Posted by BeckyNY on 9/8/06 11:35pm
Msg #144656

Title Closer???

I got a call today asking if I can do a title closing. Thinking off the top of my head that this was a regular NSA closing I said yes. As the scheduler started to explain to me "you know, marked up title & everything", I stepped back and realized I had no idea what she was talking about. Thank god the time did not work for me and they had to find someone else.

OK - so what exactly is a Title Closer?

Reply by TitleGalCA on 9/8/06 11:51pm
Msg #144657

Becky - things in Southern Cal are done MUCH different than on the east coast...so with a little margin for error, I'll give it a shot. A title closer is an independent agent that represents the title company and conducts the closing "at the table". Funds will be exchanged "at the table".

The title closer not only notarizes the docs as SA, but can also run the title plant to the most current date and "mark up" the preliminary title report for a title policy. "Mark up" simply means that the closer crosses out any deeds of trust that will be paid off and writes in the new owners and their new deed of trust...ready for a typist at the underwriting title company to issue a policy of title insurance.

Okay, east coast title agents...how'd I do?

Reply by PAW on 9/9/06 3:39pm
Msg #144786

Well, FL is on the east coast, but I'm sure our definition of a "Title Closer" isn't what it may be in many other eastern states.

Here, a title closer does just about the whole enchillada. That is, they are responsible for the preparation of the docs, including the HUD, the presentation and signature collection at the table, plus the funding of the monies at the table (except where an RTC is involved). Thus, the title closer is also responsible for ensuring that funds are approved and received from the lender into the title/settlement escrow account for distribution at the table or upon expiration of the right of rescission. Of course, FL is a table funding state, so that's one big difference when compared to CA, an escrow funding state.

To further murky the waters, I don't think there is a state or FLTA (Florida Land Title Association) specific definition or job description for a "Title Closer". Just from experience working with some of the title companies here, the "Title Closer" is much more a "Title Processor". Talking the closing is merely a very small piece of the job.

Reply by TitleGalCA on 9/9/06 4:10pm
Msg #144800

Thx, more extensive than I thought..more like the E/O here n/m

Reply by BarbaraL_CA on 9/9/06 1:07am
Msg #144669

Quoted from The American Real Estate School:

"A title closer is the representative of a title/abstract company that gathers all relevant papers and documents and insures that the buyer is receiving good and clear title and that the lender is being protected by becoming the first and usually the one and only lien holder on the subject property. Some of the functions of a title closer include, but are not limited to verification of correct amounts due and owing to satisfy mortgages, taxes, judgments and other liens, properly recording legal documents and instruments from the transaction, checking and verifying that all documents are prepared and executed in legal and recordable form, notarizing papers and documents, and assisting many of the parties to insure accuracy in calculations of adjustments. Taking accurate and detailed notes is essential in case the events of the transactions become subject to audit.



The people usually in attendance at the closing are:

The Buyer(s), Borrower(s), Attorney for the Buyer(s), Attorney for the Borrower(s), Seller(s), Attorney for the Seller(s), Name(s) from the Lending Institution(s), Attorney for the Lending Institution(s) and Names(s) of Mortgage and/or Real Estate Broker(s).



The documents usually at the closing are:

The Contract of Sale, Survey(s), Mortgage(s), Satisfaction(s) of Mortgages(s), Lease(s), Policy of Title Insurance, Title Report, Lien Releases, Deed(s), Escrow Documents, Affidavits (must be notarized), Certificate(s) of Occupancy, Transfer tax returns and tax adjustment documents, Easements, Legal descriptions, etc.
"

Reply by Gary_CA on 9/9/06 10:43am
Msg #144704

Wow! Never ask what's in your sausage.

You mean all those folks get together at the same table at the closing??? I'd bring a hockey stick. And I guess I knew that somebody at the title company marked up a prelim and did all that stuff.

Us dumb Realtors here in NorCal we just go sign off a day or two early and then wait for that lovely phone call from the Escrow Officer "We went on record at 10, you can pick up the commission check after lunch."

It gives me a headache just reading that post... and I thought that was the easy part.

Reply by Lee/AR on 9/9/06 7:02am
Msg #144678

In, general, as NSAs, this is waaay over our heads and more liability than we want to take on or that our E&O will cover.

Reply by Pamela on 9/9/06 1:56pm
Msg #144751

Becky

Becky,

Saw this New York based real estate school on the internet
(gives detailed explaniation as to what a Title Closer is):

http://www.americanrealestateschool.com/TitleClosinginfo.htm

Each state is different.

In Southern California, attorneys are not manadated to
close a real estate transaction. Escrow takes care of everything.
Some people sell and/or purchase property without the assistant of a
real estate broker/agent.

Once the documents are completed, the paperwork is forwarded
to escrow for closing.

Pam

Reply by Pamela on 9/9/06 2:01pm
Msg #144755

Becky Re: Spelling Correction

should be: assistance

Reply by Pamela on 9/9/06 2:07pm
Msg #144757

Re: Becky Pardon me!

Spelling Correction:

Should be: mandated.

Too busy "multitasking"

Pam