When purchasing or refinancing real estate there are two components handled by Elite Title Agency, LLC: Namely, Settlement/Closing services and Title Insurance. This page discusses common questions asked about the settlement procedure.

What does a settlement/closing/escrow agent do?

A settlement agent will:
review the title commitment for requirements to obtain a clear, insurable title
contact a surveyor to have the property surveyed, if you wish or your lender requires it to be done as a condition of the loan;
coordinate with your insurance agent the hazard (homeowner’s) coverage;
obtain copies of termite, well and septic reports, oil prorations and similar documents as applicable;
prepare the settlement statement;
arrange with your mortgage lender the review of your closing documentation;
conduct the closing with you, briefly describing the documents you are to sign;
arrange with the realtors for delivery of keys;
record the documents among the public records; and
disburse proceeds to the parties in the transaction according to written instructions.

Who attends settlements?

All purchasers and borrowers are required to provide signed documentation for closing. Doing so can be in person, but is more commonly done via electronic medium if possible.
A specific power of attorney form must be approved by your mortgage lender and by Elite Title Agency, LLC to guarantee title insurance can be issued. A power of attorney authorizes another person to sign documents on your behalf and must be prepared, signed and notarized. The original must be delivered to the settlement agent before closing. Sometimes in addition to the borrowers, the Realtor who sold you the home attends, and on occasion even the loan officer from the mortgage company attends the settlement.

Where is settlement held?

Settlement can takes place in one of our offices, via mobile notary, or even via online notarization if possible:

What should be brought to settlement?

You must provide a government issued identification that has your photograph on it (valid driver’s license, passport, etc.) plus evidence of your taxpayer identification number (social security number).

How much money will be needed?

Final figures are rarely available more than 24 hours before settlement.
You can use your good faith estimate as a guide. However, if you switched loan programs, interest rates, or terms which could affect those figures you should call your loan officer for a revision so you will be prepared. Your funds should be readily accessible for delivery via Wire Transfer on the day of closing. Frequently this amount will change in the few hours prior to settlement. If you bring in too much money, the difference will be refunded.