Hurley Stanners & Matsko, LLC has extensive experience in residential real estate matters including the buying, selling or refinancing of a home. Representation includes preparation of the paperwork for the transaction and handling the real estate closing in a prompt and efficient manner. We can also provide title insurance, settlement, closing, and escrow services, title searches, property reports, and the preparation of required documents including deeds, notes, mortgages, affidavits and contracts.
We will do a “title search” which means searching the real estate records in the county where that particular piece of property is located. The search will (1) determine the legal owner of the property; (2) reveal any liens, judgments, mortgages, or unpaid taxes that will have to be satisfied before the property is conveyed; and (3) determine if there are any existing leases, restrictions, or easements that affect the property.
After the title search is completed, we will prepare a “title insurance commitment”, for the lender and/or the buyer. The title insurance commitment will set forth all things that need to be completed or problems that need to be corrected before the purchaser can receive “clear title”. We will complete all the necessary documents and will undertake the steps necessary to correct any problems. Once these things are done, there parties are ready to exchange paperwork and close the transaction.
On the date of closing, we meet with the buyer, seller, and Realtor to “close” the transaction. We will coordinate the closing with the lender. The purpose of the closing is to explain and sign all the necessary documents including the conveyance documents and loan documents, and to explain and review the closing costs of each party. This is done by preparing a settlement statement. The settlement statement will include the mortgage lender’s charges, documentation fees, the payoffs to release any existing mortgages, proration of city and county taxes, real estate commission fees, survey fees, title service fees, recording fees, and any other costs associated with the transaction.
At closing, we will collect the purchase money funds from the buyer and lender as well as the settlement costs from each party. With these funds, we then pay all of the expenses of the transaction, pays off any existing mortgages, and pays the seller the net proceeds of the sale. All of this is done in accordance with the HUD 1 settlement statement.
After the closing, we will record the legal documents (deed, mortgage, assignments, etc.) at the county courthouse and return the original documents to the correct party. New owners receive their deed which should be stored in a safe deposit box or other secure location. The lender receives the original mortgage documents which they hold until the loan is paid in full. Once the loan is paid, the lender will release their lien against the property at the courthouse, and will forward the original mortgage documents to the home owner.