The Process

Overview of the closing process when a Buyer is using a Lender and When purchasing With Cash.
  1. The Lender sends True Title a work order for a title commitment request
  2. True Title does a Title Search and Orders an Abstract
  3. True Title reviews the Title Search and Abstract to make sure the property is owned by the seller and no other parties can claim title to the property. The abstract will also show any mortgages, judgments, and liens on the property. If there are any issues the attorneys will do the curative work. For example, execute a succession if the property is owned by family members of a deceased spouse.
  4. True Title orders hazard, and flood insurance with mortgage clause.
  5. True Title orders the payoff if the seller still has a mortgage on the property (The payoff is the amount that the seller still owes the bank on the property that is being sold.)
  6. Once the Title Search and Abstract review is complete:
    a. True Title issues a Title Commitment to insure the transaction (This is the Title Policy, see Lender’s Title Policy and Owner’s Title Policy)
    b. True Title composes the Closing Protection Letter
    c. True Title creates the Pre HUD
    The Title Commitment, Closing Protection Letter, and Pre HUD are sent to the Lender
  7. The Lender gets the loan approved by underwriting, and gives True Title the clear to close and the lender sends the closing instructions to True Title
  8. True Title contacts all parties and sets the time and date for the Closing.
  9. True Title creates the final HUD and has it approved by the Lender
  10. True Title contacts the buyers to let them know the final amount they need to bring to the closing, monies brought to the closing must be brought in the form of a cashiers check.
  11. Once the Lender approves the final HUD, True Title prepares the package and have it ready to be signed.
  12. Closing: All parties show up to the closing and sign the loan documents and the sale documents.
  13. True Title records the mortgage and the sale with Parish Clerks office
  14. True Title cancels existing mortgage, liens, and judgments when applicable
  15. True Title Issue Title Policies

Overview of the closing process when the Buyer is using Cash

  1. Real Estate Agent sends True Title a Purchase Agreement
  2. True Title reviews the Title Search and Abstract to make sure the property is owned free and clear by the seller and no other parties can claim title to the property. The abstract will show current mortgages, judgments, and liens. If there are any issues the attorneys will do the curative work. For example, execute a succession if the property is owned by family members of a deceased spouse.
  3. True Title orders the payoff if the seller still has a mortgage on the property. The payoff is the amount that the seller still owes the bank on the property that is being sold.
  4. Once the Title Search and Abstract review is complete,True Title contacts all parties and sets the time and date for the Closing.
  5. True Title creates the final HUD/Settlement Statement
  6. True Title contacts the buyers to let them know the final amount they need to bring to the closing ( monies brought to the closing must be brought in the form of a cashiers check)
  7. Closing. All parties show up to the closing and sign the sale documents.
  8. Post Closing
    1- True Title records the sale with the Parish Clerks office
    2- True Title issues Title Policy