THE CLOSING PROCESS

1. Title Examination- A title search is essential when purchasing a home. Attorney McEntee is a licensed title insurance agent for Fidelity Title Insurance Company. A Title Search is required by lenders to determine who owns the property that is being sold. This search will also reveal any defects and encumbrances on title that have been recorded, such as unpaid tax liens, purchase money mortgages, equity credit line mortgages, and lis pendens. Armed with a title search Attorney McEntee can inform you what defects of title may exist and what must be done to remove them.

2. Prepare the Closing Paperwork-The deed transferring ownership will be examined to make sure it is accurate, the smoke detector affidavit and owner’s affidavit will be drafted, releases will be obtained from mortgage lenders, a final water and sewer bill will be ordered, and the title insurance policy will be prepared. Any adjustments that may be applicable, such as for taxes, oil/propane will be calculated. When all the paperwork has been completed an actual closing date will be scheduled. If you are a buyer, Attorney McEntee will receive your loan documents, including the final Closing Disclosure (CD) from the lender.

3. Closing/Signing-At the closing the buyer and seller will each sign their respective documents. Attorney McEntee will explain in detail each document that you are signing to make sure that you understand what you are signing.

4. Recording-After everything has been signed Attorney McEntee will record your deed on the land records in the Town Clerk’s office if you are the Buyer. A “run down” title search will also be completed to ensure nothing that would compromise your interest in the property has been recorded on the land records between the time the title search was completed and the closing date.

5. Closing Documents-you will receive a copy of all documents signed during the closing. The original mortgage documents will also be sent back to the lender.

American Land Title Association

Attorney McEntee has adopted the Best Practices recommended by the American Land Title Association (ALTA) as part of his closing procedure. You can download the ALTA guide that explains the standards in detail. To Download the Guide please click the download button Download. The best practices are as follows:
Establish and maintain current licenses as required to conduct the business of title insurance and settlement services.

Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification and reconciliation

Adopt and maintain a written privacy policy and information security program to protect Non-public Personal Information as required by local, state

and federal law.

Adopt standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer Financial Laws as

applicable to the Settlement process.

Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.

Maintain appropriate professional liability insurance and fidelity coverage.

Adopt and maintain written procedures for resolving consumer complaints