What is the procedure with the documents and funds after closing?
For a Sale/Purchase, the documents are signed at closing. Once all funds which are due at closing are received from the lender and buyer, the legal documents can be recorded in the land records of the appropriate jurisdiction. After the documents are recorded, any proceeds are disbursed to the seller and the payoff checks for any existing mortgage on the property are sent, usually within 48 hours of closing. For a Refinance, there is typically a three-day rescission period. This means that although all documents are signed at closing, three business days must elapse before the legal documents can be recorded. It is only after recordation in the land records of the appropriate jurisdiction that KEY TITLE can pay off existing liens and/or disburse any cash-out proceeds to the borrower.
