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Liberty Bell Agency, Inc.
Mellon Independence Center,
701 Market Street, Suite 6001,
Philadelphia, PA 19106

(215) 625-3660
(215) 625-3689

9:00 AM to 4:00 PM
Monday through Friday
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Closing Info for Refinancing

Please be aware that most residential refinancing transactions require a three day waiting period before the the transaction is deemed complete, and the closing can be funded.  During this three day Recession Period, the Borrower may be able to cancel the transaction by following the instructions provided by the Lender.  After the recession period passes, and the Lender authorizes disbursement of the funds, Liberty Bell Agency will issue checks for payment of the items indicated on the settlement Statement signed at closing by the Borrower.

What Happens at Closing?
Closing day is the day that the borrower will complete the paperwork necessary to finalize a loan and create a mortgage on real estate. The Closing (also called the Settlement) is the culmination of a lot of work performed on behalf of the Borrower by various Real Estate related professionals. This may includes the Borrowers' attorney, the mortgage broker, the actual lender, the appraiser, the lender's attorney, the title insurance agent, and the title insurance company. Other professionals may also need to be involved depending upon the type of loan or type of real estate. Representatives from these companies may be in attendance at the actual closing, and many of these firms will be paid only after the closing is completed. They each have a vested interest in making sure that your closing happens timely and without problems.

Given the number of professionals that could be working together to prepare for the Closing, it is imperative that all of the parties communicate well together and provide the best possible service to the Borrower. Liberty Bell Agency is proud to be acknowledged as one of the best Title Agents in Pennsylvania for communicating among all the parties, and providing for a simple and timely closing. In fact, Communication is one of our Six Keys to Success.

On the day of closing, a representative of the title agent will usually conduct the settlement. The borrowers will need to be present at Settlement, or have pre-arranged to have an attorney act on their behalf if they cannot attend the meeting (for example, if one of the borrowers is out of the country). Liberty Bell Agency may also be able to arrange for a “counter-sign” closing if the borrowers will be at two or more different locations on the settlement date.

At settlement, the borrowers will provide certain documents and receipts, review and sign various documents, and make affirmations as to certain facts. The lender will have provided the funds necessary to complete the closing; however the borrower may need to bring additional funds as shown on the Settlement Statement. These funds in the form of a certified check or wire transfer will be provided to title agent. The title agent is responsible for making the necessary disbursements of all settlement funds, other than those disclosed as “POC” (paid outside of closing).

Settlement can take as little time as fifteen minutes to sign all the forms or it can take several hours, depending on the complexity of the transaction. Usually a settlement will last under an hour.

At or after closing, the title agent will record the appropriate legal documents for the transaction at the courthouse of the county that the property is located. This usually consists of the mortgage (also called the security instrument), along with any mortgage addendums. The recording process is the final step in the closing process. Once the documents are recorded, the title agent will prepare the lenders' title insurance policy, and forward the policy and recorded documents the lender in the transaction.

Thank you for considering Liberty Bell Agency as your source for Title Insurance and Closing Services.



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