At Ohio Real Title, we understand that every transaction is unique, and it takes a team effort to get a real estate transaction closed. That’s why we’ve developed a collaborative process that ensures every detail is meticulously handled. Here’s how it works:
Step 1: Open Title Order
In contract? Congratulations! The first step is to email one of our sales and marketing liaisons with the following information:
- Purchase contract & counters/addendums
- Commission rate + fees & how you’d like to receive your commission
- Both Agents names, brokerages & contact information
- Your client (seller/buyer) name & contact information
Pro Tip: Please include any information that would be helpful to the transaction, such as admin contact info, lender information, if a POA will be used, client out of state, title in trust, etc.
Once we receive the contract, our service team will open the file in Qualia, and you’ll receive an automated confirmation email with the details of your escrow team and their contact information.
Pro Tip: Each agent has 1 escrow team assigned to them. This way we ensure consistency and create a bond between both parties. A Sales and Marketing liaison will introduce the team to the agent on day one. In the case a team member is out the office, we have coverage always assigned.
Buyers and Sellers will also receive an automated email from Qualia to register. Once registered, the Buyers and Sellers will receive wiring instructions for the final wire at closing and Pre-Closing Forms to fill out.
Pro Tip: These forms are especially important to our team because the information is used to confirm identity, clear potential title issues, order payoffs, etc.
Step 2: Title Search & Exam
Before the Service Team hands the file off, they will order the title search directly from the county examiners. The timeframe for a title search completion varies per county, but the average turnaround time is 7 business days.
Step 3: Title Commitment
Next, one of our Escrow teams will take ownership of the file. Once the title search is back, the Escrow Coordinator (EC) will review the title commitment and send it to the agents, outlining what is in the title report and what will need to be cleared.
The EC will then work on clearing any items needed, such as mortgages, liens, prior owner liens, etc. Once the title is clear and all items required are received, the EC will hand the file to the Escrow Officer (EO).
Step 4: Curative Matters
Once the EO receives the file from the EC, they will put the numbers together and send the listing agent the settlement statement for review. If approved, the EO may send the numbers to the sellers if requested by the agent.
If it’s a cash transaction, the final settlement statement is sent to both parties for approval. If approved, we will schedule closing. If there is a lender involved, the EO will work with the lender to obtain final figures on the buy side.
Once finalized, they will send the buyer’s agent the final settlement statement for approval. Once numbers are reviewed and approved by all parties, the EO will schedule the closing.
Step 5: Closing
At ORT, we go anywhere/anytime. Whether the closing occurs at one of our beautiful offices or at a remote location, we will accommodate your client’s needs.
After all the papers are signed and returned to our office, the EO will ensure we have buyer/lender funds. Then, all signed documents go to the Post-Closing team to disburse and close the file.
Step 6: Post-Closing Processing
The Post-Closing coordinator will review all documents for accuracy and notify our headquarters that we have all funds and we’re okay to proceed. They will also send the final signed ALTA to all agents confirming all parties have signed.
Step 7: Title Policy is Issued
Once we’re disbursed, the Post-Closing coordinator will send another email to all parties advising we are officially closed, and all monies have been sent. And that’s it! Once this process is complete, you will have successfully closed another transaction. For your commission, we will follow the request from the initial “Order Title Email”. If anything changes, let your Marketing & Sales liaison and Escrow Team know, and we’ll ensure your commission arrives as expected.
At ORT, we focus on communication and accuracy. We will communicate every step of the transaction, address potential issues promptly, and maintain the exceptional standards our clients expect and deserve!