Role of the Closing Agent

WHAT IS THE ROLE AND RESPONSIBILITY OF THE CLOSING AGENT?

When an order is placed, the your closing agent coordinates the activity and documentation from a variety of participants, pulling each piece of a transaction together:

From the REALTOR® - the closing agent asks for a copy of the sales contract, original termite inspection, names of gas, certification and home warranty companies, attorney information, lenders and payoff information (if available), and the new homeowner's insurance agent.

On a refinance - the closing agent obtains payoffs and ensures the correct loan is being refinanced.

From the Lender - the title agent asks for the complete loan package and closing instructions, including all requirements for proper disbursement of funds.

 

With all the additional information that these participants provide, the closing agent prepares the mortgage, settlement statement, various notes, affidavits, riders, loan documents, etc., as needed. Additionally, all disbursement checks for the transaction are prepared and distributed by the closing agent acting as the escrow agent.

WHAT HAPPENS DURING THE LOAN CLOSING?

At the closing, when the closing officer meets with the buyer/borrower and their representatives, he/she still has a great deal of work to do acting as the escrow agent. The closing agent finalizes the deposits, wire transfers and the checks. All documents are signed by the appropriate parties and photocopies of the documents are made, returning originals and photocopies to the proper parties.

 

The buyers receive the title insurance commitment, if applicable, and copies of all the signed documents, including lender's documents, affidavits, etc.

 

WHAT HAPPENS AFTER THE LOAN CLOSING?

The closing agent records the deed and the mortgage at the courthouse (returning the original recorded deed to the new owner and the mortgage to the lender), and prepares the owner's and lender's title policies.

Following the recording of the deed and mortgage, the buyer will receive (via the mail) the original recorded deed and the original title insurance policy, if applicable. It is wise to keep all of these documents in a safe place.

If refinancing or consolidating debt, the closing agent disburses money to the appropriate parties.