In preparation for the closing, the title agency will ask for pertinent information to prepare for the closing. The seller will be asked marital status, social security numbers and possible loan payoff information. The buyers will be asked to disclose marital status, social security numbers and lender information. Once the information is received by the title company, they will have the information needed to clear title.
An attorney will prepare a deed, the title agency will produce the paperwork needed to close the deal, and closing will be scheduled. If it is a loan transaction, then the lender determines the closing date and will give the title agent the “clear to close”. Once the closing is scheduled, then the lender will provide the paperwork to proceed with the loan which will be closed simultaneously with the transfer of the property.