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Closing Phase: Step by Step
Closing Phase: Step by Step

A walk-though of the entire closing process from the first document all the way to the final delivery of goods.

Mike McLin avatar
Written by Mike McLin
Updated over a week ago
  1. Buyer and Seller select a vesting profile.
    The vesting profile contains all of the details that will be needed to auto-fill contracts, etc.

  2. Buyer and Seller eSign Mortgage Loan Sale Agreement.

  3. The buyer sends funds to escrow.
    An invoice is generated for the buyer with wiring instructions for escrow. Once payment is confirmed by escrow, the deal will continue.

  4. Seller submits notarized Assignment of Mortgage.
    When the seller is ready, Paperstac will generate the Assignment of Mortgage and initiate an online eNotary session. The seller will be connected to an online notary to authenticate the document's signing.

  5. Seller eSigns the Allonge.

  6. Seller ships collateral files to audit company.
    Paperstac generates an overnight shipping label to a 3rd party auditing company for the seller.  The seller prints the label and ships the collateral.

  7. 3rd party Auditing Company approves the legitimacy of collateral files.
    The auditors will also upload color copies into the Paperstac system for the buyer to inspect.

  8. Buyer and Seller eSign Collateral and Disbursement Agreement.

  9. The buyer selects the shipping address to receive collateral, and the Seller selects the bank profile where funds will be sent.

  10. Collateral is sent to the Buyer, and the funds are wired from escrow to the Seller.

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