The Closing Process
At Briel PC, our staff is dedicated to providing you a smooth, stress-free closing experience. It is very important to us that our clients feel comfortable contacting us and interacting with us throughout the process.
To meet this goal, we use and embrace new technology to help our clients easily and securely provide information to us. Here are the tools we use to make the closing process easier and more secure for you:
Step 1: Send Contracts
Click the button below to send your contract to Briel PC as an email attachment. Once the contract is received, you will receive an email with details regarding your transaction.
Are you selling or buying your house without a Realtor and need help preparing a contract? Briel PC can help with that!
Step 2: Send Earnest Money Deposit (EMD)
Briel PC is excited to introduce ZOCCAM, a digital EMD delivery app.
You and/or your clients will be able to instantly and securely transmit the Earnest Money Deposit directly to Briel PC.
Step 3: Complete Forms
Fill out the applicable forms. Our forms are securely hosted and HIPAA-compliant to protect your information.
A Look Into the Details
While we only need a few pieces of information from you, there are actually many intricate steps to the closing process.
We have found that keeping the closing process transparent helps to ease the minds of buyers and sellers alike. Below is how a typical contract is processed by our office.
Processing the Contract
Our closing process begins once a contract is submitted to us. The contract is assigned to a settlement processor, and introductory emails are sent out. The realtors, buyer(s), and seller(s) will each receive an information sheet in the introductory email. The form can be completed and returned to the assigned processor by mail, fax, email, hand delivery, or the information can be securely uploaded to our website.
Once the processor has the contract and closing information, the title search is ordered. The title search is usually ordered within 24 hours of contract assignment, and the due date is based on the contract close date. We like to have the title search completed within two to three weeks of the closing date.
Reviewing the Contract
Upon receiving the title search, the title abstractor or attorney will perform a 60 year examination of the title records. This includes following the chain of title of all buyers and sellers of the property, looking for any restrictions, easements, or boundary line adjustments that may have been recorded, and documenting any and all judgments and liens that may need to be paid. Once the abstractor or attorney is satisfied that the title search is complete, the title report is turned in to the processor.
Next, the processor submits the title report to a title insurance underwriter. This person is responsible for reviewing the entire title report and its supporting documents and identifying the requirements and exceptions for the title insurance policies. The document created by the title insurance underwriter is a title commitment. The title commitment is what will be submitted to the lender.
While the title search and title commitment are being completed, the processor is responsible for obtaining the fees that will need to be paid or prorated at closing, such as homeowner’s association dues, ambulance fees, and realtor commissions. These fees are all input into an ALTA Settlement Statement to be used at closing. We also share this information with the lender in the next step.
Closing the Contract
When the title commitment is completed, the processor will send a title package to the lender. This will include the title commitment, an insured closing protection letter, and a preliminary settlement statement which shows the fees gathered up to this point. Now the lender will use all this information to prepare your Closing Disclosure and loan documents.
As closing day approaches, the processor will order the mortgage payoff and request any inspection and repair invoices from the realtors. Once the lender provides the Closing Disclosure to the processor, we are able to determine the final amount needed for closing. This is typically two to three days prior to closing.
On closing day, each buyer and seller will need to bring a form of photo identification, usually a driver’s license. Sellers typically sign about 20 documents while buyers who use a lender will sign 100 or more. Don’t panic — our closings rarely run over one hour. An attorney will conduct your closing, explain the closing documents, and answer all your questions. You will be given unsigned copies of your documents before you leave closing. You will also sign a sheet telling the post-closing coordinator where to send final signed copies of your documents.
We know that a successful real estate contract lawyer must possess a thorough understanding of the intricacies involved with both real estate and commercial law. Our legal team is committed to solving real estate issues for homeowners, helping businesses grow, and protecting each of our clients from future legal pitfalls and liabilities.