Iowa Finance Authority
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Independent Closing Agents

Independent Closers are authorized by Iowa Title Guaranty to perform Closings under the protection of closing protection letters. A Closing means a settlement in which a closer is appointed to finalize a real estate transaction in accordance with general and specific instructions prior to disbursement of the proceeds and for which a closing protection letter is issued.

Obligations of an Independent Closer:

An independent closer has the following obligations (list not exhaustive):

  • Maintain professional liability insurance of not less than $500,000 per claim and not less than $1,000,000 aggregate annual limit.
  • Follow the lender’s written closing instructions, and handle the lender’s funds and documents associated with the closing with integrity, honesty, and accuracy.
  • Confirm with the Participating Attorney who prepared the title opinion that any objection in the opinion have been waived or satisfied.
  • Verify lien searches have been performed on the appropriate parties.
  • Verify public access to and from the land.
  • Report recording data for all recorded documents.
  • Assure the required parties have signed the mortgage.
  • Review the appraisal, Real Property Inspections Report, survey and other available information to assure current date, consistency of legal description, address, and status of any new construction.
     

To become an Independent Closer:

  • Sumbit Participation Application.
  • Submit a check for $25 payable to Iowa Title Guaranty.
  • Once Iowa Title Guaranty has reviewed and approved your application, you must review and sign a Participant Agreement which inlcudes your Iowa Title Guaranty Participant Number. This number must be inlcuded on all commitments and certificates prepared for Iowa Title Guaranty purposes. 
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