The closing process begins when the purchase agreement is signed and the earnest money is received by the title company or the real estate office. A title search is done and a commitment is produced by the title agent. This commitment lists all of the items found by searching the county records. It will show any mortgages, liens or taxes that may encumber the property. It is the title agent’s duty to identify and work with the seller to address title issues, if any. The title commitment is sent to the buyer and the lender, if there is a loan on the new purchase, or to the lender on a refinance transaction.
Once all the pieces are in place for your closing, your title or escrow agent will contact you to schedule a formal closing time and date, and any participating real estate agents, and any lender. They will arrange a location of the closing, which is typically the title agent’s office, or the office of the real estate agent. The title agent also explains what you need to bring to the closing, including photo ID and any funds needed to close the transaction.