In order to complete loans, the lenders often use a title company or firm as an agent. So, agency closing means or rather it happens when a title company acts as the lender agent during the completion of the real estate contract. This matter happens in most real estate transactions around the united states. Sometimes, it is seen that most lenders do not have representatives available in the locations while handling the mortgage closings. But they contact a third party to hold their end of the paperwork and subsequent closing requirements. And the role of the third party is often played by the title company. At this point, the agent accepts the buyer funds, mortgages and the seller deed. Once the third party is done with the real estate transaction, they send all the paperwork to the lender for the final processing stage. That time the buyer usually covers the agency closing fees.
In the real estate firm, the meaning of closing agent is attorney and closing company or agency means a company that is closing the cash sale while qualifying the purchase transaction and which prepares the cash sale settlement. However, in real estate terms, closing agency and agent hold similar meanings. A closing agent in an agency generally looks after the final part of the mortgage. He obtains a little report, arranging for the title insurance policy issuance. He also looks after the prorate costs such as property taxes, insurance, loan interest and rents if applicable. And this agent is working on all those matters on behalf of his closing agency.
The final stage of mortgage loan processing in real estate is closing, where the property title passes from one seller to the buyer. During this closing process, the participants review, authorize and date numerous legal documents in the presence of the closing agent to signify the closing of the escrow account and complete the property purchase process.
Although the mortgage closing process varies from state to state, but the closing agency or closing agent does the whole process. The process is called closing as the escrow account which used to complete the property purchase; at the end, the process gets closed, and during that closing which is also known as the settlement or account settlement, the participants take a look and review the complete documentation.
