A Closing, also referred to as settlement or escrow, is the process of executing legally binding documents such as deeds and/or mortgage documents. On the agreed upon closing date, the parties complete the transaction and the title to the property changes hands between the seller and buyer. This is the time when ownership of the property officially transfers to the buyer. The following is a partial summary to help you better understand our process. Black Hills Title is here to help you every step of the way.

The closing process begins after the seller agrees to the terms offered by the buyer in the purchase agreement. There may be “earnest money” involved. Earnest money is an initial deposit offered by the buyer along with their purchase terms detailed in your signed purchase agreement. 

Black Hills Title will then conduct what is referred to as a title search and examination. We search the records in our automated title plant and confirm our results using the public records. Records searched include taxes, deeds, mortgages, liens, divorce settlements among others. The documents are then examined by our licensed and experienced title examiners. Upon completion of the search and examination, we prepare a preliminary report called a title commitment, which is provided to the interested parties of your transaction. 

Once the title commitment has been reviewed, a closing date and time can then be scheduled. Closing instructions/requirements from the lender and other parties of the transaction will be submitted to Black Hills Title during this time frame. Among other tasks, our closing agents obtain loan payoffs, review legal and loan documents, calculate prorations, and assemble any items to be paid at closing in preparation of your Settlement Statement. At this point, we also make sure that any defects to title that were identified in our title commitment are being addressed and cured to the satisfaction of the parties involved. 

Our experienced staff members will oversee the closing of your transaction at one of our 3 convenient locations in Spearfish, Sturgis and Belle Fourche. All remaining documents are executed at this time. All expenses are paid and the seller receives payment. 

After the signing is complete, the appropriate documents are filed of public record at the Register of Deeds office in the county in which the property is located. In the next few weeks following your closing an updated search and examination is conducted and the Title Insurance Policies are issued and sent to the buyer and lender. Black Hills Title handles all aspects of post-closing without any further action from the buyer or seller. 

Please contact us for any further details on how we can make sure your transaction will be conducted as professionally and efficiently as possible. We, at Black Hills Title, have been in the business of protecting real estate assets since 1986. We understand this may be one of the most important transactions you will ever make and we have the experience and expertise you can trust. We look forward to working with you, meeting your needs and exceeding your expectations.