The Stewart Approach
Stewart Title appreciates the differences of each customer and the specifics of every transaction. That’s why we approach working with you differently.
The real estate industry is one of the primary engines of our economy. However, there is more to real estate transactions than dollar signs and numbers on a chart. There is the dream of a new home, the business goals of a real estate agent working to support her family and the new base of a small business owner working to make an idea into a reality.
Just like there’s more to your transaction than what shows up on paper, there’s more to Stewart Title than the label of title company. We’re ready to work with you in the true spirit of partnership. That means you have our promise to provide:
· Quick answers and individualized solutions to meet your needs
· Valuable guidance to make an otherwise complicated process as simple as possible
· Deep knowledge of this market and the regulations affecting real estate transactions here
· Unrivalled expertise in resolving title issues
In the short term, we are easy to work with so you can get your deal done. Long term, we’re there for you, showing you exactly how good things can be when you work with the right people.
Stewart Information Services Corporation (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction.
At Stewart, we believe in building strong relationships – and these partnerships are the cornerstone of every closing, every transaction and every deal.
More information can be found at stewart.com, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter® @stewarttitleco.
The Basic Steps of a Stewart Closing
Step 1: Starting the Process Job Roles
A sales contract is signed by the buyer and seller and delivered to the closing agent, usually with a deposit check. The escrow is accepted by the escrow agent, often by written notation on the contract. The escrow agent starts the closing process by opening a title order. The file begins to be processed. Tax information, loan payoffs, survey (if necessary), homeowner/maintenance fees, inspections/reports, and hazard and other insurances, as well as legal papers are ordered. A title search is ordered.
Step 2: Title Search and Examination
This is a search made of the public records. Records searched include deeds, mortgages, paving assessments, liens, wills, divorce settlements and other documents affecting title to the property. Title examination is the examination of the documents found during the title search that affect the title to the property. This is when verification of the legal owner is made and the debts owed against the property are determined. Upon completion of the search and examination, a title commitment/ preliminary report is prepared, reviewed and sent out to interested parties.
Step 3: Document Preparation and/or Request to Produce
The closing agent reviews the new lender’s instructions and requirements, reviews instructions from other parties to the transaction, reviews legal and loan documents, assembles charges, prepares closing statements, and schedules the closing.
Step 4: Settlement or Closing the Transaction
The escrow or settlement agent oversees closing of the transaction. The seller signs the deed and closing affidavit. The buyer signs the new note and mortgage. The old loan is paid off. The seller, real estate agents, attorneys and other parties present at the closing of the transaction are paid.
Step 5: Post-closing
After the signing has been completed, the escrow or settlement agent will forward payment to any prior lender, and pay all parties who performed services in connection with your closing (if they have not been paid). The transaction documents are recorded in the county in which the property is located. Title insurance policies are prepared and sent to the new lender and to you. This all happens without any further actions by the buyer or seller.