Processing Guide

1. OPEN ESCROW

An escrow account is opened once we received the order. Option-1 Title will send an Order Confirmation to all parties involved providing them with our information and the assigned escrow account number.

2. TITLE COMMITMENT

A title search is conducted and a title commitment is provided to the lender. Any title issues will be cleared prior to closing the sale or putting a new loan in place. Option-1 Title will again send a confirmation to all parties indicating a title binder has been completed and its condition.

3.SETTLEMENT PREPARATION

In preparation for the settlement, all necessary fee verification to include mortgage payoff, home owners association, real estate tax will be completed. An estimated HUD Statement will be provided to the realtor and lender.

4. SCHEDULING

Our Scheduling Department will contact all parties to coordinate the scheduling of your settlement. Once confirmed, Option-1 Title will send a scheduling confirmation to all parties providing the date, time location of settlement.

5. CLOSING

Our experienced attorney or licensed settlement agent will go over the final HUD-1, state forms, lenders loan package and other legal documents completing the settlement process.

6. FUNDING & DISBURSEMENT

Once wire transfer from the lender is received, and when verification by “recording numbers” that the transaction is “of record”. Option-1 Title will complete the disbursement of funds. Funding confirmation will be sent to all parties.