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How Closings Are Handled State by State

Real estate closings may be handled by escrow companies, title companies, lawyers, or a combination of one or more of those. Some lenders may have their own closing department. A revised explanation of how a real estate closing will be handled in your state can be found in the new up-dated 2nd edition of The Complete Guide to Your Real Estate Closing, now available at www.amazon.com or www.sandygadow.com/order.html.  You will find a complete listing of how an escrow closing is handled in every state, which will include where to make a complaint, an estimate of the fees you will have to pay, and who will do what in the closing.

Here is a Sample: 

Attorneys handle closings. Conveyance is by warranty deed. Mortgages are the customary security instruments. Foreclosures are non-judicial. Foreclosure notices are published once a week for three weeks, county by county. The foreclosure process takes a minimum of 21 days from the date of first publication. After the sale, there is a one-year redemption period. Alabamans use ALTA policies to insure titles. Buyers and sellers negotiate who’s going to pay the closing costs and usually split them equally. Property taxes are due and payable annually on October 1.

Consumer Complaints:

Banking Department

401 Adams Avenue, Suite 680 Montgomery, AL 36130-1201 334-242-3452
Fax: 334-242-3500
Web: www.bank.state.al.us
David Parsons, Acting Commissioner Alabama Department of Insurance 201 Monroe Street, Suite 1700
P.O. Box 303351 Montgomery, AL 36104 334-269-3550
Fax: 334-241-4192
E-mail: insdept@insurance.state.al.us Web: www.aldoi.org

Alabama Real Estate Commission 1201 Carmichael Way Montgomery, AL 36106-4350 334-242-5544, TTY: 334-396-0064 Fax: 334-270-9118
E-mail: arec@arec.state.al.us Web: www.arec.state.al.us

Rate filing statute: File and use Customary title fee splits: Owner’s policy: Negotiable Lender’s policy: Buyer
Title search: Negotiable Transfer taxes: Buyer
Transfer Tax based on appraised value not on sale price.
Closing fees: Negotiable Recording fees: Buyer
Real estate transfer disclosure required? No Agency relationship disclosure required: Required by time of purchase offer.

Copyright © 2014 Sandy Gadow. All Rights Reserved. This article may not be resold, reprinted, resyndicated or redistributed without the written permission from Escrow Publishing Company.

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