FAQs

While the following are the common steps to close your real estate transaction, your particular closing process might vary depending on your individual circumstances.  We strive to personalize our service to satisfy the needs of our customers. Every closing is unique.  Feel free to reach out to your Closing Team with questions or special requests regarding your transaction.  The entire process is normally completed within 30 days after the contract has been received by our office. 

• The contract is received by Midwest Title & Escrow and assigned to a closing team 

1. See FAQ for What kind of information do you need to process our transaction?

• The title search is automatically ordered
• The closing is scheduled.  The buyer’s lender and your Realtors (or buyer & seller if no agent is involved) will receive an email notification with the date and time for the closing 
• The seller will receive an email with a request to complete a short questionnaire about the property

1. See the Title Form tab for a link to this questionnaire

• Buyer will receive an email with a request to complete a short questionnaire if the information has not already been submitted  

1. See the Title Form tab for a link to this questionnaire 

• The title commitment is published.  You or your Realtor and the buyer’s lender will receive an email with the commitment.

1. See FAQ for I’ve received my title commitment.  What should I review? 

• The Closing Team will reach out to all parties with questions/requests based on the result of the title search.   

1. See the Title Forms tab for a link to the Payoff Authorization form needed from sellers to obtain their payoff

• The Closing Team will collaborate with the Realtor and Lender to prepare a Closing Statement for both the buyer and seller.  This form is normally ready about 3-5 days before the scheduled closing 

1. See FAQ for I’ve received my closing statement.  What do I need to review?

All parties will meet at the scheduled date and time to sign the closing documents. Possession of the property is traditionally relinquished to the buyer and all money due from the buyer and to the seller is normally collected and disbursed at this time.  

1. A legible copy of the contract with all addendums
2. Marital statuses for buyer(s) and seller(s)
3. For multiple buyers, we need to know the way you want to hold the title or your preferred “vesting”. (see FAQ for “I’m a buyer. What does “vesting” mean?)
4. Contact phone and email addresses for all parties (see Title Tabs for our Customer Contact Form)  - Buyer and Seller - Realtors - Buyer’s Lender 
5. A completed Buyer Questionnaire, if the information has not already been submitted  (see link in Title Forms to complete this now)  
6. A completed Seller Questionnaire (see link in Title Forms to complete this now) 
7. A Payoff Authorization form from the seller (see link in Title Forms to complete this now) 
8. Contact information for the HOA treasurer if the property is within a Neighborhood Association.
9.  Any inspection invoices that need to be paid from the closing statement.   
10. Any repair invoices that need to be paid from the closing statement
11. Any rent or deposit information for investment properties that you’d like transferred on the closing statement. 
12. Any other information pertinent to the transaction, i.e.: - Parties NOT attending closing - Use power of attorney  - Pending litigation (divorce, probate proceedings, bankruptcies, etc.) 

Your Title Commitment is made up of three parts:

Schedule A – The Proposed Policy information

This shows what Policies we intend to insure, who will be insured and the limits of the policy. This schedule shows who we find as the current owner of the property; how we intend to show the buyer’s names on the Deed, and the legal description of the property being transferred.

Schedule B-I – Requirements

This lists the items that must be satisfied for a clear title to convey. If they are not satisfied completely, they may turn into new Exceptions to coverage. Largely, your Midwest Title closing officer will work with you to resolve most of these items but we might require your assistance to obtain some of the items on this requirements page.

This schedule contains many general warnings and notations regarding commonly seen circumstances that may or may not apply to your transaction. Each and every closing is so unique, there is no way to create an all-encompassing list of what the Title Company may or may not ask for. Reviewing your title commitment, pointing out discrepancies, and working closely with your Midwest Title Closing Officer is the best way to ensure your closing is completed smoothly and without delays.

Schedule B-II – Exceptions to title coverage

The first several exceptions are general in nature and appear as exceptions on every policy. Most of the Special Exceptions are items found of record that apply to the subject property. These include the rights of others to use the property or restrictions on how you may use your property.

What to review in the commitment (THE IMPORTANT STUFF) 

Seller:   - Make sure those listed as owners on Schedule A (& their spouses) will be able to sign the deed

- Make sure the legal description reflects the correct property you intend to sell

- Make sure you have no other liens or mortgages other than those listed on Schedule B-1

- Make sure ALL bills for repairs & improvements are paid from the closing statement or

prior to closing

Buyer:   - Make sure your name appears correctly as the proposed insured on Schedule A

- Make sure the exceptions on Schedule B-2 do not interfere with your planned use of the property.

Note: Only a licensed surveyor can confirm where the boundary lines are for your property.  If you have any concerns regarding where the property lines might be, contact a licensed surveyor to mark the lines prior to closing. 

**** WARNING****

Fraud is on the rise.  Don’t get scammed 

ALWAYS VERIFY WIRING INSTRUCTIONS

BEFORE SENDING MONEY TO MIDWEST TITLE OR YOUR LENDER

OUR WIRING INSTRUCTIONS ARE IN THE BODY OF THE COMMITMENT

For Sellers:  We frequently arrange for sellers to pre-sign, or receive the documents via email/overnight mail to sign in the presence of a notary.  In cases where the closing documents must be sent to the seller in another location, the “wet-ink” originals MUST be in our office prior to the closing date.  If you’re not able to attend the closing, check with your Closing Team to see if your closing documents can be signed electronically with a remote online notary session during our business hours.  

