Parapet Capital Partners, LLC

Direct Lender for Home Acquisition & Renovation Financing

Closing Process

 

A summary of the parties involved in the loan closing...

 

Borrower

You or the legal entity for which you have authority to convey property.  If you are acting on behalf of an entity such as a limited liability company (LLC) or a corporation, be sure to prepare a resolution which grants you specific authority to act on behalf of the entity.   

 

Seller (purchase transaction)

The individual or legal entity from which you are purchasing the property (if applicable).

 

Lender (Parapet Capital Partners, LLC)

The entity that provides you with the loan.

 

Real Estate Agent(s) (purchase transaction)

Licensed agent (also may be an attorney) who represents either the borrower/buyer and/or seller for purposes of sales term negotiations and contract execution (if applicable).

 

Title Insurance Company

Provides a preliminary title report on the subject property(ies) offered as collateral.  This report is compiled by searching the county and public records for all information, liens, judgments, easements, etc. against the property as well as the borrower and/or seller.   

 

Escrow Party

Party that collects and disburses the funds as directed.

 

 

What happens before you sign loan documents?

 

The closing process actually begins with your pre-approval.  When we order the title and arrange escrow services, that is a good sign we are preparing to close and fund your loan.

 

        Title Company Role

 

·       Gathers information about the borrower and seller (if applicable). 

·       Conducts a search of county records for liens, judgments, easements etc. against borrower, seller and/or property.

·       Creates a preliminary title report that is an offer of title insurance on the property.

  

        Escrow Party

 

·         Accepts deposits pursuant to purchase contracts.

 

 

What happens after you sign the documents?

 

·        We will wire the loan proceeds to escrow.

·        Attorney records the deed, mortgages, etc. with the county.

·        Escrow party disburses the funds to all appropriate parties.

·        The title company issues title insurance policy(ies).

·        So while signing the closing documents may seem like a quick and final process to your transaction it is actually neither.  A large amount of effort goes into getting the loan transaction to the closing table.  The loan transaction is complete when the security instrument (e.g. mortgage or trust deed) documents are recorded, and funds are disbursed.  The closing and loan funding process varies based on time, state laws, and county processes.   As a general rule, most transactions disburse funds within 1-2 days after loan documents are signed.  If you are planning to receive funds at a particular time, coordinate closely with us.