A hybrid closing means that part of your documents will be signed in person (“wet signed”) and part of them will be signed electronically. When this is done, your lender will send you a link in order to access the electronic documents. For the in person
portion of the signing your Closing Coordinator at Res/Title will reach out to you to schedule a place and time for you to meet one of our notary closers to have the documents signed. These documents must be signed in the presence of one of our
notaries.
In real estate closings a “CTC” stands for “Clear to Close”. This is a notification from your lender that all underwriting for your loan has been completed on their end and we are able to proceed with scheduling your document signing.
Our proceeds authorization form is used to securely send you any closing funds due to you at disbursement. There are a few important items to remember when completing this form. First, the top section of the form indicates you wish to receive a wire.
In order for the wire to be accurately processed the account holder name must match the name on the closing documents. Also, keep in mind that this account must be able to accept wires. If you do not wish to receive a wire, select the box for a check
instead. All wire information is verified before release. If we cannot get in touch with you, the disbursement will be defaulted to a check. For more on how to fill out this form check out this quick video guide here.
All of your pertinent final closing documents will be uploaded for you to the Res Closing Portal. Here they will remain for immediate download or future access. You will receive an email inviting you to set up your portal login during your closing process with us. You can also access it anytime directly on our website (res-title.com) by clicking on ‘Tools’ and ‘Access your Closing’. For more information on the portal check out our quick video here.
As part of the closing process there will be certain pieces of information we will need to obtain from you. This could include information about any current mortgages on the property, homeowner’s associations, taxes and more. In order for you to provide
this to us securely, we have designed our ‘Secure Send’ form so you can easily get us the information that is needed. Your Closing Coordinator will provide you with this link as needed. You can also access it directly on our website, res-title.com, by clicking on ‘Tools’ and ‘Secure Send’.
Once we have received notice from your lender that your closing is approved to be scheduled (known as the ‘Clear to Close’ or CTC’) our team will begin final preparations for your signing day. One of our Closing Coordinators will reach out to you and let
you know the first available date for signing. They will confirm with you the place and time that works best for you so we can schedule with one of our notary closers. Once it is scheduled you will receive a follow up to confirm along with information regarding the notary closer you will be signing with.
Once your signing is complete you transaction is moved to our Post Closing and Funding Teams. They will be responsible for handling the final disbursement of any funds we collected on your behalf for the closing. The actual date these funds will be released varies based on the transaction type and is known as the ‘disbursement date’. On that date we will need to confirm that the signed documents have been received, all funding has been received and your lender has approved disbursement. When those are set the monies are released. Credit cards are mailed directly to the institution with a copy of your statement (they cannot be sent to you). A copy of your statement, including the full account number will be requested as part of your closing preparation. Payoffs are either wired or by check via UPS dependent on the instructions from that payoff lender.
The parties at signing will very based on the property state and transaction type. Typically any party that is on title will need to be at signing since the documents are to secure a lien against that property. Additionally in some states extra witnesses are also
required or potentially a non-titled spouse. All these requirements will be reviewed with you by your Closing Coordinator at time of scheduling.
In a refinance transaction a rescission period is the time that takes place after the signing of the documents and before the funding and disbursement of the loan. During this time the borrower has the option to ‘rescind’ the transaction without any
consequence. Once the rescission period has ended, a full three days after closing, the transaction is then available for funding and can no longer be reversed by the borrower.
Your signing day is an important part of the closing process because it is what finalizes the transaction with your lender. On this day it is important to make sure any funds needed for closing are available and have been sent to the Res/Title offices. If you are getting money back from closing make sure you have bank information available that matches the name or entity that is signing the loan. It is also important to have reviewed the documents sent over in advance for any questions you may have. Because security is important the notary closer who conducts your closing will require a valid photo ID in order to have you sign the documents. Lack of a photo ID or an expired ID will immediately cancel the signing.
Once your signing is complete you transaction is moved to our Post Closing and Funding Teams. They will be responsible for handling the final disbursement of any funds we collected on your behalf for the closing. The actual date these funds will be released varies based on the transaction type and is known as the ‘disbursement date’. On that date we will need to confirm that the signed documents have been received, all funding has been received and your lender has approved disbursement. When those are set the monies are released. Your money will be released to you based on the information you provided on the Proceeds Authorization form at closing. Wired funds are available when the total is in excess of $5,000. If you are unable to verify any wire information provided, the default will be in the form of a check. No changes can be made to the Proceeds Authorization form after completion of the signing.
All of your pertinent final closing documents will be uploaded for you to the Res Closing Portal. Here they will remain for immediate download or future access. You will receive an email inviting you to set up your portal login during your closing process with us. You can also access it anytime directly on our website (res-title.com) by clicking on ‘Tools’ and ‘Access your Closing’. For more information on the portal check out our quick video here.