Q+A with Real Estate Closing Expert

Local Rochester Minnesota Mortgage Experts

Q+A with Real Estate Closing Expert

Teamwork makes your dream work. We’ve learned that getting the best players on your team is what contributes to the greatest success – not just for us, but for you.

So, we’re taking some time to sit down with some of our most trusted partners to learn more about them. Previously, we chatted with Brent Weller of Weller Brothers about how you can spruce up your outdoor space. Today, meet Victoria Juran, an Executive Closer at Rochester Trademark Title Services.

Local Rochester Minnesota Mortgage Experts

North House: Tell us what you do!

Victoria Juran: I am an Executive Closer and run the day-to-day operations of the Rochester Trademark Title Services office.

NH: What does your day-to-day look like?

VJ: The main focus of my job is to meet with home buyers and sellers to close their real estate transactions. My goal is to make the process a great experience for the buyer, seller, realtor and Lender. Outside of closing meetings, much of my day is spent coordinating and completing the many tasks it takes to get to the closing table. For some people, closing on their home is a huge deal, whereas for others it is just a formality to finalize their sale or purchase. Either way, it is generally the last step of their real estate transaction, and it can have a lasting impression regardless of how well everything has gone up to that point. A smooth and efficient closing process increases the likelihood that clients do future business with the realtor and lender. Thus, it is important to me that everyone has a great experience and is satisfied with the closing.

NH: How many years have you worked there or in this industry?

VJ: I have been a Closer for over 23 years. I was hired as a Closer right out of college when my husband and I moved from Eau Claire to the Twin Cities. I worked in the west Metro for seven years before we relocated to Rochester for my husband’s work, and I have been working here for 16 years. I started the Trademark Title Rochester office in January of 2020 and it has been the best company I have worked for in my career. The leadership and company culture matches my values and ethics, and I appreciate that we are a local Minnesota company, not a corporation with offices in many different markets. Our focus is not only on providing a superior customer experience and supporting our realtor and lender clients, but also giving back to our communities. On every purchase and refinance transaction, we donate a portion of the closing fee to one of four Minnesota charities as part of our Caring4Community program. Fast, comfortable, and accurate…it’s our Trademark.

NH: What tips do you have for someone who is purchasing or refinancing their home?

VJ: There are so many things I can think of, but the most significant is being selective about who you work with. Choose an experienced and knowledgeable realtor, lender and title company because those people will have the largest impact on how smoothly your transaction goes.

NH: What is the biggest dispute that homeowners or individuals bring up?

VJ: I would say the biggest disputes often center around which items are thought to be “attached” to the property. Believe it or not, luxury bathroom vanities have caused tremendous heartache. Work with your realtor to be very specific about what is and is not included in the purchase of your home. Other major disputes often concern money held in escrow for work to be completed. For example, fixing the roof or septic system. Always be sure that contracts are written with little to no room for interpretation.

NH: What exactly do closing costs cover?

VJ: The closing fee for a seller covers the time and effort to prepare the documents needed for closing, communicating and coordinating with the seller, listing agent, and buyer’s title company. We take the necessary steps to clear the property title, obtain final numbers on any mortgages that need to be paid off, meet with the seller to explain and notarize the final closing documents, and make sure all funds are disbursed to the seller and listing brokerage. The fees for a buyer covers the title search at the County Recorder’s office, special assessment search, name search, plat drawing, title examination and preparation of the title commitment. Additionally, this also includes communicating and coordinating with the buyer, selling agent, lender, and seller’s title company, obtaining all necessary documents to clear title, working with the buyer’s lender to finalize closing numbers, meeting with the buyer to explain and notarize the final loan documents, disbursing all money involved in the transaction, recording all documents to transfer title, and issuing the final title insurance policies for lender and owner. There’s a lot of details when buying and selling a home!

NH: What is the benefit of using a law office over a closing office? 

VJ: In most areas of Minnesota, Law Offices do not routinely handle real estate transactions.  Instead they are hired to represent clients in legal matters when conflict occurs. In the vast majority of real estate transactions, a law office and a title company perform the same job –  closing the file, disbursing the funds, and issuing title insurance policies. Rarely do we run across a problem that requires the assistance of an outside attorney. Closing with a title company removes potential conflict of interest in the discovery of such problems, as solving them often involves additional legal fees.

NH: How long does a closing take?

VJ: The signing part of a closing for the seller or buyer typically takes 20-30 minutes for a seller and 30-60 minutes for a buyer (depending on how many documents their mortgage company requires to be signed at closing). Almost all of the work has been done before you arrive! The rest of the work is for the buyer or seller – time to move some boxes!

You can learn more about Trademark Title Services by visiting their website.