Starting the Process
A purchase agreement or lender title request starts the process to open a title order on a purchase or refinance transaction. Relevant information such as legal names, homeowner association dues, loan payoffs, marital status, social security numbers and birthdates will be requested from the parties.
Title Search and Examination
A title search is ordered from an abstractor who runs a search on the property with the Clerk of Court in the Parish where the property is located. The abstractor compiles a list which shows all recordings associated with the property. Once the search is complete, an attorney will review and determine if there are any liens or judgments against the property, owner or purchaser. If a lien, judgment, or any defect in title is found, our team will notify the client and work with them to resolve or extinguish the defect. Once clear title is approved by the attorney, a title commitment will be issued to the lender authorizing them to proceed with loan processing.
Document Preparation and Scheduling
Once the lender receives a “clear to close,” our escrow officer will contact all parties involved to schedule a closing day and time that is convenient for everyone. The lender will issue a closing package and our escrow officer will prepare closing documents and a Closing Disclosure.
Settlement/Closing the Transaction
An attorney or notary will oversee closing of the transaction. The buyer and seller will come to one of our 5 locations to sign the closing documents. Once the documents are signed, and the closing is complete, checks will be issued to the seller and any real estate agents that may be involved.
After completion of the closing transaction, our escrow officer will forward payment to any prior lender, pay invoices associated with the transaction that may have been collected on the Closing Disclosure, send the Act of Sale and/or Mortgage to the Clerk of Court for recording, and send the original loan documents back to the lender.