The parties agree and execute a contract.
02. EARNEST MONEY
Strategic National Title (SNTG) receives the buyer’s good-faith “earnest money”. We highly recommend the buyer to use our mobile deposit app Bank Shot Mobile.
03. OPEN ORDER / TITLE SEARCH
SNTG opens the order and sends a search request to the abstractor. The abstractor does the title search on the property to make sure there are no liens or encumbrances on the real estate.
04. TITLE REVIEW
After the title search is received, SNTG examines the title report and provides a title commitment to the lender.
To the extent there is any cloud on title (i.e. issues that would affect ownership of the real estate), SNTG will get these removed/resolved by “curing” the title.
The parties sign the necessary legal documents to consummate the transaction. Seller’s responsibility is to deliver the keys (can be left in lock box etc) and the buyer’s responsibility is to provide funds for closing.
SNTG distributes all money received from the buyer for the property according to the terms of the purchase contract.
After all the necessary legal documents have been recorded, SNTG issues an owner’s title insurance policy to the buyer and a lender’s title insurance policy to the lender.