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Guide To Settlement - Compliments of The Fountainhead Title Group
We open your file and begin the settlment process by ordering a location survey and a title, judgment and lien search in order to determine ownership of the property and whether it is encumbered by judgments or municipal liens.
Next, we examine the title to verify that all outstanding liens are satisfied. An investigation of the property survey determines if the house is built on the correct lot or if there are encroachments on border properties.
A Title Insurance Commitment is prepared for the lender based upon the information called from the title, lien and judgment search which ensures their protection against a title claim. An owner's title insurance policy protects you from any fraud or hidden risk undetectable during the title search.
The mortgage documents and settlement requirements are released to The Fountainhead Title Group which includes the of lender's fees and charges including insurance and escrow accounts.
The HUD-1 settlement sheet is prepared based on the figures provided by the Lender, state and county transfer and recordation fees, property taxes, municipal charges, The Fountainhead Title Group fees and other various charges.
Closing day is the most anticipated step of the settlement process! Rest assured that the hour you spend with The Fountainhead Title Group will proceed smoothly and comfortably. An experienced settlement officer will be at the settlement table with you to obtain your signatures on the settlement documents and to handle any unforeseen problems as quickly as possible.
After closing, our work continues on your behalf. A staff member disburses the mortgage package within 24 to 48 hours making sure everyone from the seller to the termite inspector is paid. The package is returned to the mortgage company and the deed and the mortgage are recorded.
In the final step, we record the release of the seller's mortgage and write the owner and lender's title policies. This step concludes 10 to 12 hours of researching the title, preparing for closing, and guaranteeing that every document is signed, sealed and delivered in an efficient and timely manner.
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