Helpful Guidance for the Questions That Come Before Closing

Communication is the biggest thing.

Encourage your clients to:

• Respond promptly to Luminary Title Group, Qualia, and Closinglock requests
• Complete their final walkthrough before closing
• Arrange closing funds ahead of time
• Bring proper identification
• Tell us early if they need a remote closing
• Verify all wiring information before sending money
• Let us know immediately if something changes with the transaction

And if you have any questions, call us!

Tell us early.

If sale proceeds will be needed for the client's purchase, Luminary Title Group may be able to coordinate having those funds wired directly from the sale closing to the purchase closing.

The more notice everyone has, the easier it is to coordinate.

No problem. Luminary Title Group regularly coordinates with other closing offices.

When two title companies are involved, additional steps may be necessary before funds can be released. For example, the seller's title company may need to deliver the original deed to the disbursing title company before proceeds are wired.

Sometimes everything goes exactly according to schedule. Sometimes the lender needs additional time to review documents or clear a final funding condition.

The lender's post-signing review may take only a few minutes, but in some cases it can take several hours.

We will keep the parties updated when something is holding up funding.

Please make sure the transaction is officially closed first.

Signing does not necessarily mean funding has occurred. A lender may still need to review signed documents and authorize funding.

If you are unsure, call Luminary Title Group and we will confirm the status.

Often, yes.

If you know that your buyer, seller, or a necessary spouse will be out of town on closing day, please tell us as early as possible.

Remote closings require additional coordination, particularly when documents need to be notarized or lender documents are not available until shortly before closing.

Absolutely.

The buyer and seller do not have to sign at the same time.

We are happy to coordinate appointments based on the needs of the parties and the transaction.

The final walkthrough is generally completed shortly before closing with the buyer's Realtor.

The buyer should confirm that the property remains in the expected condition and that negotiated repairs have been completed to their satisfaction.

If there is a problem, please let us know before everyone sits down to sign whenever possible.

Please do.

We strongly encourage clients to treat all wiring information as sensitive. Unexpected emails involving money, wiring instructions, or changes to previously provided instructions should always be independently verified with Luminary Title Group.

Yes, and please let them know to expect it.

Your client may receive communication directly from Luminary Title Group as well as requests or secure messages through Qualia and Closinglock.

Giving your clients a heads-up that these are legitimate systems used in our closing process helps prevent important requests from being overlooked.

There is quite a bit happening behind the scenes.

Luminary Title Group reviews the contract, orders and reviews the title search, identifies potential title issues, orders mortgage or lien payoffs, coordinates with other title companies when necessary, communicates with lenders and Realtors, and prepares the title and closing documents.

As soon as possible after the contract is fully executed.

The earlier we receive it, the sooner we can begin the title work, review deadlines, obtain necessary information, and start coordinating the closing. If you want to send the contract in and want us to wait to work on it until the inspection is complete or additional due diligence items, let us know. We can calendar the process according to your requested timeline.

That usually is not something you need to bring to your closing.

Luminary Title Group will review the public title records and let you know if we need anything specific from you.

Tell us as soon as you know.

Luminary Title Group can work with you to coordinate signing when you are away. Because many documents require notarization and some documents may not be finalized until shortly before closing, advance notice makes the process much easier. In some transactions electronic signing may be an option. Contact Luminary Title Group if you have questions.

That depends on your contract.

In many transactions, possession is transferred once the transaction has officially closed. Occasionally, the contract provides for a different possession arrangement.

Your Realtor can help you confirm what your contract requires.

Luminary Title Group will confirm your disbursement information as part of the closing process.

Because wire fraud is a serious concern, we may use secure systems such as Closinglock to collect or verify sensitive information rather than asking you to send it through ordinary email.

Never send or change wiring information based only on an unexpected email. If anything looks different from what you were expecting, call us.

Seller proceeds are generally released after the transaction is fully funded and the requirements for closing have been satisfied.

