At Pioneer Title & Abstract, our Escrow Closing Services (commonly referred to as “The Closing Department”), consists of a team of Closers and Funders who coordinate the closing process on a property being purchased.

WHAT DOES THE CLOSING DEPARTMENT DO?

While each transaction is unique and may have distinct requirements, our Closing Department will frequently:

• Obtain Payoff Information for existing mortgages to be paid off at closing, if applicable (Authorization may be required to obtain this information)
• Identify any Homeowner’s Association dues owed, if applicable
• Identify whether a survey is required to close the transaction. Review and approve prior surveys, if one exists. If a new survey is needed: request quotes, obtain authorization to order, and order the survey.
• Confirm any commission being paid to Realtors, if applicable.
• Collect invoices to be paid at closing (termite inspections, septic inspections, repair invoices, appraisal invoice, etc).
• Prepare and Review Settlement Statements according to lender closing instructions, the Title Commitment, sales contract and any invoices provided. Review Settlement Statements to verify compliance with applicable state and federal laws.
• Distribute Settlement Statement to the lender / realtor / consumer / borrower for review and approval.
• Deed Preparation or Review: The Escrow Closer shall prepare the Deed according to the Title Commitment, ensuring that proper warranties are included, proper legal description is included, proof that the signatory has authority to sign, proof of proper acknowledgment, and vesting names match prior deed and contract.
• Prepare, Review and Approve Closing Documents: The Escrow Closer shall prepare, review, and approve other applicable closing documents that may include, but are not limited to the following: Closing Disclosures, IRS Form 1099, Seller Affidavits, and Organizational and/or Corporate Documents for any organization/entity that is a party to the transaction.
• Schedule the Closing: When all parties are ready to proceed with closing, the Escrow Closer or assistant shall coordinate closing date and times with Realtors, Lenders and/or directly with the Buyer and Seller.
• Explanation of Closing Documents: At closing, the Escrow Closer shall explain to the customers the closing documents prepared by or on behalf of the company, which may include, but are not limited to: Settlement Statement, Seller Affidavits, and specific Pioneer Title Closing Documents. Loan Documents will be explained by the lender.
• Supervise Execution: At closing, the Escrow Closer shall supervise the proper execution and notarization of the closing documents that are signed at the closing table.
• Collection of Funds and Identification: At closing, the Escrow Closer shall collect funds required to close from the respective parties and obtain a valid government-issued photo ID (such as Driver’s License, Passport, Military Identification Card, etc.)
• Obtain Funding Approval from the lender following the Closing, prior to Recording.
• Notify appropriate parties to the transaction when the recordable closing documents have been filed for recording with the appropriate county authority.
• Disbursement: Upon recording, the Funders will disburse all funds in accordance with the Settlement Statement, lender’s closing instructions and seller/borrower disbursement instructions. This may include, but is not limited to: Buyer/Seller Proceeds or Refunds, Mortgage Payoffs, Lien Payoffs, Vendor payment, and Realtor Commission Disbursements.

Contact The Closing Department