THE CLOSING PROCESS - WHAT TAKES PLACE
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A client comes into our office and discusses with our attorneys what the terms of his/her contract should include and we draft a contract on their behalf. Or, a client comes in with a contract for our attorney's to review, modify or if already executed to begin the drafting of documents from the information included in the contract or purchase agreement.
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Our office will order a preliminary report addressing any outstanding debts (liens), judgments or other title defects that could prevent a sale of the property. This preliminary report reviews the property ownership. This allows for the resolution of any issus in the beginning of the process to allow for plenty of time to cure any defects and have clear title.
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We work closely with the lender to take care of any loan issues such as paying off a previous mortgage, and/or following the terms of a lender in a short sale closing. Our firm as the closing agent makes certain that all closing documents are prepared and are consistant with contract. We prepare a settlement statement which is called a HUD-1 which outlines all of the closing costs. We order a survey of the property if required by the lender and communicate with the Home Owner's Association if there is one.
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Our firm follows the lender's closing instructions and meet with both Buyers and Sellers to review and sign all the prepared documents. After the documents are signed and we deliver them to the lender for approval. The money from the transaction is disbursed and the required documents are filed with the county recorder.
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