That means the buyer signing documents is not necessarily the moment your money can be sent. If a lender is involved, funding approval may still be required. In a split closing, additional coordination between the two title companies may also be necessary.

No.

Buyers and sellers may sign at different appointment times or even office locations, and in a split closing they may even sign at different title companies.

Before closing, you will receive a settlement statement showing the money coming into and going out of the transaction.

Your net proceeds are what remains after items such as mortgage payoffs, taxes, commissions, title charges, and other applicable expenses have been deducted.

If you have a mortgage, home equity loan, or another lien secured by the property, it generally must be paid as part of the sale.

Luminary Title Group obtains payoff information before closing so the appropriate amount can be paid from your proceeds. Ordering mortgage and lien payoffs is one of the things our team handles before closing.

We may need information from you regarding:

• Your current mortgage statement or loan number, or home equity loan. There is also a chance that we need to verify your social security number as well.
• Any liens against the property
• Your marital status. Has your marital status changed since you purchased the home?
• How you hold title to the property
• Homeowners association information, if applicable
• Where you would like your proceeds sent
• Identification and other information needed to prepare your closing documents

You may receive requests from Luminary Title Group, Qualia, or Closinglock during this process. Please respond promptly so we have time to prepare for closing.

Your Realtor, lender, builder, or another party may recommend a title company, but the title company can also be selected as part of the negotiation of your contract.

If Luminary Title Group has been chosen to handle your closing, our team will guide you through the title and closing process from contract to keys.

Don't panic. Finding and resolving title issues is part of what we do.

Many title issues can be handled before closing. If something is discovered, Luminary Title Group will work with the appropriate parties to determine what is needed to resolve it.

This happens!

If you have a mortgage, the lender may need to review the signed loan documents before authorizing the title company to release funds. That process can take a few minutes or several hours depending on the lender and the transaction. There is always that chance that a document could need to be re-signed or updated.

Usually, you receive your keys after the transaction has officially closed, not necessarily the moment you finish signing.

The exact timing also depends on the terms of your contract. If you are unsure whether your transaction has been closed and funded, check with your Realtor or Luminary Title Group before taking possession of the property.

Often, yes.

If you are closing on the sale of another property before your purchase with Luminary Title Group, tell us ahead of time. In some situations, we can coordinate having the proceeds from your sale wired directly toward your purchase closing.

Based on Luminary Title Group's closing funds policy:

• Personal checks may be accepted for amounts under $1,000
• Cashier's or certified bank checks may be accepted for amounts under $10,000
• Wire transfers are required for closing funds over $10,000
• Wire transfers are required for all-cash purchase transactions

Do not wait until you arrive at closing to arrange a large wire. Some banks require you to visit a branch in person to initiate a wire. Also, note that Luminary Title Group cannot access your funds for the closing. This is a withdrawal or wire that the parties have to personally make due to banking privacy reasons.

Buyer: At minimum, bring your government-issued photo identification. Some lenders require two forms of identification, so it is a good idea to come prepared with two IDs if possible. You should also bring anything your lender, Realtor, or Luminary Title Group has specifically asked you to provide.

Seller: Bring a valid government-issued photo ID and anything Luminary Title Group has specifically requested from you before closing. If there is something unique we need for your transaction, our team will let you know.

Shortly before closing, you and your Realtor will usually walk through the property one last time. In most contracts, there is a provision which allows for this walk-through prior to closing.

This is your opportunity to make sure the home is in the expected condition and that any repairs negotiated as part of the contract have been completed to your satisfaction.

If you are financing your purchase, your lender should provide your Closing Disclosure before closing. The Closing Disclosure shows the final loan terms and costs associated with the transaction. Luminary Title Group will also reach out with final numbers prior to closing with instructions on wiring funds and walk the parties through the process.

Financed buyers should receive the Closing Disclosure at least three business days before closing. Cash buyers receive an ALTA Settlement Statement detailing the debits and credits associated with the transaction.

