Southlake Real Estate
Photo of Cindy Ruppert
Cindy Ruppert logo
Ebby Halliday, REALTORS(r) logo
Cindy Ruppert Team

The Path to "Closing"

There is a lot of activity that happens after a contract has been successfully negotiated on your house. One of my most important jobs is to guide you through this process.

Steps to Closing on Your House:

  • Buyer and Seller reach contractual agreement and the Buyer's option check is delivered to the Seller.
  • Selling Agent delivers contract and the Buyers earnest check to the Title Company, and the earnest money is cashed and deposited into a trust account with the Title Company.
  • If purchased by the Buyer, the unrestricted right to terminate (option period) begins the day after the effective date of the contract.
  • Buyer orders any property inspections.
  • The Title Company opens the file, begins the title search, issues a title commitment binder to Buyer's Lender, orders property tax information and obtains loan pay-off information from the Seller's Lender.
  • Buyer makes loan application (if a loan is involved); appraisal and credit reports are ordered and Buyer verification is processed.
  • Any repairs proposed by the Buyer as a result of property inspections are negotiated and amendments are signed by Buyer and Seller during the Buyer's option period.
  • Buyer orders homeowner (hazard) insurance policy; insurance company commits to insure the property.
  • Appraisal of the property is completed.
  • Lender prepares Buyer's loan package and submits it for final underwriting approval.
  • Loan approval is granted and Lender's closing department prepares documents and sends them to the Title Company.
  • Any Lender-required conditions to be met by the Buyer are satisfied; a survey is ordered by the Title Company.
  • Buyer's and Seller's agents coordinate the closing date and time with the Buyer, Seller and Title Company.
  • Title Company receives Lender's closing instructions, prepares additional closing documents and the closing statement (HUD-1).
  • Buyer does the final walk-through inspection of the property and obtains a cashiers check for the closing cost and balance of down payment.
  • The Title Company closes the sale, returns or faxes required documents to the Buyer's Lender for approval. Most loan companies require this before disbursement of funds.
  • Title company receives and funds all monies from the Lender, including payment of all past due taxes, termite inspection, mechanical inspections, bank charges, attorney fees, professional real estate fees, Title Company fees and any other accrued expenses in connection with the closing.
  • Title Company records the legal document in the office of the county clerk and a recorded deed is mailed to the Buyer by the county clerk.
  • Title Company prepares and issues title policy and sends to the Lender and the Buyer.
  • Possession is given to the Buyer according to the terms of the contract.

During this process I will:

  • Stay in regular communication with you to keep you current on what is happening at each step of the process.
  • Stay in constant communication and coordination with the Buyer's agent and the Title Company to ensure a smooth transaction.
  • Help you negotiate any repairs the Buyer may request as a result of property inspection.
  • Coordinate the expiration of the Buyer's option period and any proposed repairs and contract amendments.
  • Follow up closely on the progress of the Buyer's loan.
  • Facilitate the appraisal process.
  • Monitor contingency removal dates closely and discuss these with you.
  • Notify you immediately should problems arise during the process and work with you to solve them.
  • Attend Closing with you to help assure all goes smoothly.