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.