Click on the question in the list below to review answers and helpful information.

What is a closing?

When you purchase real estate, or you borrow money using your real estate as security for the loan, the lender will schedule a closing to consummate the transaction. The closing is the time and date you will sign all documents for your particular transaction.

Back to Top

What happens at a closing?

The "Closing" is one of the final steps in the process of buying/selling or refinancing a home. It is when all parties involved, including the Buyer and Seller, meet to finalize the transaction and where purchase money and ownership documents, including the conveyance deed exchange hands. The Closing only occurs once all the conditions of the real estate contract and the lender's requirements have been met.

The location of the closing is typically at either the lender's office or at a local title company. Depending upon your geographical area, all parties may or may not be present at the same time in a closing. For efficiency, the Seller may sign all his/her documents at a different time than the Buyer. This is known as an "Escrow Closing." In an Escrow Closing the Seller may or may not receive his/her proceeds check on the same day. The other type of closing is when all parties are present at the same time. This is known as a "Round Table Closing." In this type of closing, the Seller will receive his/her proceeds at the closing. Regardless of the type of closing, the documents signed will typically be the same.

At the closing, identification is verified, funds are collected and documents are explained, signed and notarized. A breakdown of all closing costs is listed on the HUD-1 Settlement Statement. The HUD-1 Settlement Statement also sets forth the net proceeds amount due to the Seller and the amount of funds needed from the Buyer. The Seller will provide keys to the property or arrangements will be made to do this at a later date. All parties at the closing will receive copies of the documents that were signed at closing. When the closing is complete, the deed and any new mortgage are recorded with the Register of Deeds' office for the applicable county to create a public record of the transaction. After the closing is completed, the Buyer should receive his/her owner's title insurance policy from the title insurance company. In addition, the Buyer will receive the original recorded deed from the Register of Deeds' office within a few weeks after closing.

Documents you can expect to sign at closing may include, but are not limited to the following:

. HUD-1 Settlement Statement
. Mortgage
. Promissory Note
. Truth-In-Lending Statement
. Final Good Faith Estimate
. Interest Statement
. Notice of Right to Cancel if a Refinance
. Name Affidavits
. Occupancy Affidavit
. Various IRS forms
. Completed 1003-Loan Application
. Flood Insurance Notice
. Escrow Disclosure Agreement

. HUD-1 Settlement Statement
. Construction Lien Affidavit
. Conveyance Deed
. Transfer Return
. Payoff Authorizations
. Escrow Disclosure Agreement

Plus various forms required by different lenders

Back to Top

Why do I need the services of River Title Company?

When you mortgage, refinance or purchase real estate, River Title Company is hired to examine the history of the property you are purchasing, and insures the title with a policy of title insurance. Lenders require title insurance in order to approve your loan. River Title Company also provides the Buyer/new owner with a final policy of title insurance. This policy insures the new owner that the owner has good title to the real property. This is a one time payment that will protect the lender and/or new owner for as long as the property is owned. See our page About Title Insurance for more information. As your title company, we will also perform the closing services, when requested, to finalize the transaction.

Back to Top

When do I contact River Title Company?

Subject to legal restrictions, generally the Seller selects the title company, but the Buyer has the legal right to make its preference known. If the Offer to Purchase gives you the right to select the title company, please make certain your lender or realtor knows that you want River Title Company to provide title insurance and/or handle your closing. The lender or realtor will contact us and provide us with a signed copy of the accepted Offer to Purchase and any addendum to the Offer. We are available to provide whatever your lender may need to assure a smooth transaction. If you are refinancing, please ask the lender to use River Title Company for the transaction. We will provide your lender with any information they need to assist you. If you are selling your home on your own, please contact us or complete a Title Insurance Order via this web-site or print an Order Form and submit via fax to expedite this step. A title insurance order is generally placed after you have an accepted Offer to Purchase and all contingencies have been satisfied.

Back to Top

What items will I need at the closing?

Items required will vary depending upon the type of transaction. In all cases, you must have a government issued picture ID, and any documents required by the lender. The Buyer also will need to bring a certified check or cash in the amount of the 'cash due at closing' as stated in the HUD closing statement.

Back to Top

What is a HUD-1 Settlement Statement?

It is a standard form created by the federal government that summarizes the transaction and itemizes all costs involved. You will receive a copy of the settlement statement which also requires signatures at the closing.

Back to Top

Need More Information?

River Title Company welcomes your questions on title insurance, closing services and pricing. For more information, visit our Contact Us page or email River Title Company at: .

Note : The above is a summary of general information related to title insurance available under a title insurance policy. Please refer to the policy itself to determine the exact benefits and the exclusions from coverage. In addition, the above does not represent legal advice. A real estate transaction is a complex event and if needed, you may want to contact an attorney to assist you.

Back to Top