EMPIRE TITLE of COLORADO SPRINGS

Today's Date:

The

Closing Process

What to Expect as a Seller during Closings:

When opening an escrow order, Information is sent to the closing agent regarding the seller, the property and payoff information. The closing agent starts the closing process based upon the information you provided. Once all parties are ready to close the transaction, the Listing Agent calls the Closing Agent and sets the appointment for signing of the documents and Settlement Statements. When everything has been signed and funds are received from the buyer and lender. Documents are then sent to the El Paso County Clerk and Recorder for recording. Disbursement of funds occurs at the closing table. Proceeds to the seller can either be in the form of an Empire Title check, Cashiers Check or they can be wired/deposited to a bank of seller choice.

What to Expect as a Buyer during Closings:

After signing a purchase contract, information is gathered by the closing agent regarding buyers names, and lender information. When all parties are ready to close, the Listing Agent calls the closing agent and sets the appointment for signing of the documents and Settlement Statements. The closing agent will explain the documents for signing and answer any questions the buyer might have. Upon signing of all required documents and the receipt of all funds, documents are sent to the El Paso County Clerk and Recorder for recording. Acceptable forms of payment to close are: cashiers check, Postal Money Order or wired funds. Once the closing has ended, the buyer can then take the keys to their new home and move in!

What to Expect when You Refinance:

When you refinance your property, the lender will call and open an escrow order. When the lender and borrower are ready to close the refinance, they set up an appointment for the signing of the loan documents. At signing the Closing Agent will go over all documents and answer any questions. Documents are then notarized and sent back to the lender for review. When refinancing your property, there is a rescission period of three business days during which you may cancel the transaction. Once the rescission period has expired and we have confirmation from the lender that the loan has been funded, recording of the documents occurs. Money is disbursed and the transaction is complete.

NOTE: There is NO right of rescission on investment properties.