We will also work with you to make sure you know the amount needed for closing.

Once Luminary Title Group receives your contract, we begin working behind the scenes. The party that sends the contract to us will receive an automated response that we have received the contract.

We review the contract, order the title search, examine the title for potential problems, obtain necessary payoff information, communicate with your lender and Realtor, prepare title documents, and get everything ready for closing.

You may also begin receiving requests from Luminary Title Group, Qualia, and Closinglock. Please complete requested information as soon as possible so we can keep your closing on track.

Never assume wiring instructions are legitimate simply because they arrived by email.

Always verify wiring instructions directly with Luminary Title Group before sending money. If you receive revised or unexpected wiring instructions, do not send funds until you have spoken with our office using a trusted phone number. Phone calls to a known number are always key for verification.

Closinglock and Qualia are secure software platforms used by Luminary Title Group as part of the closing process.

During your transaction, you may receive emails, document requests, information requests, secure links, or other communications through these systems. Please do not ignore them. They may contain something we need from you in order to keep your closing moving.

If you ever receive a request that seems unusual or you are unsure whether it actually came from us, call Luminary Title Group using a phone number you already know and trust before providing information or sending money.

Usually, yes.

Please tell us as early as possible if you or another person who needs to sign, such as a spouse, will not be available locally on closing day. Many closing documents must be notarized, and some lender documents may not be available until shortly before closing.

Depending on your transaction, Luminary Title Group can help coordinate an appropriate remote signing option or mobile notary.

Most closings take about an hour or less. Some are faster and some take longer, especially if there is a final walkthrough issue, a lender funding condition, or another last-minute item that needs to be resolved. Cash deals are generally quicker as there are no lender documents to sign.

Signing the paperwork does not always mean the transaction is officially closed.

If a lender is involved, the lender may need to review the signed documents, verify that all conditions have been met, and give authorization to fund. That review might happen quickly or may take longer depending on the lender.

Generally, the transaction is complete after all required documents and funds have been received and the closing has been authorized to fund and disburse.

A split closing happens when the buyer and seller use different title companies.

The two title companies work together to complete the transaction. In some cases, the seller's title company must provide the original deed to the buyer's title company before the seller's proceeds can be sent.

Escrow simply means that money or documents are being held by a neutral third party until certain conditions are met. Luminary Title Group may hold funds in escrow and disburse them when the requirements of the transaction have been satisfied.

Closing costs are the expenses associated with buying, selling, and financing real estate. Depending on the transaction, they may include lender fees, title charges, recording fees, taxes, title insurance, commissions, and other transaction-related expenses.

Owner's title insurance is optional in many transactions, but it can protect you if a covered title problem comes up after you buy the property. It is generally a one-time premium paid at closing rather than an ongoing monthly expense.

A lender's title insurance policy protects the mortgage lender. Traditionally, if a lender is involved, they will require lender's title insurance.

An owner's title insurance policy protects you and your ownership interest in the property.

Title insurance protects against certain problems with ownership of a property that may not have been discovered before closing.

A title search is a review of public records related to the property. We look for things like mortgages, liens, judgments, unpaid taxes, ownership issues, or other matters that may need to be addressed before the property can be transferred.

Reach out to our team. We can help you understand the right next step based on your role, transaction type, and needs.

Yes. Our team can help coordinate out-of-office closings when added flexibility or convenience is needed.

Yes. Luminary Title Group supports residential closings, commercial closings, title services, settlement services, escrow services, and specialized transactions.

It means your transaction benefits from legal oversight, experienced guidance, and added review throughout the closing process.

Luminary Title Group helps get your real estate transaction from contract to closing. Before closing, we review the contract, order and review the title search, address title issues, obtain mortgage or lien payoffs, coordinate with lenders and Realtors, prepare closing documents, and prepare title insurance documents.

We also handle the money involved in the closing and make sure the documents needed to transfer ownership are properly completed.