Mock Closing

Mock Closing What to Expect Before the Big Show!

Pre-Closing

• What is Title Insurance?

• Title Terms

• Who’s Involved?

• Things to remember

Post Closing

• Funding

• Recording

Closing

• Closing statements

• Buyer Documents

• Seller Documents

We start by researching the full history of property.

We clear up any known issues and then assume certain kinds of additional risk on behalf of the owners.

Through the years, a property may change hands many times through sale, inheritance, marriage, divorce, foreclosure or bankruptcy.

Each transfer is an opportunity for an error in title to arise, which could affect whether the buyers have full ownership of the property. That’s why you need us!

Closing

The conclusion of the sales transaction when the seller transfers title to the buyer in exchange for consideration.

In Texas, these proceedings are usually held at a Title Company.

Title Terms

Closing Costs

Costs the buyer must pay at the timeoftheclosing inadditionto thedownpayment, whichmay include:

• Points

• Title charges

• Credit report fee

• Document preparation fee

• Mortgage insurance premium

• Inspections

• Appraisals

• Prepayments for property taxes

• Deed recording fees

• Homeowners' insurance.

Title Terms

Notary

A Notary Public's main duty is to verify the authenticity of a document by confirming the signer's identity, signature, and purpose of signing.

Title Terms

Power of Attorney

A written authorization by a person to another person to act for them on their behalf. Also known as POA.

Who’s Involved?

Listing Agent

Buyers’ Agent

Escrow Officer

Escrow Assistant

Business Development Rep Lender

Role of the Listing Agent

Role of the Buyer’s Agent

Role of the Escrow Officer

Role of the

Escrow Assistant

Role of Your Independence Title

Business Development Representative

Role of the Lender

Before Closing, Let Title Know…

Were any changes made during option? Is this transaction linked to another closing? Is a Power of Attorney going to be needed?

Will all parties be present at closing?

Greeting and Welcome

• Closer will welcome everyone.

• Think about where you sit.

• Don’t sit right next to the closer.

• Reserve those spots for your clients.

• Ask closer if they have a preference.

Seating Chart Example

Closer will ask for ID

Closing Statements

Closing Statements- Loan

ALTA Statement in Detail

Presented by the Education Team at Independence Title. TREC Approved Continuing Education Provider License# 403.

HUD Statement in Detail

the

Presented by the Education Team at Independence Title. TREC Approved Continuing Education Provider License# 403.

the

Closing Statement Review Checklist

q Sales Price

q Leases (security deposit)

q EM refund

q Option Fee

q Survey $$

q Home Warranty

q Commissions

q HOA Fees

q Seller Concessions

q Repairs

Other Documents

Deed of Trust

• 15-20 pages

• Buyer initials each page

• Signs and notarizes last page

• Mortgage document

• Recorded after closing

• Creates a lien on the property

• Lender can use to foreclose

Note

• 3-5 pages

• Buyer initials each page

• Signs and notarizes last page

• Promise to pay

• Contains loan terms

• Not recorded

• Goes back to lender

Other Loan Documents

MORTGAGE INSURANCE DISCLOSURE

COMPLIANCE AGREEMENT/ERROR S AND OMISSIONS

INITIAL ESCROW ACCOUNT DISCLOSURE STATEMENT

NOTICE REGARDING FURNISHING NEGATIVE INFORMATION

CORRECTION AGREEMENT

PATRIOT ACT DISCLOSURE AKA STATEMENT PAYMENT AND AMORTIZATION SCHEDULE

APPRAISAL/VALUATI ONS ACKNOWLEDGMENT

FINANCIAL CONDITIONS CERTIFICATION FIRST PAYMENT NOTIFICATION FLOOD HAZARD DETERMINATION

BORROWER CONSENT TO USE TAX RETURN INFORMATION IRS FORM 4506-C AND W9 LENDER HOLD HARMLESS MINERAL RIGHTS ACKNOWLEDGMENT AND AGREEMENT

OCCUPANCY AFFIDAVIT AND FINANCIAL STATUS SIGNATURE AFFIDAVIT TAXPAYER CONSENT FORM TEMPORARY PAYMENT COUPONS

AFFILIATED BUSINESS AGREEMENT DISCLOSURE

Title Company Documents

CLOSING VERIFICATION AND AGREEMENT NOTARY CERTIFICATION

TEXAS DISCLOSURE

Warranty Deed

• 3-5 pages

• Seller signs and notarizes

• Conveys title to buyer

• Vendor’s lien = mortgage

• Recorded after closing

Title Company Documents

1099-S CERTIFICATION FOR NO INFORMATION REPORTING AFFIDAVIT OF DEBTS AND LIENS

AFFILIATED BUSINESS AGREEMENT DISCLOSURE CLOSING VERIFICATION AND AGREEMENT

AFFIDAVIT OF IDENTITY T-47 AFFIDAVIT

NOTARY CERTIFICATION SELLER PROCEEDS INSTRUCTIONS TEXAS DISCLOSURE

Independence Title will send signed docs to the lender. Once received, the lender will give funding approval.

Contact your Independence Title Business Development Rep TODAY and ask to be paired with one of our Escrow Teams!

© 2025 Independence Title – Education Team. All rights reserved. No part of this ebook may be reproduced or distributed without written permission, except for brief quotations permitted by law. This material is for educational purposes only, and Independence Title is not liable for any errors or outcomes resulting from its use.