For Buyers:  A remote closing can be a little more challenging when a lender is involved.  Federal guidelines determine when the lender can generate the closing forms and the exact date when they can be signed.  In many cases, the closing window is too short for the lender to send out the loan package and receive it back by the contract closing date.  Presently, most lenders will not allow the use of E-signatures or the use of Remote Online Notaries so a mobile notary is typically engaged to assist in a “wet-ink” signing.  In short, we can usually find a way to accommodate a buyer that can’t personally attend the closing, but you need to discuss this with your lender well in advance of the closing date to explore your options. 

Buyers paying cash can sign all our standard closing forms with electronic signatures

BUYERS AND SELLERS 

*          Buyers and Sellers - AND THEIR SPOUSES must attend closing unless arrangements have been made with your closer in advance. 

*          Buyers and Sellers - All parties must bring VALID, GOVERNMENT-ISSUED PHOTO ID

*          Buyers and Sellers - All funds payable to Midwest Title must be in the form of a CASHIER’S CHECK OR WIRE.  We cannot accept personal checks or cash. 

SELLERS

*          Sellers should bring proof of payment for any repairs that had to be completed as a condition of closing.  ALL BILLS MUST BE PAID AT THE TIME OF CLOSING or collected on the closing statement

*          Sellers, please verify ALL MORTGAGES on this home are being paid from this closing statement & the payoff amounts have not changed due to a recent draw on a line of credit. 

*          Sellers, if applicable, make sure you received your propane gas proration credit.

*          Sellers, inform us immediately if you’ve been notified of any city or county delinquency or code violation that’s been assessed or being levied against the property. 

*          Sellers, BRING YOUR TAX ID number (T.I.N. or S.S.) to the closing.  We may need it. 

BUYERS

*          Please make sure all your home inspection invoices are present and collected.  Further, please double-check that any seller credits or concessions are appearing as credits to you on this statement.

* Make sure your earnest money is correct and is reflected as a credit to you on the closing statement 

If you have questions or concerns, please contact your closing agent in advance of the closing.   We want to allow adequate time to address any questions you may have, so contact us at any point between now and the scheduled closing time.  Some questions may involve a title examiner or another staff member so don’t wait to until closing reach out. 

Unfortunately, we are not allowed to accept personal checks.  The Department of Insurance regulates the type of funds we can accept at closing.  Presently, we can accept a cashier’s check or a wire from your bank.  (see MWT WIRING INSTRUCTIONS in Title Forms).  Please note that an ACH transfer (Venmo, PayPal, etc.) is not the same as a wire transfer and will not be accepted as closing funds.

The cashier’s check must be from a US-based bank since we do call and verify the validity of all checks presented at closing.  

No debit or credit cards are allowed for the amount due at closing or as earnest money deposits.

If you don’t bank locally, contact someone at your financial institution as soon as you sign your contract and determine if you’ll be able to send a wire from your account.  A wire is unlike an ACH transfer in that it’s IRREVERSIBLE.  As a result, many banks will not allow you to originate a wire over the phone or online.   

There have been many cases where a buyer had no choice but to open an account with a local bank, write a personal check from their out-of-town institution to fund the new account, and then wait for the funds to clear in order to bring a cashier’s check to closing.   Plan ahead to avoid headaches. 

People in Jefferson City and the surrounding counties are falling victim to these scams every month.  Midwest Title will NEVER contact you via email or phone to pressure you into sending closing funds early.  We’ve heard dozens of reports where a buyer was contacted by a fraudster posing as a titled employee (Midwest Title among them) in an attempt to coerce the buyer into sending a wire in advance of the closing.  When in doubt contact our office at 573-635-0615 BEFORE sending a wire.  We bank with HAWTHORN BANK.  (see our Wire Fraud warning in Title Forms)

Simply put, title vesting is the way a buyer holds title to their property.  

Though there are many complicated ways to take the title and legal strategies behind each of them, for the average buyer, the simplest way to look at vesting is who owns the property and what will happen to it upon the death of an owner.  You can vest title to individuals or to other legally formed entities such as an LLC, a Living Trust, or a partnership.  

 For individuals, the most common forms of vesting are tenants by the entirety (synonymous with “a married couple”), tenants in common, or joint tenants with rights of survivorship.  If you’re purchasing property with someone other than your spouse, contact your closing team to discuss your options before your scheduled closing date.  

If you have specific concerns you want to be addressed before taking title to real estate (pending divorce, liability concerns, estate planning), consult with an attorney about your options and let your title company know how you want to hold title. 

 Missouri is a marital interest state.  The laws governing spousal rights are from the Missouri Probate act of 1956.  In that law, all spouses are required to sign any deed, mortgage, or conveyance document, even if their spouse purchased the property before they were married. Any circumstance where a spouse is unable or unwilling to sign or is requesting to sign via a power of attorney must be approved in advance.   These must be reviewed by an underwriter prior to closing. 

Similar to when your sell, your spouse will have a martial interest in the property under Missouri Statutes.  If you’re a married buyer, your spouse must consent to the conveyance of the property.   A Deed of Trust to your lender is a conveyance document.  If you’re purchasing property and obtaining financing, your spouse will have to sign to consent to the mortgage.  

A cash buyer doesn’t need to involve a spouse, nor does a buyer purchase through a legally created business entity or a Trust that their spouse isn’t involved in. 

In Missouri, the document that creates a transfer on death is called a Beneficiary Deed.  Title companies are not able to complete this document on your behalf, but we can refer you to an attorney that will draft one for a fee.  This document must be signed by the owner of the property in front of a notary public and recorded in the County records BEFORE the date of the Grantor’s (owner’s) death.