Step 1: The Title Company Opens the File (Day 1–2)
When a real estate deal is under contract in Tennessee, it goes to a title company. The title company is a neutral third party — they don't represent the buyer or the seller. Their job is to ensure the transfer of ownership is clean, legal, and properly documented. In Memphis, sellers close at a title company or a real estate attorney's office. At Spencer Buys Houses, we work with Bradsher, Albert & Stuart (BAS Title) — a firm that handles closings across Shelby County. Within 24–48 hours of a signed contract, the title company:=> Opens an escrow file
=> Requests documentation from both parties
=> Begins the title search
What you do: Provide your ID, any mortgage payoff information, and confirm your contact details. That's usually it.Step 2: The Title Search (Day 2–5)
This is the step most sellers don't know is happening — but it's critical. The title company searches public records going back decades to confirm:You legally own the property
There are no unpaid liens (contractor liens, tax liens, HOA liens, judgment liens)
There are no easements or restrictions that would affect the sale
The legal description of the property matches the deed
If the title comes back clean — which it does in most cases — you move forward. If there's an issue, the title company works to resolve it before closing.Common title issues in Memphis:
=> Unpaid contractor or mechanic's liens from old repairs
=> Property tax arrears
=> Old mortgages that weren't properly released
=> Estate or probate issues when the property was inherited
None of these is automatically a deal-killer. Most can be resolved, cleared at closing from the proceeds, or worked around with the right title team.Step 3: Payoff Statements (Day 3–5)
If you have a mortgage on the property, the title company requests a payoff statement from your lender. This tells them exactly how much you still owe — including any prepayment fees or per-diem interest — so it can be paid off at closing. If you own the property free and clear, this step is skipped. What you do: Nothing. The title company handles this directly with your lender.Step 4: Closing Disclosure / Settlement Statement (Day 5–6)
Before closing day, the title company prepares a HUD-1 Settlement Statement (or Closing Disclosure). This document shows every dollar coming in and going out:=> The sale price
=> Your mortgage payoff
=> Any property tax prorations
=> Title insurance costs
=> Recording fees
=> Net proceeds to you
You should receive this before closing day — not the day of — so you know exactly what you're walking in to sign and what you're walking out with. At Spencer Buys Houses, we walk sellers through this document before closing so there are no surprises at the table.Step 5: Closing Day
Closing day is usually the shortest step. For most sellers it takes 30–45 minutes. You'll sign:=> The deed (transferring ownership to the buyer)
=> The settlement statement
=> Any lien releases or payoff authorizations
=> A few standard disclosure forms
If you can't come in person — or if you live out of state — a mobile notary can come to you. The documents are the same. You sign, they notarize, it gets delivered to the title company. Once everything is signed and the buyer's funds are confirmed, the title company records the deed with Shelby County. That's the moment ownership legally transfers.Step 6: Getting Paid
For cash sales, the funds wire to your bank account the same day as closing — sometimes within hours of signing. For traditional financed sales, funding can happen the same day or the next business day depending on the lender.You don't wait for a check to clear. You don't wait for the buyer to "release" funds. Once the deed is recorded and the settlement statement is signed, your money moves.
How Long Does All of This Take?
With a cash buyer: 7–14 days total. The title search and payoff process are the only real variables. With an experienced title team and a clean title, 7 days is achievable. With a financed buyer: Add the appraisal (1–2 weeks), lender underwriting (2–3 weeks), and any delays caused by the buyer's financial documentation. Total: 45–75 days from accepted offer to close.What Can Slow It Down
Even in a smooth cash sale, a few things can add time: Title issues: An old lien, a probate situation, or a clouded title needs to be resolved before closing. This can add days or weeks depending on complexity.Payoff delays: If your mortgage servicer is slow to issue a payoff statement, or if there's a discrepancy in the amount, it can push the closing date.
Missing documentation: If you can't locate your ID, there are questions about ownership, or the property has legal complexity, gathering documentation takes time.
Scheduling: Mobile notaries, title officers, and signatories all have schedules. The more flexible you are, the faster things move.
What Spencer Buys Houses Does to Keep It Fast
Over 600 transactions in Memphis, Spencer has built the relationships and systems that make a 7-day close possible:=> Same title company partners on every deal — they know the process and prioritize our files
=> Dedicated coordinator who tracks every document and deadline
=> Mobile notary network for out-of-state or mobility-limited sellers
=> Wire same day as closing — no waiting
If you want to understand exactly what your closing would look like — timeline, title status, net proceeds — call or text Spencer directly. 901-979-9848 SpencerBuysHouses.com No obligation. No pressure. Just a straight answer. Spencer Shadrach is a Memphis-based real estate investor with over 10 years and 600+ transactions in Shelby County and surrounding areas.