The process begins when we receive your Earnest Money contract. If given the proper information, we will send you a copy notifying you of the abstractor and closer’s contact information. The abstractor will forward the preliminary title commitment either by email or mail once it has been completed. The preliminary title commitment is a means for the title company to inform all parties of all known burdens affecting the property and committing to issue its policy when certain requirements have been met. This assurance of a title commitment by a title company provides a safe procedure for purchasers and lenders to close transactions before the actual title policies have been issued. We will forward all restrictive covenants and exception documents at your request at no charge to you.
The Buyer/Purchaser or their representative should make the following available to The Title Company (Navasota Abstract & Title Co. Inc. / Grimes County Title, Inc.)
- Required funds in the form of a cashier’s check or wire transfer instructions.
- Required hazard insurance policies.
- Other documents required by the earnest money contract.
Your Lender should provide to The Title Company written closing instructions within 24 hours of closing describing the lender’s requirements for closing and funding, including:
- Home owners insurance requirements.
- Special provisions required to be in the mortgagee policies.
- Payment of service charges and mortgage costs.
- Any other matters relating to the settlement.
It is in your best interest to keep in close contact with the lender throughout the loan process. You will be notified of any special requirements that must be met prior to loan approval, closing and funding of the loan.
Have your insurance agent contact The Title Company as soon as possible regarding the homeowner’s insurance policy, after you have determined your specific coverage requirements. The Title Company will supply the agent with the legal description of the property as well as the loss payable information for the lender.
If a Power of Attorney is to be used in closing, advise The Title Company immediately. The Power of Attorney must be in a form acceptable to The Title Company and/or its underwriters, and to the lender. The individual executing the Power of Attorney must be available by phone the day of the closing to verify that they are alive and the Power of Attorney has not been revoked. The more information you provide the title company, lender, and representatives the less likely that any unexpected additional requirements will occur. This will allow you to have a smooth and enjoyable closing experience.
The Title Company will not have final figures until the lender’s closing instructions are received and insurance information is supplied to us. The funding process is different in each situation. But most include the following:
- Funding occurs only after ALL the papers have been signed by the buyer and seller
- Funding occurs strictly in conformance with the Lender’s requirements:
- Some lenders require a closing package to be returned for review prior to releasing funds.
- Some lenders fund only at certain times of the business day.
- Some lenders require a verbal telephone review process prior to funding.
- Funding at the END OF THE MONTH is much slower due to demand.
- The Title Company cannot fund until the Lender’s wire is received.
- The Title Company cannot accept personal checks or credit union checks that do not have “Cashier’s Check” printed on check over $1500.00.
Funding cannot occur unless all parties (buyer, lender and/or seller) present good funds (Cashier’s Check or Wire) to Navasota Abstract & Title Co. Inc or Grimes County Title, Inc.
A Photo ID must be brought to closing by the Buyer/Borrower(s) to verify the identity of who is signing the legal documents.