RESOURCES

Taxes become due and payable as soon as the tax roll opens. All due or delinquent taxes must be collected at the closing. Tax prorations is directed per the purchase agreement, generally in one of the following manners, no proration, calendar year proration, and fiscal year proration. However, parties ultimately direct the title company as to how they want these handled.

A title commitment is a pledge, promise, or firm agreement; also, a title insurer's contractual obligation to insure title to real property.

The title commitment is used to set out what is required to be done by the proposed insured or someone acting on his or her behalf for a title insurance policy to be issued by the underwriter. Like a Purchase Agreement providing a roadmap regarding who does what between a buyer and seller, the Commitment provides a roadmap between the proposed insured and the title insurer about what needs to happen for a transaction to close. The Commitment also discloses pertinent information to the proposed insured about information found in the title search.

You should get title insurance because it protects your largest investment, it reduces your risk from unforeseen legal and financial title discrepancies, and you can't beat the value of it being a one-time fee that's very low relative to the benefit it provides.

We offer several flexible options if an in-person closing isn't convenient for you. Many of our customers prefer to meet with a notary in the comfort of their home or even at their workplace. We'll handle the coordination by securely sending your documents to the notary, who will meet with you at a time that works best for you.

Another option is Remote Online Notarization (learn more here). For cash buyers, we can send your documents through our secure ClosingLock portal for e-signing.

Whatever method you choose, Searchlight is here to make your closing process as easy and convenient as possible.

Your Settlement Statement is a key document that outlines all the financial details of your real estate transaction. It provides a clear breakdown of costs, including loan fees, taxes, and other charges associated with your closing. You'll typically have the opportunity to review this document a few days before closing, giving you time to ask questions and ensure everything is accurate. At Searchlight, we're here to guide you through every line item and make the process as smooth and straightforward as possible.

Sellers typically receive their proceeds shortly after closing, once all documents are signed and funds are disbursed. Depending on the type of closing and when these items are received, this process could take s 1–2 business days, depending on your financial institution and the method of payment.

Closing costs typically include lender fees, title insurance, taxes, and other charges outlined in your settlement statement. These costs generally range from 2% to 5% of the purchase price. To help you estimate your closing costs with ease, we offer a user-friendly app that provides detailed calculations tailored to your transaction.

Here's a great handout for a comparison between the two owner's policy coverages.