The Lender’s conditions are met.
Upon receipt of the signed contract, we contact the sellers and buyers to obtain information so we can prepare documents and order loan payoffs. Government records will be searched to determine whether liens and/or judgments encumber the property.
A survey will be ordered and reviewed to see if there are any encroachments on the lot or whether any buildings violate set-back lines or easement areas. Real estate taxes are verified and communicated to the lender along with a preliminary title report or title insurance commitment.
When the lender provides closing instructions, a Closing Disclosure (or in some cases, a Settlement Statement) is prepared which shows all adjustments and payments that will be made in connection with the transaction. Then parties review the disclosure/statement for accuracy and to determine final figures and then meet at settlement to “close” the transaction.
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