Understanding the Closing Process for Your DSLD Home Purchase (Full Transcript)

Speaker 1: A lot goes into the closing of your DSLD home. Between 30 to 60 days prior to closing, your lender will request title work to begin on your home. During this time, DSLD Title will conduct a name and title search to ensure there are no liens, judgments, or encumbrances against any parties involved in the transaction. This protects you, DSLD, and your lender. You will be contacted at this time by your DSLD Title Precloser to verify personal information such as your full name, social security number, and date of birth, among others, and be notified of any discrepancies found during your record search. Some matters may need to be settled before your transaction can be cleared to close. If everything checks out, DSLD Title will send a title commitment package back to your lender. Once they have reviewed and approved the title commitment and your loan reaches final approval, your lender will issue a clear-to-close notice to your DSLD Closing Coordinator. By this point, you should have completed your first walkthrough of your home, and your final walkthrough will need to be scheduled before your closing can be scheduled. Once you're clear to close and your final walkthrough is scheduled, your DSLD Title Escrow Officer will contact you to schedule your closing. She will also notify your lender of the closing time and date, whereby your lender will send back their closing instructions. Based on these instructions, DSLD Title will collaborate with your lender to finalize the final closing disclosure. The final closing disclosure is a standardized federal document that lenders supply to home buyers itemizing the services and fees being charged on the purchase of their home. Your lender will send you the final closing disclosure to review and acknowledge in advance of your closing appointment. Once the final closing disclosure is acknowledged, your lender will send DSLD Title your closing package, where it will be prepared for closing. Included in this closing package are several mortgage and disclosure documents for you to sign, as well as your final closing disclosure. You will need to bring a photo ID to your closing appointment. If your total amount due at closing exceeds $2,500, it must be presented at closing as certified funds in the form of a cashier's check or wire transfer from the same bank account you listed on your mortgage application. Your escrow officer will notify you in advance if this is the case. And in all cash sale, the closing process is similar, except without all of the mortgage documents to sign. You will still receive a settlement statement with several of the lines pertaining to mortgage fees left blank. The total purchase price plus title work is typically paid together by a single cashier's check or wire transfer. Once funds are transferred to your escrow officer and all documents are signed, your closing is complete. Thereafter, all documents are checked by your post-closer, recordings are filed with your parish or county clerk's office, and the closing package is sent back to your lender. The act of signing your cash sale at closing, also known as the deed, transfers your home's title to you as the buyer. This is made a public record once it is received by the parish or county recorder's office. You will receive a copy of your recorded cash sale four to six weeks after closing. Let's quickly overview the entire process. It begins during construction with a name and record search on you and your home. Once all clear, DSLD Title will submit your title commitment to your lender and your lender will issue a clear to close. Then, your closing coordinator will schedule your closing and your lender will send in their closing instructions. DSLD Title and your lender will collaborate to finalize your final closing disclosure and your lender will send in your closing package. Just prior to your closing appointment, your escrow officer will send you your final closing disclosure to review. At your closing, all applicable documents will be signed, thus transferring ownership of your home to you. Thank you for watching this video and we hope that it's added some clarity to your closing and title work process. If you have any other questions or would like to learn more about the DSLD home buying process, visit our DSLD Mortgage website at DSLDMTG.com.