First American offers closing services (escrow closing or roundtable closing) on transactions for which First American Title Insurance Company issues title insurance. The cost of this service is dependent upon several factors such as transaction value, extent of services required, and local and customary practices.

The closing agent is an impartial third party who holds the funds and legal documents necessary to complete the transfer of ownership. When all the terms and conditions of the transaction have been performed, the closing agent is responsible for the delivery of the deed to the purchaser and the sale proceeds to the seller. The authority given to a closing agent is strictly limited by the instructions provided by the parties involved (buyer/seller/lender). These instructions are usually contained within the purchase agreement. Consequently, the closing agent acts on the mutual instructions given and does not represent any single party to the transaction. Some of the responsibilities of the closing agent include:

• Ordering payoff information on existing liens
• Calculating the proration for taxes, interest, rents and insurance premiums
• Arranging title protection for the buyer and lender
• Paying costs and liens as agreed upon by parties to the transaction
• Properly executing the documents necessary to complete the transaction (i.e., deeds, mortgage, affidavits, etc.)
• Preparing the settlement statement showing all charges and the disposition of funds
• Arranging for recording of the conveyancing documents and any other legal instruments necessary to transfer ownership