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Today is : Tuesday, 09 March 2010
The Closing PDF Print E-mail

 

What happens at closing?
 
Closing is the final step in transferring ownership of real property from seller to buyer. The closing date is typically set in the purchase agreement during negotiations, and is usually several weeks after the offer is formally accepted. Most often, on the specified date and time of closing, all parties (usually including the agents and lender involved) meet at our office or the real estate broker’s office. At that time, we notarize documents and disburse all funds listed on the settlement statement, providing an orderly transaction and property exchange. We then file the deed with the appropriate County Recorder or Registrar of Titles. Sometimes closing can be arranged by mail or courier when it is not possible for both parties to be present at the same time.
  • The buyer delivers certified funds (generally a cashier's check or wire transfer) for the balance of the purchase price, in addition to closing fees.
  • The seller signs the deed in favor of the buyer, and delivers keys, garage openers, etc.
  • The seller receives a check for the proceeds of the sale, less closing costs and mortgage payoffs.

The purchase agreement is signed… now what?

Seller: Your real estate agent will forward a copy of the purchase agreement to Canoe Country Title, together with your Abstract of Title or Torrens Certificate, and/or a copy of your current title insurance policy .
 
If you have a mortgage on the property, please contact your lender as soon as possible and have payoff instructions faxed to Canoe Country Title at 218-365-5866. Please request the payoff amount through the date of closing. We will be happy to contact the lender on your behalf; however, due to privacy laws, we typically need your written authorization before account information is released to us.
 
Our staff attorney will examine title and we will prepare documents for closing. A settlement statement is typically available for you and your agent’s review 1-3 days prior to closing.
 
What to bring to closing:
 
  • Photo identification
  • Social Security number(s)
  • 10-year address history
  • Sketch indicating location of septic system and/or wells on the property
  • Most recent tax statement
  • Keys and garage door openers
 
Canoe Country Title provides closing services and title insurance throughout Minnesota, however, our primary service area includes northern Minnesota and the communities of Virginia, Hibbing, Ely, Grand Rapids, Bemidji, Cloquet, International Falls, and Duluth.  If you have any questions prior to closing, feel free to stop in or call.
 
CANOE COUNTRY TITLE
8 N. Central Ave., Suite 1 • Ely, MN 55731
Phone 218.365.5551 • Fax 218.365.5866

Live Your Dream!
 

Speak With A Closing Agent Today

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Where would you like to close?

Our Customers always come first.  We schedule closings at a time and location that is convenient for you.  You can close at your new home or in one of our convenient offices. 

Two North Woods Offices to serve you.

1 E. Chapman Street
Ely, MN 55731
(218) 365-3221  
 
301 N. Broadway Street
Gilbert, MN 55741
(218) 741-2077
 

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