Real Estate Professional Timeline – from contract signing to closing.
From signing the contract to sitting down at the closing table takes from 2-5 weeks, on average, depending on whether or not the buyer has gotten a lender-pre-approval or not. A pre-approval means buyers have made loan application and gotten approved, but they have not yet identified a property yet they want to buy. A pre-approval saves tons of time for everyone and eliminates problem and worry!
1. As soon as the contract is fully signed by all, the Real Estate Professionals and Buyer choose a title co. to use for closing – and tells this choice to the lender immediately.
a. Cash purchases: Real Estate Professional drives the bus as to which title companies to refer to the buyer for closing.
b. Financed purchases: Lender has the right to drive the bus for title company choice, but the Buyer and Real Estate Professionals have great influence on the lender for which title co. they choose. Tell the lender you choose Jett Title. Real Estate Professionals wield a big stick of influence, over lenders, as to which title co. the lender will use for closing. The title company for closing – they should want to make you happy by using your choice of title co – Jett Title.
2. Send the completed purchase contract to the lender the same day.
3. Return the info. form to title co. within a week of receiving it. Within a day of receipt of contract, Jett Title will send both Real Estate Professionals a information form to complete and send back to Jett Title as soon as possible.
4. Within a week of receiving the contract, the lender sends a title order to the title co.
a. Title co. performs title search in a few days, and sends title commitment to loan officer.
b. Title co. orders payoffs from sellers’ lenders
5. After 3-5 weeks from the date or receiving the contract, the lender will issue a final loan approval, then calls real estate professionals and title co. to schedule closing time/date/location.
6. Once closing date is set, title will send a seller-side CD to all Real Estate Professionals; Real Estate Professionals promptly reply with their approval or changes.
7. Within a day, lender sends Closing Disclosure instructions only – to the title co. These have all the loan numbers, fees, prorations and lender-restrictions for closing.
8. Lender and title work from an hour up to several days to get a final and fully-corrected CD – each party holds critical data, and that data changes for numerous reasons, causing revisions to the CD.
9. As soon as lender approves the final CD, title sends final seller-side CD to all Real Estate Professionals.
10. Lender now sends the loan docs to title company to be printed & copied for closing.
11. Closing takes place within minutes or up to a couple of days after the title company gets all docs printed, copied and ready.
7. Length of closing: Closing usually takes about 40 minutes’ time and buyers will sign from 50-150 pages, depending upon the lender; Sellers will sign about 14 times.
8. Location of closing: The closing location is usually at the lender’s office OR at the title company’s office OR the Raltor’s office.
9. What to bring to closing: Photo-IDs for all buyers/sellers and their spouses, all legal spouses for buyers AND sellers, and a Cashier’s check for the cash needed for closing…payable to Jett Title.
10. How long a closing lasts: Jett Title’s closings last an average of 40 minutes. Sellers only sign about 14 documents. Buyers sign from 50-75 times, depending on the lender and loan type.
11. If you cannot attend closing, call the title co. ASAP to arrange someone to sign for you using our special/specific and limited power of attorney (POA) – cheapest and fastest option about $100, OR a mobile notary closer to come to you at the time and location of your convenience for about $175.
12. Sellers’ proceeds after the 3-day waiting period is expired – Check or Wire? you have the choice if getting them in the form of a check or a wire to you, or to the title co. that will be closing your ensuing purchase of your new residence. For a wire we must receive by FAX, the wire instructions, which are these 5 items:
1. Bank name
2. Bank’s phone number
3. Bank’s wire-specific routing number (Many large banks have different routing numbers for wires, checks, deposits, EFTs, etc.)
4. Account name
5. Account number