Review all paperwork carefully bearing in mind the 4 important points above. You should get a closing statement at least a day before your funds are disbursed.
Ensure that your money goes to a title insurance company or attorney’s escrow account.
Check there is hazard insurance on the property and that property taxes are current.
Check through the documentation you receive.
Make sure the borrower knows where to send their money.
Make sure you get all the documentation back and it has been properly signed and notarized.
Make sure you get the original mortgage returned to you within 2-3 weeks.
Make sure you get a title insurance policy issued in your name within 4-5 weeks.
