Buying a new home is an exciting, multi-step process. Once a buyer makes an offer on a home and the seller accepts, your title company steps in as the intermediary to record the necessary legal documents, and finalize the purchase or sale of a real estate property. Ohio Real Title plays an essential role in closing your real estate transaction. Get insight into what we do, who we interact with, and how the title insurance file progresses through this collaborative process.
Closing a real estate transaction is a team effort. Each title insurance file is unique and the process is often not linear. Multiple departments are involved to ensure a successful closing through all five stages.
The order is received.
1. The Service Stage
- Creates file in Qualia with information received from the initial order email and purchase agreement / contract.
- Sends pre-closing documents & notifies all parties of order received and assigns escrow team.
- Orders title exam, sends out preliminary title work to lender, & receives and enters revised commitment.
2. Title Stage (Ohio Real Title)
(If the client who submitted the deal to us is a joint venture member of Venture Land Title Agency (VLTA), the title work will be processed by VLTA (also referred to as Venture orders). If the client is not a Venture member, the title work will be processed directly by Ohio Real Title (also referred to as Direct orders).)
Ohio Real Title
- Sets up their own version of the file for purchases, refi’s, foreclosures, lien searches
- Receives title exam
- Types commitment
- Types policy
Venture Land Title
- Sets up their own version of the file for purchases, refi’s, foreclosures, lien searches
- Receives title exam
- Types commitment
- Types policy
3. Escrow Stage
(Both Escrow Coordinator and Escrow Officer work in tangent with one another during the escrow stage.)
Escrow Coordinator
- Makes any necessary edits to order information with exception of Lender information
- Reviews title commitment for issues in need of resolution to clear title
- Requests all necessary documents
- Once everything needed for the title insurance file isrequested and received, file can be handed off to the Escrow Officer.
Escrow Officer
- Enters all fees into Qualia
- Begins to balance with lender
- Schedules buyer and seller to sign final documents
- Assembles final documents package for notary and schedules notary
- Scans signed documents into Qualia after signing
- Notifies both agents when officially closed
- Sends funding package to Post-Closing to disburse the funds
- Sends filing package for recording
4. Post-Closing Stage
- Receives funding package from Escrow
- Verifies all the funds are in and disburses the funds per instructions
- Marks file disbursed and closed
- Scans final funding package for Qualia
5. Accounting Stage
- Reviews files for any monies that have not been collected
The order is complete.
Selling your home can be a complex process In a highly competitive industry with all the pitfalls that can occur, Ohio Real Title clearly stands out. We provide calm where sometimes it doesn’t exist because we believe everyone deserves an easy, successful transaction during a stressful time. This is who we are. Contact us today.
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