Title companies act as trusted intermediaries facilitating real estate transactions. They handle various tasks such as ensuring the property's title is free from any liens or encumbrances and insuring it against such issues. Funds for the purchase are sent to them, and ownership transfer is contingent upon both parties fulfilling their contractual obligations, ensuring a secure transaction between unfamiliar parties.

The timeline for closing depends on factors like the title company's processes and the necessary due diligence. Typically, it takes 3-4 weeks. The title company must conduct thorough title research to obtain the necessary "title commitment" for insurance, a process spanning 3-10 business days. Additionally, they coordinate notarization and prepare all paperwork, which hinges on their schedule. On our end, we verify the land's buildability by confirming utilities, zoning compliance, topography, and other factors. Once these steps are completed, we can proceed with closing.

A day or two before closing, the title company or attorney will furnish a "settlement statement" and documents that need to be notarized detailing the financial aspects of the transaction. This includes the purchase price minus any relevant expenses like unpaid taxes or property liens. You'll have the option to receive funds via wire transfer, check, or attend the closing in person at the title company or attorney's office. On our side, we send the funds to the title company and sign our documents. Ideally, funds are transferred several days before closing if the necessary paperwork can be prepared in time.