The HUD | Prorations | Why Title Insurance | Title Commitment | Buyer's Closing Cost | Seller's Closing Cost

Loan Application Begins**   

Mortgage Company

CONTRACT

Title Company

Closer,
Receipted

Credit History
Appraisal

Verification of Employment
Current & Previous
<------Verification of
Sufficient Funds

Abstract Plant
& Tax Department

Information Gathered
and Packaged

Examiner

Buyer Submitted
For Approval

Commitment to
Issue Title Insurance

Buyer Approved

Everyone Wants
To Close

CLOSER

*Title Search Includes
Search History of Property-Owners of Records, Liens Clouds on Title-Documents Filed by Legal Description Search of Buyer and Seller-Liens, Lawsuits, Divorces,
Probates, Documents Filed by Person's Name,
No Property Description

**Loan Application Process Includes
Verification of Buyer's Income: Stability, Credit,
Assets to Close
Confirmation of Property's Value (the Appraisal)

Title Company
Receives Closing
Instructions from Lender

***Preparation of Documents Includes
·1. Survey
·2. Papers Ordered: Warranty Deed, Note, Deed of Trust, Release of Lien
3. Pay Off Figures from Existing Loan
4. Insurance Endorsement
5. Termite Report
·(Some Lenders Order and Send with Closing Instruction
to the Title Company)

Preparation of Documents***

Closing & Funding