TITLE INSURANCE PROCESS
ROCKET TITLE HAS RECEIVED A COPY OF YOUR AGREEMENT. WHAT’S NEXT?
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- A title search is requested after the file is opened and a Certificate of City or County Taxes is ordered from the County Treasurer.
- Earnest Money, when received – if being held by Rocket Title, is deposited into Escrow, per instructions.
- A complete title examination of the property is returned and a Title Commitment for insurance is prepared (usually within 24-48 hours).
- A copy of the Title Commitment (also referred to as a “Title Binder”) is distributed to all parties. This allows all individuals to review the results. The buyer is also provided with copies of any Covenants, Declarations, or Restrictions affecting the property and a copy of the recorded plat, if applicable.
- The real estate contract and Title Commitment are reviewed again by a Rocket Title processor and the underwriter. Any unusual title requirements or issues are addressed (including unreleased Deeds of Trust, Judgments, Liens, Delinquent Taxes, etc.). Sellers and their settlement company are requested to resolve any issues and the seller is asked to complete an Information and Verification form.
- A copy of all the documents listed as exceptions on the Title Commitment are distributed to the buyer.
- If a survey is requested in the contract or after receiving the contract from the client, a copy of the survey will be sent to the buyer via email. An original will be given to the client at closing. We highly recommend that a buyer requests a survey for their property. It will greatly support the Final Title Policy.
- Approximately one week after receiving the contract, a Deed of Bargain and Sale (DBS) is prepared by the seller’s attorney. Upon receipt of a completed DBS from a licensed attorney, a copy of the DBS is sent to the buyer’s lender and the buyer’s settlement company to review for any revisions that may be needed.
- Approximately three weeks before the closing date, an HOA statement (if applicable) and current loan payoffs are ordered. These, along with the property taxes, will be prorated to the day of closing.
- Approximately two weeks before the closing date, a preliminary settlement statement is prepared and sent to all agents for review, ensuring commission and invoices are correct. Rocket Title will notate any information that is outstanding and needed, in order to close the transaction. Updated Water and/or Sewer statements are also ordered.
- Final settlement statements will be sent to all agents before closing. Borrower’s Closing Disclosure Statements will not be complete until the lender’s instructions are received by Rocket Title (sometimes the day before or the day of closing).
- Updated title search is performed on the property and parties, from the date of the original order, to ensure title is still clear.
- If a client is expected to bring funds to closing, certified funds are required if the amount is over $300. (For Wire Transfers – Your processor will call you personally and ask a few verification questions to ensure security and avoid wire fraud.
- Your loan package and all additional closing documents are forwarded to a Rocket Title closer. Requirements are reviewed once more by the closer, before closing.
- Documents are signed by all parties and closing is officially completed.
- A copy of the closing packages or signed documents are provided to all parties (within security limits).
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