“Post Closing” is when the closing attorney dots the i’s and crosses the t’s. This is where all of the documents signed at the closing table are properly filed and/or mailed to the appropriate parties and all necessary payments as itemized on the settlement statement (HUD) are sent out as scheduled.

 

The Closing Package

All of the original lender documents signed at the closing are required to be mailed back within 24-48 hours, so as soon as the closing is finished, the title company gets this package together and sends it back via FedEx to the lender.

 

Recording Documents

There are certain documents that must be recorded at the Registry of Deeds in the county that the subject property belongs in. These include deeds, mortgages and Power of Attorneys, just to name a few, and the title company is responsible for this.

 

Payoffs And Other Payments

There are also various parties that require payment – or a payoff – after the closing. The title company makes sure these payments get made. This could include payoffs for mortgages or home equity loans, water/sewer bills, property taxes and HOA/condo fees, among other possible payments.

At this point, the transaction is now complete. The title company has met their obligation to ensure all documents were handled and dealt with as required and all payments were made to the respective creditors/municipalities.  Usually within one month from the transaction closing date, the buyer will receive their final correspondence from the title company in the form of a letter which includes their qwner’s title insurance policy and their recorded deed.

In the event that the buyer or seller – or anyone involved in this transaction – has any questions, a good title company will have kept copies of all documents pertaining to the transaction and will be able to provide copies of anything upon request.

If you have any questions regarding post closing please click on the "post closing" button below.