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Accepted Contract to the Closing Table Process

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Updated on Aug 2, 2013

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Many buyers and sellers I work with have the same question after a contract has been negotiated and accepted, “What are the next steps to get to the closing table”?

The typical buyer obtaining financing will go through the loan application process. This process includes the verification of the buyer’s income, stability, credit, assets to close and the confirmation of the property’s value (Appraisal). Always be prepared to sign and obtain miscellaneous documents that may be required by the lender’s underwriters during this time.

Another important step between the contract and closing is the title search. The title search will include a search of the history of the property: owners of record, liens. This search will also research clouds on title: documents filed by legal description. Also, search of buyer and seller: liens, lawsuits, divorces, probates, documents filed by person’s name, no property description.

The final step typically performed by the title company is the preparation of documents. These documents include: survey, Warranty Deed, Note, Deed of Trust, Release of Lien, pay-off figures from existing loan, insurance endorsement and the termite report.

Hopefully this explains the step by step process once the contract has been negotiated for your home.

Click Below on Payment Calculator to estimate what it will cost for you to get in your next home (rates are subject to change).

Eric J Barth 859-912-2104

Accepted Contract to the Closing Table Process
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