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Posted in: Buying a home, Title

Buyer FAQs about title and the closing process

Title closing process

Edina Realty Title is the most popular title company in Minnesota and western Wisconsin. Below, they answer homebuyers' title and closing questions.

What is title insurance?

Your lender will require you to buy lender's title insurance, which protects the lender's interest in your property.

To protect yourself against hidden claims on your property or claims that the title is invalid, you have the option to purchase a separate policy called owner's title insurance. This policy is purchased at closing for a one-time fee based on the price you paid for your home. The owner's policy will pay for all court costs and related fees of any covered title risk. If a claim is found valid, you are covered up to the face value of the policy.

The buyers' closing process

Step 1: Purchase agreement is signed by all parties
Step 2: Borrower meetings with loan officer to complete the mortgage approval process. Title commitment is ordered.
Step 3: Closing date and time are scheduled. Title commitment is prepared and reviewed.
Step 4: Buyers safely and securely manage the personal information that is needed to close using Edina Realty Title's exclusive online technology. Have conversations, submit information and review and upload documents from desktop and mobile devices.
Step 5: Edina Realty Title prepares closing documents and submits to lender for approval of the final settlement statement. Once approved buyer receives final costs of purchase.
Step 6: For security, Edina Realty Title requires a bank wire as the method of payment for funds necessary at closing. Buyers work with their bank and lender to initiate wire transfers.
Step 7: Edina Realty Title performs the closing, disburses funds, submits the deed to the county for recording and issues homeowner's title insurance policy.

What should I bring to the closing appointment?

  • A valid photo ID
  • Social security number
  • Wired funds for the amount specified in the most recent Good Faith estimate you received from your loan officer or lender
  • A checkbook, in case of other charges
  • New homeowners/hazard insurance binder and paid receipt

How long will it take to close on my new home?

Generally, closings are completed in an hour.

What can I do if I can't attend the scheduled appointment?

Your real estate agent should contact the Edina Realty Title closer to see if you can pre-sign your documents.

Who orders title work? How quickly can we close?

The lender or loan officer orders title work, and the title company cannot begin work until that order is received. Typical turn-around time ranges between 3 - 5 days. A rush file can be completed in as little as 1 - 2 days depending on the amount of title evidence available at the time of submission. If your home purchase is a contract for deed or cash transaction, your closer will order the title work.

When do I get a copy of my title?

Real estate is transferred by a deed. You receive a copy of your deed at closing. After the deed is recorded with the county land records, you will receive a copy of the recorded deed, as well as a copy of your owner's title insurance policy.

I have a problem with the title to my property. Does my title insurance protect me?

If you purchased an owner's title policy through Edina Realty Title, please call 952-928-5200 and ask to be directed to our Claims Department. They will help you determine if you're protected against the claim.

If you closed with another title company, please contact their customer service department for instructions, or follow the steps as shown in your policy.

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Status Definitions

For Sale: Properties which are available for showings and purchase

Active Contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Contingent and Pending statuses may not be available for all listings