Every day in Pennsylvania our clients are buying or selling residential and commercial properties. At Templeton we are committed to handling the details to ensure your property ownership is protected. We conduct in-depth searches to uncover and remedy problems with the title of ownership, insure title of ownership and oversee the closing process. Templeton has the very best people in the business; experienced, responsive and dedicated professionals who understand all aspects of real estate transactions. Your Templeton representatives have closing expertise and our personnel offers the knowledge and ingenuity necessary to handle today’s complex transactions.
Step 1: Starting the Process
An agreement of sale is signed by the buyer and seller and forwarded by your Real Estate Agent or Attorney to the title insurance agent. An agent will normally hold the deposit check in escrow until the actual closing. An order is placed by the realtor to the title agent and the path to owning your home is immediately on its way. Immediately a courthouse search and information gathering process begins.
This information includes tax information, loan payoffs, survey of the property (if requested or necessary), association/maintenance fees, inspections/reports, and other vital information is ordered well in advance so as to avoid any delay of your closing.
Step 2: Information Found in a Title Search
Templeton’s highly trained title searchers maliciously sift through public documentation that has any bearing on the property about to be purchased. Although not all inclusive, the matters reviewed are: deeds as far back as 60 years, mortgages, municipal liens, estate records, divorce proceedings and other documents affecting title to the property.
When this data is compiled, our qualified staff examines in detail the information gathered from the public record and preps the file for two purposes:
- To clear any title defects or liens
- Handle any other matters in the most expeditious way so as to ensure a timely closing
Step 3: Preparation for Closing
An integral part of the purchase transaction is the new lender’s instructions to the title agent on how the closing is to not only take place, but also what items are needed in order for the lender to fund the purchase of the property. During this time, our internal client service representatives of Templeton Abstract are at their best in clearing any title issues while at the same time fulfilling the lender’s instructions.
Final closing fees necessary to complete the sale are prepared and delivered to the borrower at least three (3) days prior to the closing so as to avoid any surprises that may delay the closing. Should items arise at this time, they will be aggressively addressed so as to avoid any delay in the purchase and sale of your property.
Step 4: At Your Closing
Because the title agent is the party that handles the funds at the closing; explains the closing documents to the buyer; obtains all necessary signatures from the buyer and disburses the funds the lender provided prior to closing, the title agent is pivotal in the final step to home ownership. It is during the closing the realtor(s) will be present, the buyer and seller, and sometimes the lender. A deed is signed and delivered to the title agent and after the title agent has confirmed everything that was required to be addressed prior to closing was completed, the title agent will present the deed (and mortgage as applicable) for recording in the public records of the courthouse. Any funds necessary to pay of mortgages of the seller are sent to satisfy these old mortgage liens. Each person or party entitled to be paid for services rendered up to the closing are paid by the settlement agent.
Step 5: After Your Closing
When you leave the closing table, rest-assure that Templeton Abstract will handle all services necessary for finalization of the purchase. This includes: sending the deed and mortgage for recording; ensuring taxes and other liens are paid on the property; remitting all funds to each person or party involved in the closing; ensuring receipt of the legal documents recorded in the courthouse and issuing a title insurance policy to the new homeowner. The final step in the process is for you to enjoy your home.