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Setco Services
Setco Services

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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. (the forms listed has one with Pam Jarvis still listed for email)
Typically, buyers and their respective agents then sellers and their respective agents come to the closing table at separate times.
We ask you please provide a current driver’s license or another form of valid ID, previous property title, payments necessary and an original power of attorney if applicable.

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.

Buyers in a transaction will receive, at closing, hard copies of all their signed documents and/or a digital version through our Qualia secure platform. The Buyers’ owner’s policy and original Warranty Deed will be delivered via overnight delivery approximately 45 days from closing. Sellers in a transaction will receive a hard copy of all their signed documents and/or a digital version through our Qualia secure platform.

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.

There are two types of policies – owner’s policies and lender’s policies. The owner’s policies sent to buyers approximately 45 days from closing include the original warranty deed and their policy. The lenders receive the original mortgage, and their lender’s policy and a copy of the warranty deed.

Property Taxes

Basically, we find out the daily tax rate by dividing the total taxes by 365. Then, we multiply that by the number of days the previous owner owned the property. If you bought the house March 1st, the number of days is 59 (January + February = 31 + 28), so the previous owner pays you taxes for 59 days.

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

Employer FAQ

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