500 Park Road, Sevierville, TN 37862   Phone: 865-453-9550   Fax: 865-453-9131 

Closings

Sold! What happens after a contract is accepted? You've found a house, or a buyer has found yours, and everyone has agreed on a price. So, what happens between now and the time it becomes legally owned by you or another party? We understand the home buying process can be a little confusing, so we've put together these steps to help you better understand what happens after the sold sign is posted.

Step 1 - Earnest Money
Deposit is made by purchaser as a sign of good intent to purchase the property.

Step 2 - Tax Check
This determines what taxes are owed on the property.

Step 3 - Title Search
Various public records are collected, various assessments are addressed.

Step 4 - Examination
This varifies the legal owner and all debts owed by the owner.

Step 5 - Document Prep
Forms are prepared for the transfer of title and settlement.

Step 6 - Settlement
The Escrow Officer oversees the closing, various companies performing services are paid.


Closing Types

Quit Claim Deeds

A real property deed which transfers (conveys) only that interest in the property in which the grantor has title. Commonly used in transfers of title or interests in title, quitclaims are often made to family members, divorcing spouses, or in other transactions between people well-known to each other. Quitclaim deeds are also used to clear up questions of full title when a person has a possible but unknown interest in the property. Grant deeds and warranty deeds guarantee (warrant) that the grantor has full title to the property or the interest the deed states is being conveyed, but quitclaim deeds do not warrant good title.