Timeline of a Real Estate Transaction

OPEN ESCROW & CONDUCT INSPECTIONS
After Next Wave Title receives a Contract, they will contact the Buyer to submit their Earnest Money Deposit (EMD). The EMD will be held in escrow until closing. Next Wave Title offers several options for the delivery of the EMD, which includes one for an electronic wire.

Please note: Buyers and sellers should always call to verify any wire instructions with the title agency and/or
closing agent.

During this time, the inspections are being ordered and completed.

START TITLE SEARCH & EXAMINATION
Next Wave Title will search public records, which include deeds, mortgages, liens, wills, divorce settlements, and more.
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After the search is completed, an examination is performed to determine legal ownership, debts owed, and whether there are any liens or encumbrances. Once both steps are completed, a title commitment is issued to all parties for review.

PROCESS THE FILE, CONDUCT APPRAISAL & CONFIRM LOAN APPROVAL
Next Wave Title will also gather critical information needed to prepare closing documents.

During this time, the Lender will order the appraisal and issue the loan approval.
PREPARE THE DOCUMENTS & SCHEDULE CLOSING
Once the Next Wave Title has all the necessary information and approvals, the Settlement Statement is prepared and sent to the Lender for review and approval, if applicable. Next Wave Title will then send it to the client for review.

During this time, Next Wave Title will contact the buyers and sellers to discuss the closing options and confirm the time/date/location for closing.

CLOSING ON THE HOME
Before signing, Next Wave Title will review the documents with each party and provide the buyer with wire instructions to wire closing funds on or before closing. Next Wave Title does not accept cash, checks (more than $1000) or ACH transactions.

​ALWAYS CONFIRM THE WIRE INSTRUCTIONS WITH NEXT WAVE TITLE – FRAUD ALERT!
Once the necessary documents are notarized and all funds are received, disbursement will take place and copies will be available for the buyers and sellers.

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