From contract to closing day
- The signed contract and earnest money arrive, and title is ordered
- The title search runs and a commitment is issued to buyer, seller and lender
- Payoffs, HOA statements and tax figures are requested
- The lender sends closing instructions and the closing disclosure goes to the buyer at least three business days before closing
- A settlement statement is prepared for buyer and seller to review
- Everyone signs, funds are wired, and the deed and mortgage are recorded
What escrow means at closing
Escrow is money or documents held by a neutral party until the conditions of the deal are met. Your earnest money is held in an escrow account until closing, then applied to your purchase. Separately, many mortgages have their own escrow account that collects for property taxes and insurance each month after you move in.
What to bring to a Kansas closing
- A current government-issued photo ID for each signer
- Your funds to close, sent by wire after you confirm the instructions by phone, or by cashier's check if accepted
- Any documents your lender or the title company asked for, such as a trust certificate or power of attorney
Funding, recording and getting your keys
Once everything is signed and the lender releases funds, the transaction is funded. The deed and mortgage are sent to the county Register of Deeds for recording, and proceeds are disbursed to the seller, the agents and anyone being paid off. When you get the keys depends on your contract's possession terms.
Protecting your wire
Real estate wire fraud usually starts with a fake email that looks like it's from your title company or agent, with new wiring instructions. Never wire money based on an email alone. Call the title office at a number you already know, not one in the email, and confirm the instructions before you send anything.
Common questions
Is closing done at the title company?
Often, yes. Kansas closings are commonly signed at the title office, though mobile and mail-away signings are possible.
Do realtors usually attend closings?
Many do, but they don't have to. The title company runs the signing.
How long can a title company hold funds after closing?
Not long. Funds are generally disbursed at closing or once the transaction is funded and ready to record. Earnest money is held from contract until closing, or until the parties agree to release it if the deal falls through.
Can a seller get a closing disclosure?
Yes. The seller receives a closing disclosure or settlement statement showing their side of the transaction.
Can you back out of a real estate transaction?
It depends on your contract's contingencies. Backing out without a contractual reason can cost you your earnest money. Talk to your agent or an attorney before deciding.