CLOSING PROCESS FLOW CHART Steps from Contract to Close
TITLE COMPANY
BUYER + SELLER
LENDER
Contract Acceptance
Loan Application
Open Title and Escrow
Real Estate Agent or Buyer/Seller submits a signed contract and closing instructions to Fidelity National Title Company (FNTC).
Due Diligence
Loan Processing
Earnest Money Deposit
Inspection
Loan Approval
Deposited with the real estate office or title company and held in an escrow account on behalf of the buyer and seller.
Closing Disclosure Form (CDF)
Appraisal
Title Commitment
CDF Accepted
Thorough search and examination of all recorded documents is conducted and a title commitment is issued. Commitment will detail the requirements necessary to close the transaction, as well as any title restrictions and exceptions that pertain to the property.
Final Walk-Through
CONGRATULATIONS - IT’S CLOSING DAY!
Transaction Processing
FNTC obtains payoff from lien-holders (such as mortgage, property taxes, HOA, and final water). Coordinates new loan details from buyer’s lender.
Closing date is generally determined by the buyer and seller per the real estate purchase contract. All documents are signed by the buyer and seller and notarized by a Fidelity National Title Company agent or an approved notary. Ownership of the property is transferred to the buyer and Fidelity National Title Company disburses all funds. Congratulations!
Closing Disclosure Form (CDF)
FNTC and Lender will coordinate to compose the purchase’s closing disclosure form using the information collected during the processing stage.
Closing Disclosure Delivery
Lender or Title Agent will deliver the CDF to the purchaser for approval at least 3 business days prior to the closing date. Seller’s CDF or settlement statement will be provided to their agent for review.
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