The Closing Process

*The chart below indicates the steps after the offer is signed, to the closing
  on your new home . 

1 - Realtor

Purchase agreement signed. Good faith deposit delivered as per contract. Either held in escrow or at Title Co.

2 - Title Company

Seller chooses title company or attys' office for closing. Buyer/Seller may also choose to have atty review the contract.

3 - Mortgage Lender

Mortgage loan application made by buyer.

4 - Mortgage Lender

Request job, savings, checking verifications and credit report. Order Appraisal.

5 - Mortgage Lender

Receive verifications and Appraisal. Exhibits reviewed for corrections and completeness.

6 - Mortgage Lender

Loan file assembled for underwriting approval.

7 - Mortgage Lender

Loan approved. Commitment letter with closing instructions sent to Buyer, Title Company and Real Estate Agent. Process ceases if not approved.

8 - Title Company

Title company gathers all closing docs such as abstract, deed and survey.

9 - Mortgage Lender

Mortgage Banker forwards the completed file to the title company or attorney if atty is closing the property.

10 - Buyer

Buyer obtains homeowners insurance for the property as required by the Lender.


11 - Title Company

As per contract, the Title Company aims to have the closing occur per the date on the contract. Closing time is arranged with buyers and sellers.

12 - Title Company

In the State of Florida, it is possible to close much faster than in Northern parts of the country.