KENTUCKY & SOUTHERN INDIANA
Real Estate & Closing Firm
Your home is a major investment. Whether you are buying or selling, you can take steps to protect your investment by retaining a knowledgeable attorney to review your contract and documents for potential pitfalls and ensure a smooth transaction.
The English Law Group, P.S.C., with offices in East Louisville and Mounty Washington, Kentucky, assists buyers and sellers in residential transactions in Jefferson, Oldham, Shelby, Bullitt, Nelson, Spencer, and anywhere else in the Commonwealth. We also handle real estate closings in Indiana, including Clark, Floyd, and Harrison counties. For over forty years, our firm has been helping families and small businesses in Kentuckiana.
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Louisville & Southern Indiana Real Estate Law Attorneys
Below is an overview of the closing process. We invite you to call us at (502) 425-8717 for more information or to schedule an initial consultation.
So, You Have A Contract
Now What?
REPRESENTATION
Our firm represents lenders, homeowners, and investors in closing services. We can draft or review the purchase agreement, clear the title, verify loan commitments and otherwise protect your interests. We will act as the escrow agent, taking the buyer's funds into escrow and making any necessary disbursements from our escrow account.
STEPS OF
Real Estate Closing
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A title order is made with a neutral third party, The English Title Group, to handle the funds and documents involved in the transaction. Usually, the lender or Realtor will handle this. If you are not represented, please contact us and we can walk you through this.
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A title search is conducted to verify that the property’s title is clear of any liens, encumbrances, or legal issues. Title insurance is purchased to protect both the buyer and the lender against potential title defects or claims.
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At the same time, the buyer usually orders a home inspection to identify any issues with the property’s condition.
An appraisal is also conducted (often required by the lender) to determine the property’s market value and ensure it meets the loan amount.
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The buyer conducts a final walkthrough of the property, usually 24 to 48 hours before closing, to ensure that the property is in the agreed-upon condition and any negotiated repairs have been completed.
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A settlement statement (or closing statement) is prepared, outlining all the financial details of the transaction, including purchase price, closing costs, prorated taxes, and any credits or fees. Both the buyer and seller review and agree to these figures.
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The buyer, seller, and their agents or attorneys review all closing documents, including the purchase agreement, loan documents, and disclosures. The buyer receives a Closing Disclosure (for federally regulated loans) at least three business days before closing, detailing the final loan terms and costs.
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At the closing meeting, all parties involved (buyer, seller, agents, attorneys, and possibly the lender) sign the necessary documents, including the deed, mortgage note, and loan agreement. This step officially finalizes the agreement. In Kentucky and Indiana, both parties usually attend at the same time. However, we can accommodate your schedule and location at your convenience.
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The buyer provides the funds required for the purchase, typically via a cashier’s check or wire transfer to the escrow account. The lender also disburses the loan funds to cover the balance of the purchase price.
NOTE – in Indiana, a wire is required for any funds over $10,000.00.
English Title Group requires a wire or certified funds for any amount over $1,000.
WIRE FRAUD IS REAL! Before wiring money, please call us at 502-425-8717 to verbally confirm our wiring instructions.
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The escrow company or closing agent disburses funds to all parties, including paying off any existing mortgages, distributing proceeds to the seller, and paying any closing costs or fees.
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The buyer receives the keys to the property, and possession is officially transferred. The new owner can then move in or take control of the property.
WHAT HAPPENS
After Closing?
Recording
The deed, which transfers ownership from the seller to the buyer, is recorded with the local county recorder’s office.
The mortgage, which puts the real estate up as collateral for the loan, is recorded in the county recorder’s office.
Documents Sent to Lender
All original loan documents are sent to the lender via overnight mail.
Title Insurance
The title company uses the recorded documents to issue lenders and owners title insurance policies.
Mortgage Payments Begin
After the closing, the buyer begins their mortgage payments, and the seller ensures any outstanding bills or taxes are settled. Title companies or attorneys continue to handle post-closing activities, such as filing documents and ensuring all payments are completed.
Knowledgeable
& Friendly Service
QUESTIONS ABOUT THE PROCESS?
WE’RE HAPPY TO HELP!
Contact the experienced Kentucky real estate law firm of The English Law Group P.S.C., to arrange your initial consultation. Our friendly and patient staff is always available to answer questions.