SEVEN STEPS OF THE CLOSING PROCESS

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1. Provide the contract and earnest money to ViewPoint Title Agency.

Contracts may be delivered to the office, mailed, emailed or faxed. Earnest money may be brought in either cashier check, money order or wired. The contact provides direction for Title Production and instruction for Closing Services. Within 72 hours of the contract and earnest money receipt...

2. ViewPoint Title issues a title commitment.

This document is ViewPoint's "commitment" to eventually issue a policy on the property. The title commitment is composed of Schedules A, B, C and D. Schedule A informs the reader of who the proposed buyer is as well as who is in title. It also lists the coverage amounts for the eventual Owners Title Policy (the sales price) and Mortgagees Title Policy (the loan amount).

Schedule B describes aspects of the property that will not change. Any easements, leases, mineral reservations, plat restrictions and maintenance charges are listed on Schedule B.

Schedule C items must be cleared before closing can take place.

Schedule D is a disclosure for the title company and its underwriter. The company's officer is provided, and the proposed premium is listed along with the split between the title company and the underwriter.

3. All pre-closing items are provided to ViewPoint Title.

Each transaction has specific requirements. Usually, an appraisal of the physical property is conducted to notify the buyers and sellers of the value and also of features of the home which need attention before closing. A pest inspection is another common service performed. Both of these items and the invoices that accompany them are provided to the Closing Team at ViewPoint. Additionally, surveys, the buyer's home owners insurance information, the seller's mortgage pay-off information and any additional invoices or information pertinent to the transaction are collected so that...

4. The settlement statement (also referred to as a HUD-1) is provided to all transaction participants.

ViewPoint Title Agency must receive the lender's closing instructions by 4:00 p.m. CST the day before closing. With these instructions, the contract, invoices and documents provided to ViewPoint, the settlement statement is completed. Before distribution to all parties, the lender must approve the settlement statement. It is then provided to the REALTORS, mortgage brokers, attorneys, builders and anyone else participating in the closing.

5. The Closing.

All participants to the transaction will meet their Escrow Officer at ViewPoint Title Agency on the day and time scheduled prior to closing. Closings are usually scheduled on the hour between the hours of 9:00 a.m. and 5:00 p.m. CST, but alternative plans may be made by simply notifying the ViewPoint staff. An hour is allotted for each closing. If buyers or sellers are unable to attend closing, we provide mobile closer's across the country, or a specific Power of Attorney authorized by ViewPoint Title and the buyer's lender may be used. Immediately following closing, the closing team will provide the lender with whatever is necessary to facilitate...

6. The Funding.

The funding process may take hours or days, depending on the lender. When funding is complete and moneys are received by ViewPoint, all invoices are paid, the sellers mortgage pay-off is made, documents are recorded electronically, and possession occurs. Funds may be mailed, delivered locally or wired to the customer's account, based on instructions provided to the closer at closing.

7. The Policy.

Within 90 days of funding, the title policies are issued and mailed with the recorded documents. The Owners Title Policy is mailed with the Warranty Deed to the buyers, and the Mortgagees Title Policy is mailed with the Deed of Trust to the lender.