Reading this conversation: Read “ready to close” as a planning objective, not a guarantee against surprises. Some title exceptions may be accepted rather than removed. Title insurance is subject to the policy’s terms, exclusions and exceptions; a lender’s policy does not replace an owner’s policy. An escrow holdback can secure funds for an agreed obligation but cannot guarantee performance or eliminate a dispute.
Five questions for Craig A. Fine
Jodi Neilson: Craig, what does “ready to close” mean to you beyond having a date on the calendar?
Craig A. Fine: “Ready to close” means title exceptions are cleared, municipal violations are resolved or escrowed, mortgage documents are finalized, and possession terms are locked. A calendar date is just a target; I want the team to identify outstanding issues, agreed exceptions and unresolved costs before the parties decide whether they are ready.
Jodi Neilson: How do you explain a title issue to a buyer who has never encountered one?
Craig A. Fine: I explain it as a legal defect in the chain of ownership—such as an unreleased old mortgage, an unrecorded easement, or a boundary encroachment—that prevents the seller from transferring clean, marketable ownership. Title insurance may cover certain ownership risks, subject to the policy’s terms, exclusions and exceptions. The team needs to identify which issues must be resolved, which may be insured over and which the buyer is being asked to accept.
Jodi Neilson: What should happen if repairs, occupancy or an agreed document remain unresolved shortly before closing?
Craig A. Fine: Depending on the agreement and the lender’s requirements, the parties may discuss a written escrow holdback for unresolved work or documents, with a defined amount, completion date and release conditions. A holdback provides security; it does not guarantee that the work will be completed or prevent a dispute.
Jodi Neilson: How should buyers coordinate payment instructions and verify a change without relying on an unexpected email alone?
Craig A. Fine: Wire fraud is rampant in real estate closings. Buyers must never rely solely on an email instructing a change in wire instructions. They must independently verify wiring details via a trusted, pre-established phone number directly with the closing attorney or title company escrow officer.
Jodi Neilson: Which records should the buyer retain after closing, and why?
Craig A. Fine: Keep the final deed, title insurance policy, settlement statement (CD/HUD), survey, property tax receipts, and all closing disclosures indefinitely. These documents are vital for future refinancing, property sales, tax deductions, and proving clear ownership rights.
Continue the conversation
Explore Craig A. Fine on real estate closing and due diligence. For primary-source background, see CFPB: Owner’s Title Insurance.
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This interview provides general information, not legal advice, and does not create an attorney-client relationship. Laws and circumstances vary. Consult your attorney about your specific situation.
