The buyers apply for financing with their lender. The lender places an order for a title commitment from the buyer s title company. The buyer s title company gathers the title evidence, which includes an assessment, tax, name and county records search along with a property location inspection. The buyer s title company examines the title evidence. The end result of the examination is a title commitment for issuing a lender s and owner s title insurance policy.
All parties receive a copy of the title commitment for review.
The seller s and buyer s closers review paperwork, assist in resolving any title issues, order payoffs on existing loans or contracts and facilitate the scheduling of the closing. The closers set the closing date, time and location. All parties are notified. The closers continue to collect necessary information and begin to prepare closing documents. The lender prepares and sends the financing documents and closing instructions to the buyer s closer.