Affiliated business
Know what happens between contract and closing.
A plain-language guide to title, escrow and closing day.
- Contract receivedThe signed contract and earnest money go to the title company, which opens the file.
- Title reviewThe title company researches the property's ownership history and reports what it finds.
- Closing preparationPayoffs, lender documents and the settlement statement are prepared and reviewed.
- Signing and fundingBoth sides sign, the lender and buyer fund, and the sale is recorded.
This is a general outline. The steps and timing depend on your contract, your lender and what the title review finds.
Common questions
What does a title company do?
It researches the property's title, holds earnest money and closing funds in escrow, prepares and conducts the closing, records the documents, and issues title insurance.
What is title insurance?
It is a policy that protects against covered losses from problems with the title that existed before you bought, such as an undisclosed lien or an error in the public record. It is paid once, at closing.
What is the difference between an owner's policy and a lender's policy?
An owner's policy protects the buyer's ownership interest. A lender's policy protects the lender's interest in the loan. If you finance, your lender will usually require a lender's policy.
What happens if the title review finds a lien or another issue?
The title company tells the parties what must be resolved before closing. Many items, such as an existing mortgage, are paid off at closing. Others may take more time, and your contract sets out your options.
What should I expect before closing?
You receive your settlement figures to review, your lender finalizes the loan if there is one, and buyers usually do a final walk-through. Ask questions before closing day, not at the table.
What identification or documents might I need?
A current government-issued photo ID is standard. Your escrow officer will tell you if anything else is needed for your transaction.
When are closing funds due?
Funds are due at closing in the form the title company specifies, usually a wire transfer or cashier's check. Your escrow officer will give you the exact amount and timing.
How should I verify wiring instructions?
Before you send any money, call the title company at a phone number you have independently verified, not a number from an email. Be suspicious of any message that changes wiring instructions. Wiring details are never published on this website.
When will I receive keys or possession?
Possession follows your contract and requires the sale to be funded. Signing does not by itself mean you get the keys. Some contracts also include a leaseback for the seller.
Who should I contact with a question about my closing?
Your escrow officer at the title company handles closing questions. I am also available on anything about your contract.
Affiliated business arrangement disclosure. This is to give you notice that some agents and owners at Keller Williams Realty Northeast, including Michael O'Neal, have a business relationship with certain providers of services related to your purchase, sale or refinance of real estate, including Home Front Mortgage and Keystone Title & Escrow. Because of this relationship, a referral may provide some owners and agents at Keller Williams Realty Northeast a financial or other benefit. You are NOT required to use either company as a condition for your purchase, your financing or refinance, or any other transaction related to a property. There are frequently other providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services. You will be given the written Affiliated Business Arrangement Disclosure, including estimated charges, to review and sign.
Questions about your closing?
Keystone Title & Escrow
20665 W. Lake Houston Pkwy
Kingwood, TX 77346
Send your question and it will be routed to the closing team. Never send wiring or account details through this site.
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