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| We are licensed and insured Real Estate Closing Agents |
| Jefferson County Land Title is an independent
local title company. We require that all of our full-time
emplyees be licensed. This licensing gives our clients greater confidence in their real estate purchases, with JCLT as their representative. |
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| What is a Closing? |
| A closing is the final settlement of a real estate transfer when money or other consideration is exchanged for title to the property. |
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| What is an Insured Closing? |
An insured closing provides additional safe-guards to the buyer, seller, lender and Realtor by doing the following :
- The public records are searched immediately prior to closing to make sure that no new liens have been recorded against the property since the effective date of title insurance commitment.
- The closing agent is responsible for seeing that IRS reporting requirements and other governmental requirements are handled properly.
- The lender is assured that their mortgage has first place before any other lien except real estate taxes.
- The closing agent accepts only good funds and records deed, mortgages, or other recordable documents immediatly after closing.
- In an insured closing, the responsibility for seeing that the terms of the purchase agreement, the lenders instructions and any legal requirements are complied with, is placed in the hands of the title company.
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| Who Does an Insured Closing? |
| Title insurance companies and their agents do closings, usually for properties within their counties and for properties for which they have issued commitments for title insurance. |
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| Where Do These Closings Take Place? |
| Closings are held within the offices of the title company. This allows for efficient closings with the possibility for on the spot corrections and changes. |
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| Who Requires Insured Closings? |
| Lenders who wish to sell their loans on the secondary market will generally require an insured closing. This makes their loan more marketable. More and more Realtors are asking title companies to perform their closings as a further protection for their clients, customers and themselves. |
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| What Does the Closing Agent Do? |
The closing agent does all the paperwork, including but not limited to the following :
- Prepares the closing documents
- Obtains the mortgage payoff
- Prepares the settlement statement
- Verifies funds are good
- Issues checks
- Disburses the funds from their escrow account
- Records the deed and mortgage
- Files the 1099-S with the IRS
- Delivers the closing package to the lender
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