A commitment letter with closing instructions is mailed to Buyer's and escrow company. The process ceases if not approved. 9 - The Mortgage Bank prepares the mortgage documents and establishes a closing date with Buyer's and Escrow Company. 10 - The closing takes place at the Escrow Company. All documents are signed.
Money is collected and disbursed in escrow.
Title is formally transferred and documents are recorded at the County Clerk. 11 - The first title insurance policy is issued. Recorded deed returned to Buyer and recorded mortgage returned to Bank Attorney by County Clerk. Closing is a major process in a real estate transaction. It can be complex and sometimes difficult, but the process is designed to protect both buyers and sellers and produce the results both are looking for.