From Agreement of Sale to Settlement

STEP 1:

The first step is to order a title search. A title search is a review of the property’s chain of title done by a title examiner at the county courthouse.

The title examiner is looking for title issues that must be cleared prior to settlement. An issue could be any number of things ranging from liens on the property to an outstanding loan or home equity line of credit, to outstanding real estate taxes or utilities. Judgments, unreleased mortgages and ownership claims can also create title issues.

STEP 2:

The title search is given to our processor who works as a liaison, coordinating with you and your real estate agent, your mortgage lender and other parties involved in the real estate transaction. They will confirm the date and time of your settlement and help you through the settlement process.

STEP 3:

Your title search is examined for potential risk in the transaction, a.k.a. title issues. Any issues must be addressed and corrected before settlement can take place. If all goes well and the title is clean, the title insurance underwriter will provide to your lender a commitment to insure, or title binder, which advises the lender of the status of the title to the property.

STEP 4:

Our processor will then collect the rest of the documents needed for your closing. These documents include the deed, seller mortgage payoffs, repair bills, a preliminary settlement statement and homeowner’s insurance policy. Your lender will receive copies of these documents to review and approve. This process typically occurs just a few business days prior to your scheduled settlement.

STEP 5:

Once your lender reviews and approves all the closing documents, they will send your loan documents to our office for signing. This typically occurs the day prior to your scheduled settlement however sometimes may not be completed until the day of settlement.

Wiring Fund Notice:

REAL ESTATE WIRE FRAUD happens when criminal hackers try to steal money that is being wired for a real estate purchase by emailing fake wire instructions to the buyer before settlement. These fake emails often come the day before settlement and look very real. Criminals will steal an email address and logo to make it look like the email came from your real estate agent or title company. If you follow these fake instructions, the money will go into the hacker’s account.  Follow these tips to protect your money:

• Call, don’t email: Confirm the instructions by calling Anvil at 610-444-6800 before transferring funds. DO NOT use phone numbers or links in the email.

• Be suspicious: Lenders and real estate companies DO NOT email wiring instructions. Anvil Land Transfer’s wiring instructions will not change.

• Confirm everything: Ask your bank to confirm the name on the account before sending a wire.

• Verify immediately: Within 1 hour, call Anvil Land Transfer to confirm they received your money.

STEP 6:

It’s settlement day! Buyers and sellers will come to our office for their settlement appointment. Anvil is well-equipped to conduct settlements safely. Depending on the transaction, Buyers and Sellers may sign their settlement documents prior to settlement.

Once the documents are signed and closing funds are received, the homebuyer will receive a copy of the closing documents and the keys. Congratulations!

FINAL STEP:

Following settlement, the deed and deed of trust are delivered to the courthouse to be recorded. The original deed will be returned to the buyer after recording. Depending on the jurisdiction, this could take several months. Signed documents are provided to your lender.