, such as fulfilling a purchase agreement. It is used in real estate transactions to protect both the buyer and the seller throughout the home buying process. Throughout the mortgage term, an escrow account will hold funds for taxes and homeowners insurance.
A standard policy ensures that the buyer, the seller, and a lender’s policies prioritize the lender’s security interest.
Property Taxes
We ask that one includes the following: buyer name, address, phone number and email address, seller name, address, phone number and email address, mortgage terms and contact information, home owner association (HOA) contact information, buying and listing agent name, company and contact information