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Closing Procedures

What Should I Expect During a Closing?

During a real estate “closing” property ownership is legally transferred from the seller to the buyer. Sellers and buyers meet separately with their Escrow Officer to complete the process. Your Escrow Officer will assemble all the documents necessary to help buyers and sellers: transfer title and deed; pay realtor fees and closing costs; satisfy outstanding loans and assume new ones; and complete all financial and legal components of the transaction.

When the closing is complete, the Escrow Officer will provide the buyer will property access (keys, garage doors openers, security codes) and record the new deed listing the buyer as the official property owner with the appropriate county office.

What Should I Expect if I'm Refinancing?

A real estate closing is also required when you refinance. Once you have negotiated terms with your lender, your Escrow Officer will help you sign your new loan documents, notarize them, and send them back to your lender for a three-day “recission period.” You may cancel your refinance transaction at any time during this time. Once this period has expired and the lender confirms that the new loan has been funded, your Escrow Officer will record your new mortgage documents with the appropriate county office.

Electronic Recording Services

ALTC is the only locally-owned title company that offers the newest in e-recording services. With e-recording, deeds are registered electronically as soon as your transaction is funded. This makes closings more efficient, allowing sellers to receive proceeds more quickly and giving buyers instant access to their new property.

FAQ

What is an escrow agent?

An escrow agent (like ALTC) is a disinterested third party that helps buyers, sellers, and lenders complete, or “close,” a property sale.

What is an escrow officer?

Escrow officers (also called “closing agents”) are the individuals who gather information and assemble the documents required to close a real estate transaction. Their work allows buyers and sellers to make and receive payments, assume or end mortgage loans, and transfer ownership and title.