The attorney in these cases takes on the role of the escrow holder. However, it’s advisable for a seller to utilize an attorney throughout the closing process, whether required or not. An attorney can often handle questions and concerns that others cannot.
Using a title company.
In Iowa we are the last state in the country to use abstracts. Do you know where your abstract is? You will need it once you have received an offer. Your settlement attorney will send your abstract to a Title company to get updated so the buyer's attorney can prepare what's called a Title Opinion. This process insures the property is transferred free of any liens or encumbrances. In Iowa, title insurance is often used as an added layer of insurance of this. You need to have a clear understanding of what your state specifically requires of you, before hiring any providers to aid in the closing of your property. Your work isn’t finished yet. In fact, you’re just getting started. Keep these three things in the forefront of your mind, and your closing should go smoothly. 1. Your buyer must get their loan approval. 2. You must meet all the expectations of the buyer’s lender. This could include an appraisal, abstracting, title insurance, surveys, and title inspection and opinion. Remember, this changes from location to location and by lender. 3. The inspections come next. Hopefully, you’ve already done a pre-inspection and the ones required by the bank will run smoothly.
AFTER THE OFFER IS ACCEPTED
There are several hurdles to cross before the closing. You need to
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