What is a Closing?

Closing or Settlement is the process where ownership of property is legally transferred to you, the purchaser. Closing on your new home does not have to be a bewildering experience—if you know what to expect and plan ahead!

Title Insurance
You need title insurance to be sure that title to your new property is being properly conveyed to you and is free and clear of past liens and encumbrances. There are two types of title policies: The owner policy which protects against any potential loss due to defects in the title to your property. You will receive an Owner’s Title Insurance policy after your closing and after your recorded documents are received back from the local city or county. There is also a lender policy. Lenders require Title Insurance to ensure that title to your property is clear of prior claims and is insured should a subsequent claim arise.  

Your Closing
As an arm of the Building Solutions process, Title Matters employees constantly strive to deliver new home closings on time. Because Title Matters personnel work hand in hand with the Building Solutions closing coordinator, potential problems are headed off long before the closing day. When the Building Solutions coordinator schedules your closing, a Title Matters closer will be notified. By that time Title Matters will have a copy of your contract, your lender information and your contact information. You will typically be contacted within 30 days of your closing to verify the details of your purchase and discuss any questions you may have.

You may receive the final HUD-1 (also known as the settlement statement) very close to the date of your closing — or even the same day! But if you prepare in advance, you should not be surprised with new details at the last minute.

At the closing you will sign all the documents required to transfer the property into your name and finalize your loan documents. The closing should take about 30 minutes to an hour—depending on how many questions you have!!. Be sure to bring two forms of ID!

Have questions? Please contact us and we will be happy to answer any questions you have! We can also send you a brochure that can answer many questions about your closing.