Engel Volkers - Bozeman - Buyer - Flipbook - Page 48
E n g E l & Vö l k E r s | B I g s k Y c o U n t rY
The closing process
our guide will help you know what to expect on closing day and how to prepare ahead of time.
STEP 1
STEP 8
signed contract provided to Buyer’s lender - Buyer
receives loan estimate from Lender.
Appointments set for both Buyer and seller.
STEP 2
escrow opened and title commitment issued.
the commitment is based on a search of the public records
& includes a chain of ownership
the closing: loan and escrow documents signed by Buyer
with assistance from escrow officer.
STEP 10
STEP 3
the closing: Buyer deposits required “good funds” with
your title company.
Your title company works to remove lien and
encumbrances listed on title commitment to provide
“clear title.”
STEP 11
STEP 4
inspections and appraisals ordered - inspection reports
sent to applicable parties & appraisal sent to Lender for
review.
STEP 5
Buyer receives closing disclosure from lender 3 days prior
to closing or consummation.
STEP 6
Loan documents and instructions delivered to your
title company.
STEP 7
escrow closing documents compiled by your
title company.
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STEP 9
the closing: seller signs required documents for transfer
of property.
STEP 12
Loan documents returned to Lender for review and
approval.
STEP 13
Lender “funds loan” (sends loan proceeds to escrow) and
gives authorization to record.
STEP 14
Your title company records documents - after recording
confirmed funds are disbursed.
