You’ve found your new home and are already daydreaming about using your new space. There’s no denying that buying a new home is an exciting time. Still, many who aren’t familiar with the process are surprised when they can’t start moving in immediately after entering into a contract. So many people are involved in helping you close on a new home, and our Title Company in Birmingham is ready to help and provide resources to get you started.
What is a Closing Agent?
A closing agent or settlement agent is the entity or individual who oversees the closing process, including making sure the title is clear and all the money is collected, verified, and disbursed per the terms of the contract and loan documents. A representative of the closing agent, typically an attorney, will sit with all parties to go over documents and answer questions at the closing table.
No, property transactions are serious and well-regulated affairs – requiring the work of trained professionals. Several steps are left to take before you can call your new place your own. You’ll need to complete the following items:
- Initiate a home inspection
- Originate your home loan
- Get an appraisal
- Undergo loan approval
- Secure credit underwriting
- Acquire both homeowner’s insurance and title insurance
That may sound like a lot, and it is, but that’s precisely why you’ll have access to the closing agent.
Who Represents The Title Company and Facilitates the Final Transaction?
Closing on a mortgage loan is rarely stress-free, but a knowledgeable professional can offer the guidance you need to avoid costly errors or time-consuming hangups. We call this professional a closing agent or, in some cases, a settlement agent.
What Does A Closing Agent Do?
The closing agent oversees property and fund transfers. They’re also responsible for managing the distribution of documentation to all required parties. Essentially, the closing agent is the first and last point of contact for ensuring a legitimate and smooth closing. They take care of the details to ensure you get into your new home quickly and without issues.
Aside from overseeing transfers between the buyer and seller, the closing agent ensures the real estate agent receives any due commission. They also file the appropriate paperwork to move forward with a transfer of property legally.
You can think of the closing agent as a coordinator for your real estate transaction, as they’ll handle most paperwork and act as a liaison between all parties involved.
How to Use A Closing Agent
While the closing agent will take the lead in closing, taking a direct interest in your finances can never hurt. After all, a property transaction is a significant financial moment.
Feel free to ask questions regarding the process or your transaction’s status. An experienced and professional closing agent will be happy to help you stay informed about your finances.
Expecting to Close on Your Mortgage?
Acquiring a home loan can be daunting, so you should be sure to have an experienced closing agent backing you up. At our Title Company in Birmingham, our professionals have the expertise to help guide you through the entire process. Reach out today to start moving ahead on your own home!
This material is provided as a courtesy and for educational purposes only. Please consult your title professional for specific information regarding your situation.