SERVICES - PURCHASERS
You got a contract - Wahoo! Now, What?
Whether you are a first time homebuyer or an experienced homebuyer, the settlement process can be overwhelming. At Double Eagle Title, our goal is to simplify the process for you. Below you will find terms and general information that will help familiarize you with the settlement process.
What is the role of the title company and settlement agent?
Double Eagle Title will act as an intermediate third party to ensure that: the real estate Sales Contract is fulfilled, title to the property is insurable by a licensed title insurance company, the Lender's Instructions and Conditions are fulfilled, all costs accompanying the sale (e.g. lender fees, title insurance costs, loan payoffs, taxes and homeowner association dues, et al.) are paid and/or prorated to the appropriate parties, and that sale proceeds are disbursed in accordance with the applicable jurisdictional law.
Upon receipt of the ratified Sales Contract, Double Eagle Title will contact the purchasers and the sellers to obtain information to prepare for closing day. Our title examiner will perform a title search of the land records to determine the items that require action to ensure that good and marketable title will vest in the new owner. A house location drawing survey will be ordered and reviewed to determine any potential issues prior to settlement. Property tax amounts will be verified and provided to the lender along with a preliminary title commitment for insuring the subject property. Upon receipt of the lender’s closing instructions, Double Eagle Title will collaborate with your lender to assist with their preparation of the Closing Disclosure (CD). The lender will provide the final Closing Disclosure to you a few days prior to closing that will confirm the final dollar amount due from you at settlement. Once all lender and title documents are prepared, all parties will meet to sign and close the transaction.
What is title insurance?
Title insurance provides homeowners and lenders protection against back taxes, undisclosed liens, judgments, forgeries, fraud and other potential legal and financial problems that can arise when purchasing or refinancing property. Please contact us at Double Eagle Title to discuss any questions you have regarding purchasing a title insurance policy.
What do I need to do?
Here is a checklist to help guide you though the process:
- Maintain communication with your lender up until settlement day.
Work with your real estate agent to schedule the settlement date and time with the sellers, your lender and Double Eagle Title.
Obtain property hazard insurance to meet the minimum insurance requirements of your lender.
Transfer utilities into your name--see our utilities page and confirm appropriate timeframe for transferring utilities with your agent.
Bring valid, photo issued, government identification to settlement.
Bring certified funds to settlement payable to Double Eagle Title. If you wish to have funds wired to Double Eagle Title, please contact our office so that we may provide you with wire instructions to our escrow account.
Confirm with your lender and real estate agent for any other items they may require you bring to settlement.