Buyer Closing and Escrow Services

Perfecting the Art of Closing

Coastal Land Title focuses on providing superior residential and commercial real estate closing services. You will enjoy working with our experienced staff who understand how important each transaction is to everyone involved.

Each member of our team possesses a superior work ethic and the dedication necessary to get every transaction closed, even if it means staying late and taking calls after hours or on the weekends. We understand that complex problems may arise and our attorneys are equipped to handle them professionally and promptly.

The Closing Process

Under Contract

Once the parties have executed the purchase and sale contract, our team receives the contract. We order a title examination, which is an examination of the public real estate records for a that property. The title examiner will determine the name of the owner, and any mortgages or liens associated with the owners or attached to the property.

Pre-Closing

We collect information that allows us to order mortgage payoffs for the seller, HOA information, water bills, and anything else we need. We will coordinate with the lender throughout the process regarding the loan documents and clearance of any title issues. A settlement statement will be sent to all parties that shows everything that is being collected and paid at closing.

Closing

Buyers, sellers, their agents, and the attorney will meet and sign the closing documents. The seller signs a Limited Warranty Deed that conveys the title of the property to the buyer. The deed will be recorded with the Clerk of Court for the county where the property is located and will be mailed to the new owner once it is returned to our office from the county. If the buyer is using a lender, the buyer will sign a Security Deed that will also be recorded with the clerk of court. The Security Deed is the recorded document that gives the lender an interest in the property until the loan is paid in full. If the buyer is using a lender they will be required to sign a promissory note as well as a Security Deed. The Promissory Note is not recorded but sent to the lender to keep. It describes the terms of the loan, and is the promise to pay back the loan to the lender with interest.

Post-Closing

After the closing is complete, the attorney will send all of the signed documents to the buyer’s lender and will send any recordable documents to the Clerk of Court for recording. The seller’s payoff is sent to their lender so that loan will be paid in full and released by the lender. All other monies gathered at the closing are then disbursed accordingly.

What to Bring to Closing

IDENTIFICATION

Bring to closing a government issued picture ID (driver’s license or passport).

FUNDS TO CLOSE

Any amount over $5,000 must be wired. Your Closing Disclosure from your lender will give you a good idea of the amount you will need to bring to closing, and your loan officer or our firm can give you a more accurate amount closer to your closing date. Please note that we cannot accept ACH or Electronic transfers – it must be sent in the form of a wire, and almost all banks require that you go to the branch in person to request and initiate a wire. You will want to initiate your wire transfer in plenty of time to have your funds reach our account prior to closing, and it is best to bring your checkbook to closing in the event there are any changes. In the event you wire more than you owe at closing, we will cut you a check back at closing.

BUYER/BORROWER INFORMATION FORM

Please fill out the Buyer/Borrower Information Form and return it to us as soon as possible.

POWER-OF-ATTORNEY

If the buyer/borrower is unable to attend closing, we can prepare a Power of Attorney (POA). Please let us know as soon as possible if a POA is required as lenders will require POA approval well in advance of closing. We will provide you with the POA and specific execution instructions in a timely fashion.

HOMEOWNER’S INSURANCE POLICY

A copy of the declaration page should be provided to the lender and closing attorney prior to the closing to ensure that the coverage amount is acceptable to the lender. A paid receipt is necessary to prevent the need to collect the insurance premium at closing.

MAIL AWAY

If you are not able to attend closing or appoint a power of attorney, we can send the closing documents to you to sign remotely. However, please note that if you are a buyer obtaining financing, law requires that you sign the loan documents in front of an attorney. We charge a mail away fee, and the attorney handling the signing may charge you a fee as well. For this reason, if you cannot attend closing in person, you may want to consider a power of attorney as this option is typically easier and less expensive.

CORPORATE ENTITIES / TRUST

Please see our “CORPORATE ENTITY / TRUST” attachment if you are selling property out of a Trust, Corporation, LLC, LP, etc. (anything other than your individual name).

Seller FAQs

What are closing costs?

Closing costs are all costs required to close the real estate transaction. They can include (but are not limited to) surveying fees, property taxes, escrow for taxes and insurance, title insurance premiums, attorney fees, lender fees, and private mortgage insurance (PMI). Prior to closing, you should review your final closing statement or Closing Disclosure to confirm that all the calculations are correct and that you have been given all the credit for deposits and other agreed upon buyer and seller credits. Also recheck all lender, title and escrow fees to make sure they are accurate.

What will happen during the closing process?

Prior to closing, you might do a final walk-through of the home. You’ll go to the closing location and show your picture ID to the settlement agent. Your closing attorney will review the closing statement and loan documents with you. You’ll be given the title to the house in the form of a deed, signed by the sellers. You’ll get the keys to your house!