• Painless closings


    Post-Closing Guide

    We're glad we could help with your closing.
    Contact us anytime after closing with your questions.

Next Steps Post-Closing

Next Steps Post-Closing

  • Closing is over, you have purchased your dream house (or perhaps refinanced your dream house) and now you are done working with the title company. However, the title company is not done working for you. As much work goes into post-closing as pre-closing.

    Prepare Recording Package

    When the closing is completed, the file goes to the post-closing department. The first step is to prepare the recording package and send it to the Land Records Office for recording. Most files are recorded without trouble, but occasionally recordings are rejected and need to be corrected and resubmitted.

    Eventually, after the recording process is complete, the original Deed and Deed of Trust are returned to post-closing, which in turn forwards the original Deed to the new homeowner and the original Deed of Trust to the lending bank. Depending on the jurisdiction, this could take up to six months.

    Pay Off / Release Existing Mortgages

    Post-closing is also responsible for paying off the existing mortgages and/or judgments on the property, obtaining releases for the liens associated with those mortgages and/or judgments and recording said releases in the Land Records Office.

    Since the purchaser has obtained a title insurance policy, the purchase is protected whether or not those liens are properly released, but since the title company has issued the insurance and provided a commitment to the bank that those liens will be released, the title company is responsible for making sure that they are in fact released.

    Pay Final Water Bill

    The post-closing team also handles obtaining and paying the final water bill. This is the title company’s responsibility since an unpaid water bill creates a lien on the property.

    Also, any home owner’s association or condominium dues collected at settlement are submitted to the home owner’s association or condominium association along with a copy of the final Settlement Statement.

    Other Post-Closing Duties

    Some other duties of post-closing include: maintaining and disbursing repair escrows, maintaining and disbursing post settlement occupancy security deposits, returning signed original documents to the lender and answering and resolving all potential post-closing issues or questions.

    So, as you can see, post-closing is still working for you long after you are moved in and enjoying your new property. Our post-closing manager is Dedra Roberts, and she will be happy to assist you with any post-closing questions or issues.

Post-Closing Tips for Purchases

Post-Closing Tips for Purchases

  • As a home buyer, almost all interaction with the title company is prior to closing. But what about after the closing? Here are some tips on what you as a home buyer should look out for and do post settlement.

    Keep copies of your closing documents.

    It may sound obvious, and yet, buyers are constantly losing/misplacing/throwing out their closing documents. In most cases, you will need a copy of your HUD-1 final Settlement Statement when you file your taxes. Also, having the ability to check and review the loan information that you agreed to could come in handy

    If you prefer not to have to find room for another stack of documents, or if you really are concerned about doing something good for the environment, at Federal Title we can scan your closing package and email it to you.

    By saving your closing documents on your computer, you won't have to worry about the wasted paper, finding a place to keep the stack of pages or losing confidential documents. We will always maintain an electronic copy of the file here at our offices as well.

    Keep the owner’s title insurance policy (and remember where you put it)

    At Federal Title, we provide you with your owner’s title insurance policy at the closing. So it is part of your closing packet and can be saved along with the HUD-1 final Settlement Statement and other closing documents. Unfortunately, this is not the standard practice. Most title companies mail you the Owner’s Title Insurance Policy months (sometimes even years!) after closing. Consequently, it is not part of the closing packet and it often gets misplaced. Remember that the Owner’s Policy is your protection and might prove fundamental when trying to sell or refinance your property. 

    Look at your real estate property tax bills (if being escrowed or not)

    Make sure that any discounts (Homestead, Senior Citizen, etc.) are reflected on the bill. Even if a Homestead is filed with the deed, the tax office may incorrectly fail to apply the proper credits or discounts.

    If you have waived the escrow account and are responsible for paying your property taxes directly, make sure you know when the property tax bills are due. Just because you did not receive a bill does not excuse you from paying the taxes.  Almost all jurisdictions allow you to view and pay the bill online.

    If your taxes are being escrowed, make sure the lender pays the bill

    This is especially important to check for the first tax bill after your purchase. Typically, you can view escrow payments on the mortgage lender’s website or you can call the mortgage lender’s automated number.

    If you purchased multiple lots, ensure all real estate property tax bills are being paid

    This typically applies to a condominium with a separately taxed parking space. Sometimes the lender will pay the property tax bill for the unit, but will neglect the smaller parking space bill.  Over the years this issue has come up many times.

Post-Closing Tips for Refinances

Post-Closing Tips for Refinances