Closing Day

What should you expect on your closing day with Lakeside Title Company?

On the day of the closing, all involved parties and representatives meet at a scheduled location, usually a Lakeside Title office, but other options are available when the need arises. The meeting or “Settlement” will be conducted by a Lakeside Title expert known as a Settlement Officer. Documents are exchanged to ensure that all the required steps have been completed and the buyer can receive clear title to the property purchased. Additionally, this is when the seller receives payment for the sale.

After all the signing is complete, the deed and any mortgage, or deed of trust are recorded in the correct order so there is no disturbance to the chain of title. The “chain” runs from the current owner to the original property owner in order to accurately document all ownership of the property’s history. Your closing should be a celebration, and we’re here to make sure that’s what happens. If you would like to take a picture celebrating your special day, we would love to do that too!

When will I know how much money I need for settlement?

As soon as figures are available from the lender, we can prepare a final closing statement (“HUD”-1). Typically, this will be a day or two prior to closing. If the final settlement figures are not available in time for you to wire funds to us, go with the good faith estimate provided by your lender. Lakeside Title accepts personal checks for the difference of up to $2,000. If the good faith estimate is too high, we will gladly cut a check for the difference.

What type of payment is required for closing?

Wire transfer of funds is required for any monies due over $5,000.00. We cannot accept ACH credits.  An actual wire transfer must be sent.  We accept certified, treasurer’s or bank checks up to $5,000, but they MUST be payable to LAKESIDE TITLE COMPANY. Personal checks are accepted for funds due under $2,000.