REAL ESTATE CLOSINGS
You or your lending agent may make an appointment for your closing by calling our office at 515-232-2501.
For directions to our office, please Contact Us.
Please contact our office manager to schedule your closing in our office. If you have a preference as to which attorney closes the loan, please let her know in advance. If you have scheduled an appointment but are unsure if it is feasible for all parties involved and need to get back to us with confirmation, please do so within the next 24 hours otherwise we will consider the appointment canceled.
If you have any questions regarding the details of a closing that will be taking place in our office please contact our secretary. Settlement statements are prepared in the order that documentation is received however, closings hold priority in being prepared based on the time they are scheduled to close on a given day. Example: early morning closings will hold priority over mid-morning closings.
For our regular clients and lenders we use a website called PaperlessCloser (click here) where title orders can be placed, documents can be shared and updates on files can be given. Please contact us to set up a username and password to use this feature.
For answers to more Frequently Asked Questions click here.
COMPLETING A CLOSING
Things that our office needs in order to complete a closing package:
- A current appraisal for the property, the URAR section and any addendums
- Hazard insurance binder
- Payoffs, including a per diem and wiring instructions, or an address for it to be mailed to (no P.O. Box addresses accepted).
- Lender’s documents
- If it is a purchase transaction and a “For Sale by Owner” we will need your assistance in making sure that the Deed, Declaration of Value, and Ground Water Hazard Statement have been prepared, signed and are ready for the day of closing.
- Settlement/Closing Fee: $375.00 (add’l $100 for 2nd mortgage)
- (paid to Hastings, Gartin & Boettger)
- Title Opinion: $180 for residential; hourly for commercial
- (to Hastings, Gartin & Boettger)
- Deed Preparation: $35.00 + $40.00 for Dec/Hazard
- (to Hastings, Gartin & Boettger)
- Courier: $25.00/each Fed Ex package
- (to Hastings, Gartin & Boettger, Advanced Fee)
- Title Guaranty: $1.00/ $1000 of loan amount + $15 for each required endorsement (EPA is free)
- (to Iowa Title Guaranty)
- (ex: loan amount: $135,450 endorsements: EPA, Alta 100, Total fee: $136 + $15 = $151)
- Abstracting Charge: $300.00 average (depending on refinance or purchase)
- (depends on company)
- Recording fees: $11.00 for first page of mortgage + $5.00 each additional page (incl. riders) + $16.00 to record deed
- (to Story County Recorder)
All fees are current as of August 2014, but are subject to change.
Realtors will provide additional fees to our office which vary from closing to closing. These will be reflected on the HUD, but cannot be determined until the information is received from the Realtor.
Taxes due within 60 days of closing will also be paid at this time.
PROCEDURE FOR OBTAINING A TITLE GUARANTY
- Abstract is continued by abstractor. An abstract is actually a book that contains the title history of a parcel of property from the time it was platted.
- Attorney reviews updated abstract and issues Preliminary Title Opinion
- Closing takes place and the new mortgage is recorded. (at closing all prior mortgages are paid off along with any other liens that would prevent the new mortgage from being a first lien against the real estate)
- Abstract returns to abstractor where it will be held until releases (or subordination agreements, if applicable) for any and all liens have been filed with the county making the new mortgage a valid first lien. The abstractor will than do a final updating of the abstract.
- Abstract is returned to the attorney where it is reviewed to assure that the new mortgage holds a first and paramount lien against the real estate. If this is the case a Final Title Certificate is issued by the attorney.
- An application for Title Guaranty, the Preliminary Title Opinion, the Final Title Certificate, a previously collected premium check, pages from the appraisal and a notarized Composite Mortgage Affidavit are sent to Iowa Title Guaranty, who will ultimately issue the Title Guaranty Policy.
- The Title Guaranty policy is sent to our office, a copy is made, and the original document is forwarded on to the Lender.
Please note that the length of the entire process varies with each transaction and depends on a number of factors including, but not limited to:
• number of releases to be filed
• rate at which the previous lender files the release(s)
• time the abstractor needs to complete final abstracting
• time needed for the attorney to complete the final opinion
• time it takes Title Guaranty to process the application and issue
• the policy (4-6 weeks on average)
Typically this process takes between eight and twelve months from the date of closing to complete. However if problems arise, such as improperly released mortgages, unrecorded assignments, or any other situations that prevent the title work from being properly completed (i.e., showing new lender as first lien holder), additional time will be necessary to contact the appropriate parties and have corrective measures filed with the county recorder and shown in the abstract.