Closing Services FAQ

What can I expect as a Seller/Buyer in a closing?

When Alabama Land Services, Inc. closes the sale of your property, you can expect courteous, friendly and professional service. We will try to set a time for your closing that is acceptable to both the seller and the buyer. If there is a realtor handling the sale of the home, he or she will provide us with the final real estate sales contract, which is the written agreement by and between the sellers and buyers. The contract contains all the terms and conditions of the sale, such as the price for which you agreed to sell/buy the property, earnest money the buyer has paid to prove he/she/they intend to purchase the property, whether the buyers will be obtaining a loan to purchase the property, etc. We will work closely with the realtor(s) to insure that the closing adheres to all of the terms and conditions of the real estate contract. We may need additional information, such as the full names of all the sellers/buyers and mortgage account number(s) (if applicable) so that we may obtain payoffs for any outstanding liens.

When all the information has been provided by all parties (lender, realtor, home inspector, pest inspection technician, appraiser, surveyor, etc.) we will be able to put all information together for the closing and prepare the settlement statement. When you come in to a closing, you will be asked for a copy of your identification (driver’s license or some other form of official photo identification). This is for the Notary Public acknowledgements and is a requirement for anyone signing a legal instrument. When the closing begins, the forms will be explained to you prior to your signing. If, at any time during a closing, you need something explained in greater detail, your closing specialist will be happy to accommodate you. After all paperwork has been signed, the closing specialist will take possession of the funds, send the documents to the courthouse for recordation, and issue checks to the pertinent parties in their respective amounts according to the settlement statement.

What can I expect when I refinance my home and property?

When Alabama Land Services, Inc. closes the refinance of your home and/or property, we will work closely with you and your lender. Your lender will provide us with the amount of your loan, what (if any) additional debts will be paid off or reduced with this transaction and with whom you have your existing mortgage. We may need for you to sign a consent form which will allow us to acquire a payoff on your existing mortgage. We may need to know with whom you have your home/property insured and if you have an existing termite bond on your home/property. A closing date will be arranged at a time that is convenient for you. When all information has been received, we will prepare the final closing package. When you come in to the closing, you will be asked for a copy of your driver’s license. This is for the Notary Public acknowledgements and is a requirement for anyone signing a legal instrument.

When the closing begins, the forms will be explained to you prior to signing. If, at any time during the closing, you need something explained in greater detail, your closing specialist will be happy to accommodate you. After all the paperwork has been signed, the closing is then put “on hold” for three (3) business days (excluding Sundays and federal holidays) for what is called the “Rescission Period”. This is to allow you time to cancel the transaction if you wish. After three business days have lapsed, your lender will fund your loan and we will issue checks to payoff any services/fees/debts associated with the closing. Your new mortgage will then be recorded, the loan package returned to your new lender, and your payoff will be sent overnight to your prior mortgage lender.

What happens to the documents I sign at closing?

First, the lender’s documents are all put in order and returned to the lender for review. The payoff of the existing mortgage(s) are sent out as soon as possible. Next, the deed and mortgage are taken to the courthouse to be recorded, usually within twenty-four (24) hours of closing the transaction. When a document is recorded the Probate Office will make a copy of the original document and enter it into the permanent record. Each page of every document is recorded into a book with a page number. This book and page number are stamped on the original document before copying and are used to file and track that document.

After the documents are recorded they are usually sent back to the title company. The title company then updates the title work again to ensure nothing else was recorded during the closing period, to check the recording numbers on the document, and to check that the previous satisfaction of mortgage has occurred. On some occasions the real estate taxes must also be paid. In these instances, a representative from our company will deliver the payment to the Tax Collection Office.

For more information visit www.homeclosing101.org.