Titles & Closing

Information to assist you with due diligence and the title and closing process.


CWCOT - Titles & Closing

Do CWCOT properties have a clear title?

CWCOT properties are sold as is, where is with all faults and limitations and a clear title is not guaranteed. It is recommended that potential bidders complete their own due diligence.

How can I do a title search?

Your closing/title company will complete a title search as a part of the closing process. This could carry an additional fee so we recommend checking with your selected closing/title company on any costs prior to beginning the closing process.

What if I need to extend closing?

Sellers are not obligated to extend the closing beyond the scheduled date. If the seller does agree to an extension, a formal extension to the contract must be executed by all parties. Your Xome Portfolio Specialist will guide you through this process.

If you need to contact your assigned specialist, you can find their contact information in the introductory email that was sent to you at the beginning of the transaction. You can also request an extension through the title company.

Who pays closing costs?

Buyers are responsible for all closing costs. Please be sure to read all disclaimers on our website regarding closings costs prior to bidding and read the contract in its entirety prior to signing.

How much are closing costs?

Closing costs vary by closing/title company.

How long is closing?

Standard closing timelines are 30 business days or less. However, there are some uncontrollable delays which may impact the timeline such as redemption periods, unrecorded foreclosure deeds or local restrictions. In these instances the closing will be delayed until those items are resolved.

When do I wire funds?

Funds must be wired on the scheduled closing date.

What kind of title will I be getting?

You will receive either a Quit Claim Deed or a Special Warranty Deed.

Can I choose which closing company I use?

Yes, in all cases the buyer chooses their title company. If you do not have a preferred company selected you may choose to use the seller’s title company. In some cases there may be an additional closing cost incurred to the buyer by the seller’s title company if they are not used.

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Bank-Owned - Titles & Closing

Do REO/bank-owned properties come with a clean title?

Title insurance will be provided unless otherwise indicated.

How can I do a title search?

You can do a title search at your own expense prior to bidding in an auction event. A title search will be completed once the property goes under contract with either the seller’s title company or the buyer’s selected Title Company.

What if I need to extend closing?

Sellers are not obligated to extend the closing beyond the scheduled date. If the seller does agree to an extension, a formal extension to the contract must be executed by all parties. Your agent or Xome Representative will guide you through this process.

If you need to contact your assigned specialist, you can find their contact information in the introductory email that was sent to you at the beginning of the transaction. You can also request an extension through the title company.

Who pays closing costs?

Buyers are responsible for all closing costs.

Please be sure to read all disclaimers on our website regarding closings costs prior to bidding and read the contract in its entirety prior to signing.

How much are closing costs?

Closing costs depend on the purchase price and title company chosen. Please contact the title company directly for an estimate.

How long is closing?

Closing timelines are seller specific. They can range from 15-30 business days for cash-only purchases and 30-45 business days when financing.

When do I wire funds?

Funds must be wired the scheduled day of closing. The title company will provide you with instructions.

What kind of title will I be getting?

The type of title will vary seller to seller. Please contact the title company or your Xome Representative more information. You can find the contact information of your Xome Representative in the introductory email that was sent to you at the beginning of the transaction.

Can I choose which closing company to use?

Yes, in all cases the buyer chooses their title company. If you do not have a preferred company selected, you may choose to use the seller’s title company. In some cases there may be an additional closing cost incurred to the buyer by the seller’s title company if they are not used

Who is responsible for eviction? (Phase 2-Eviction assistance programs)?

All sales are final as is where is and any actions regarding eviction are the responsibility of the buyer after closing.

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Short Sale - Titles & Closing

Do these properties come with a clean title?

All properties will have clear title prior to closing.

How can I do a title search?

You can do a title search at your own expense prior to bidding in an auction event. A title search will be completed once the property goes under contract with either the seller’s title company or the buyer’s selected Title Company.

What if I need to extend closing?

Reach out to the listing agent or your Xome representative for an extension request. You can find the contact information of your Xome Representative in the introductory email that was sent to you at the beginning of the transaction.

Who pays closing costs?

Closing costs are split between buyer and seller and the amount can be negotiated between the two parties.

How long is closing?

Closing timelines vary by transaction but they are typically 45-90 business days.

Can I choose which closing company to use?

For all short sale transactions, the seller chooses the title and closing company.

Who is responsible for eviction?

In short sale transactions there is no eviction necessary as the occupants will vacate the property voluntarily.

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