What Are The Responsibilities of a Closing Agent?
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Posted by Javier Cubas
- Posted in Title Closing
If you’ve ever wondered about the responsibilities of a closing agent during a real estate sale, there are many. A closing agent is responsible for ensuring that everything is going according to plan regarding a real estate deal.
The selling or buying party usually hires a closing agent to ensure that all transactions are completed and processed. A title company can also be used as a closing agent, ensuring you have all the documents to close the property. Keep reading to understand a closing agent’s responsibilities:
Title Work
When a property is being sold, title work is required to ensure that everything is in order when the title is being passed from the seller to the buyer. The title company or agent will generally conduct a title search to ensure that there are no liens, mortgages, or encumbrances against the property that have not been resolved.
They will provide a title commitment that will reflect the information available on the title policy and what (if anything) is owed against the title. Title work is generally done by the seller’s side to ensure that the buyer has peace of mind, but buyers can also get the service for themselves.
Property Survey
While you might have seen the property and are aware of any components that require replacements and repairs, a survey is necessary to ensure that you’re not missing out on anything. A comprehensive property survey will ensure that you don’t have to pay any more renovation or repair costs than necessary.
Depending on your requirements, you might need a proper closing agent to do the job or hire a property surveyor instead.
Finding the Right Insurance
When you want complete peace of mind, you want to get title insurance to cover all of your needs. Title insurance can ensure that you’re not responsible for any liabilities that arise after you’ve gained possession of the property. For those who are selling a property, title insurance isn’t required but might be stipulated by the buyer.
If you’re looking for good title insurance in South Florida, you have to ensure that you’re working with experts who have been in the business for some time. Not covering all your bases when working with a title agency can leave room for regret later.
Confirming Mortgage Status
If a buyer requires a mortgage to pay the down payment on a property or for regular installments on the property, confirmation of mortgage status will need to be given. A closing agent will usually be in touch with the mortgage lender to ensure that everything is going as it should and that the payments will be given on time.
Looking for a Title Company For Your Closing Process? We Can Help
When you want to ensure that no issues arise with your property’s title later down the line, you have to find a capable title agency that can help you out. Nationwide Land Title is here to help you whenever you’re looking for a title search or documentation to close on a property. To schedule an appointment to find out how we can help you, contact 888-308-6465
