Lender Financing

Barr and Cole offers closing services (escrow closing or roundtable closing) on transactions for which First American Title issues title insurance. The cost of this service is dependent upon several factors which may include: transaction value, extent of services required and local and customary practices.

The closing agent is an impartial third party who holds the funds and legal documents necessary to complete the transfer of ownership. When all the terms and conditions of the transaction have been performed, the closing agent is responsible for the delivery of the deed to the Purchaser and the sale proceeds to the Seller.

The authority given to a closing agent is strictly limited by the instructions provided by the parties involved (Buyer/Seller/Lender).

These instructions are usually contained within the purchase agreement.

Consequently the closing agent acts on the mutual instructions given and does not represent any single party to the transaction. Some of the responsibilities of the closing agent include:

Ordering payoff information on existing liens Calculate the proration for taxes, interest, rents and insurance premiums Arrange title protection for the Buyer and Lender Pay costs and liens as agreed upon by parties to the transaction Properly executed documents (i.e., Deeds, Mortgage, Affidavits, etc.), needed to complete the transaction Preparing settlement statement for the parties, showing all charges and the disposition of funds Arranging for recording of the conveyancing documents and any other legal instruments necessary to transfer ownership.