Mariners Title Agency

Things to do before your closing.
As the closing approaches you should stay informed to be sure that all required information is being gathered and paperwork is being completed on schedule. An agreed upon contract does not insure the deal. For example, if the buyer is having trouble obtaining a loan or if there is a problem with an appraisal the deal could fall apart.

Getting Mariners Title involved early in the process-as early as when the property is put up for sale-will give you time to address many potential title problems and get them corrected long before closing.

Be sure you take care of any agreed upon contingencies in a timely manner and gather any documents you need for closing such as proof that contract contingencies have been removed or satisfied.

All parties named on the deed will need to sign the new deed granting title. Be sure to find out ahead of time what signatures are needed as it may include spouses, ex-spouses or other people.

Before the closing you will have the opportunity to review a HUD (Department of Housing and Urban Development) Statement. This is a summary of the financial portion of the real estate transaction. The HUD will list the purchase price, loan amount, closing costs for both Buyer and Seller, and show all sums being charged and disbursed.

If you are selling one property and buying another, consider having both closings at the same office scheduled back-to-back. That way, the timing of the disbursement is not a problem. You may even be able to sign a paper authorizing the Title Company or attorney to assign the funds from sale to purchase.

The Closing Process
The title company's work includes six steps:

Opening the Title Order. At Mariners Title we suggest that you have the title work started as soon as you put the property up for sale. By beginning our work in advance we can address any questions well in advance of the closing. You can start the process simply by contacting us and filling out a request to begin the work.
Processing the File. We begin by gathering tax information, loan payoffs, surveys, homeowner/maintenance fees, inspection reports, and insurance information regarding the real estate as described in the contract. Title commitments/preliminary reports are reviewed and sent out.
Mariners Title Search. During this step we review the public records including deeds, mortgages, paving assessments, liens, wills, divorce settlements and other documents affecting title to the property.
Title Examination. The title examination is the review of the documents found during the title search that affect the title to the property. Verification of the legal owner is made and debts owed against the property are determined.
Document Preparation. Mariners Title reviews lender requirements, instructions from other parties to the transaction, loan documents and prepares closing statements. A date is now set for the closing.
Closing the Transaction. An escrow (settlement) officer oversees the closing of the transaction. The seller signs the deed, the buyer signs the new mortgage and the old loan is paid off. Seller, real estate agents, attorneys, and other parties to the transaction are paid. Documents are recorded in the county in which the property is located.

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