The Title Company Settlement Process For Home Buyers In Maryland
How a Purchase Transaction Works In Maryland in 13 steps
Wondering how a purchase transaction works?
Let us walk you through our process at Excalibur Title and Escrow:
- Receive Contract: Excalibur Title receives and reviews the contract for the client and reviews the title order for important information.
- Provide Quote: Either before or after receiving the contract, we provide a quote for all services and deliver to the client. Of course, if you are shopping for services we are happy to provide you with a fee estimate that includes many detailed costs you will have at settlement prior to selecting us as your Maryland title company. Our website has a fast quoting calculator free to use by anyone. You can even use it anonymously 24/7.
- Open Client File: Upon acceptance of the contract and quote, we open a client file.
- Send Information Packet: We send an information packet and authorization to the client for acceptance.
- Order Title Search: One of the first things we do upon accepting a client is the title search. This step is required for all purchases needing title insurance. Excalibur will order a title search to help you qualify for a mortgage or other loan and look for any encumbrances in the chain of title.
- Order Lien and Judgment Search: After the title search, we also will order a lien and judgment search to find any monetary obligations that may have been placed on the property.
- Order HOA Docs: If needed, we order any HOA documentation that may be required.
- Order Survey: If a land survey is requested or required, we order the survey at this time and report to the appropriate parties.
- Conduct Title Examination: We examine the title for any defects and order a loan payoff for any outstanding mortgage or deed of trust showing on title.
- Prepare Title Binders: We prepare title binders with all applicable information for the lender and the owners. We also provide wiring instructions at this stage. A quick reminder to only wire money according to your office’s instructions, and if anyone should contact you with changes, verify those changes with your loan officer or insurance company in person or via phone at a known number, NOT via email.
- Submit to Lender & Disclose to Buyer: Once all information has been received and gathered, we submit the preliminary CD to the lender for approval and disclose to the buyer.
- Schedule Closing: We assist the real estate agents in scheduling a closing date with the buyer and seller once all paperwork is ready and the loan has been approved by the lender.
- Final Steps: In the final steps before and after closing, we order the final water and sewer bills; prepare and deliver the seller’s CD; receive and review the lender’s closing package; receive incoming wire from lender and sign papers at settlement; obtain funding approval from lender (if required); and finally, receive approval and disburse fund per instructions.
Questions? Feel free to reach out to us at any time. We will be happy to answer any questions or concerns.