The following procedures briefly explain in general what you will encounter at the closing. Follow this link to see how one specific company handles its title search and closing.

Title Search

The purchase of a home is probably the largest investment you will make. As a new home owner, you take steps to insure that the house is well built and hazard free before you buy. Yet, one more area of safety needs to be examined: the title to the home must be free of liens. Therefore, the title company conducts an examination of the property's historical records, i.e. deeds, court records, property and name indexes, to verify the seller's right to transfer ownership. Hindrances to this right are unpaid taxes, unpaid mortgages, judgments against the seller, and land use restrictions. After the research is completed, the procedures to consumate your purchase continue. These are referred to as "escrow" or "closing."

Closing

The closing process usually takes place at the title company. The title company's agent acts as a disinterested "third" party who makes sure all agreements of your purchase offer are followed. The agent creates the settlement statement based on information he/she gathers regarding buyer's names, addresses, lender information, payoff, taxes and deed preparation. The closing agent will explain all the various documents to you, answer any questions you may have, and oversee the signing and notarizing of all documents.

After all the documents are signed and funds received, the documents are sent for recording, in the public records, at the county courthouse. It is best to have a cashier's check, check from a local bank, or wired funds in order to expedite the recording. Disbursement of funds and transfer of ownership occurs after recording.

After closing and recording of the new deed in your name, you have the pleasure of moving into your new home!

Visit ERA Landmark Real Estate for more information about Bozeman Real Estate, Livingston Montana Real Estate and Big Sky Real Estate.

All information contained herein is gathered from a variety of sources deemed reliable, however, it is not guaranteed or verified by the seller, ERA Landmark, or any of its associates. We urge independent verification of each and every item submitted to the satisfaction of a prospective purchaser.