Settlement Process

Once an order is received

When the contract / title order form is received, Marvel Title will do the following:

  • Marvel Title will review it for accuracy and completeness.
  • Marvel Title will then send the listing and buyers agent a checklist to fill out with questions pertaining to the property such as HOA, payoffs, commissions and lender information. Once the checklist is received we will then order payoffs and call for HOA information.
  • If an earnest money or deposit check is received, the processor will see that it is deposited into a non-interest baring escrow account, where the funds will remain until the time of closing.
  • The processor will then request preliminary title work. A title search will be done and Marvel Title will receive the title report within 3-5 days of being ordered. (Rush orders upon request)
  • Marvel Title will order a survey.
  • Marvel Title will schedule a tentative closing date and time.

Once we receive the title report:

  • Title will then be examined and a title commitment will be prepared.
  • Marvel Title will take care of cleaning up any title issues such as judgments or unreleased Deeds of Trust.
  • Once again, the processor checks the information on the title commitment for accuracy.
  • Marvel Title will confirm the closing date and time with the agents, lender, buyer and seller.

Preparing for closing:

  • Again, the settlement processor checks all previous work for accuracy and completeness before preparing the HUD-1 Settlement Statement which shows all costs paid at closing as well as pre-paid costs, such as earnest money deposit and loan application fee. The lender will supply the settlement company with their closing figures and loan documents to be signed. This usually happens the day before closing.
  • The lender, buyers and sellers agents will be provided a copy of the HUD-1 Settlement Statement for review and approval.
  • Once the HUD-1 Settlement Statement is approved Marvel Title can provide a copy of the HUD-1 Settlement Statement to the buyer and seller.
  • Marvel Title will prepare our documents for closing such as the deed and any releases for the mortgages we will be paying off.

The day of closing:

  • It’s time to close the transaction and transfer ownership of the property from the seller to the buyer.
  • Our settlement agent will sit down with all parties to go over the HUD-1 settlement statement.
  • The seller will sign the deed to transfer the property to the buyers.
  • The buyers will sign all their loan documents.
  • All funds will be disbursed.
  • The seller will provide the keys to their new home!

After closing:

  • Marvel Title will review all of the documents and copy them for our records and send the originals back to the lender.
  • Marvel Title will overnight or wire any and all payoffs.
  • Marvel Title will mail out the homeowners insurance, termite, home inspection, HOA, well and septic checks.
  • Marvel Title will send the original deed and deed of trust to the courthouse to be recorded.
  • Once the original recordings come back Marvel Title will then issue the lenders and owners title policies.
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