The Closing Process

You've found the perfect house, the terms have been agreed upon, the contract has been signed, you've chosen a lender and made application for your loan. Now it's time for the title request to go to the title company of "your choice"! Just as it was "your choice" of which real estate agent had the most to offer you and which lender offered the best financing, it is also "your choice" as to which title company can provide you with the best service in assisting you through the closing of your transaction. Bell Title & Closing will work closely with you, your real estate agent and lender to insure that your closing is an efficient and pleasant experience.

When Bell Title & Closing receives a title request, a file is immediately opened. Acknowledgement letters are mailed or e-mailed to you, your agent, your lender, the seller and the seller's agent. These letters are to let all parties know the order has been received, who your contact at Bell Title & Closing will be and the documentation that you and the seller will be required to obtain on or before closing.

Our title search department will conduct a search of the county's lien and land records to determine who owns the property, who has liens on it and if there are restrictions on how the property can be used by the owner. From this report, we will determine what is required to be done to clear the title so that you, the purchaser, receives a clear and marketable title to the property.

If required by your lender, we will order a mortgage plat drawing. When we receive the drawing, we will review it to determine that all improvements, including buildings and fences, are within the boundary lines and there are no encroachments of set-back lines or easements.

A payoff of the sellers existing mortgage will be ordered from their current lender to be collected at closing along with payment of property taxes and any other liens that may appear on the title search in order to clear the title.

We will prepare a commitment for title insurance from information shown on the title search and fax or e-mail to the lender for their review. The commitment will provide them with pertinent information such as the current title holder, a correct legal description of the property, any and all easements and restrictions and a summary of what is required to transfer title. These requirements typically include the execution of a Warranty Deed and Mortgage, the payoff and release of and any liens or judgments and the payment of property taxes. Arrangements will be made thru your closing coordinator as to the where, when and who of the closing.

Upon approval of the loan, the lender will notify the processor assigned to your file and we will coordinate with you and your agent for a convenient closing date and time. The lender will overnight or e-mail their loan closing paperwork to us and we prepare the remaining documents necessary to complete the package to be executed by all the parties.

The day of the closing has arrived and all parties meet at Stewart Title of Memphis office to sign the paperwork and transfer the keys. Our closing agent will meet with the purchasers and their real estate agent first. He or she will provide you with easy and understandable explanations of all the documents you will be required to sign and will insure that all the terms of the contract have been met. After your signatures have been obtained and all of your requirements have been met, the funds for your final amount of closing costs and/or downpayment will be collected. Our closing agent will then meet with the sellers and their real estate agent and review their paperwork with them. After their signatures have been obtained and all of their requirements have been met, their net proceeds and real estate commissions will be disbursed and keys are exchanged. You have just finished the easy part of this process and finally the time has come to 'MOVE'!

After the closing, we disburse the remaining funds to the designated parties for the charges collected on the Settlement Statement, send the original loan closing package back to the lender and record the appropriate documents such as the Warranty Deed, Mortgage, Assignment and Release. After the documents have been recorded, we will issue the title insurance policies. The original Warranty Deed and Owners Title Policy will be mailed to you, the new owner and the original Mortgage and the Mortgage Title Policy will be sent to the lender. This completes "The Closing Process".

Bell Title & Closing hopes you will enjoy your experience with us.