Title FAQ’s: Find the Answers to Your Real Estate Questions
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Title insurance is an insurance policy issued by a title company. It protects you, the purchaser or owner, against a loss that may arise by reason of a defect in your ownership or an interest you have in real property. In addition, the title insurance company agrees to defend you in court if there is an attack on your title. It will cover attorney and court expenses or pay a loss caused by the defect in title up to the face amount of the policy subject to the terms listed in your policy.
What are the risks?
There are numerous defects or problems that can arise to cause an attack or loss of the title to your property. Some of these include problems not disclosed by the most careful search of the public records. Hidden risks can cause a total loss of your investment or heavy legal expenses in the defense of an attack on title. The following are examples of matters that can cause loss of title or an expensive lawsuit: forged deeds, wills or other legal documents; failure of spouse to join in conveyance; undisclosed heirs; deeds from minors; liens for unpaid taxes; deeds from defunct corporations or un-probated wills.
What should I expect during my closing?
As a seller, you will need to provide payoff information and homeowner’s association information, if required. We will then order your payoffs and make sure that your homeowner’s association has record of the new owners. When all parties are ready to close, you will be contacted to schedule your appointment to sign your closing documents. You will need to bring a valid photo ID to your closing as well as keys, garage door openers, etc. Once everything has been signed and all monies have been received, funds will be disbursed. Your proceeds can be picked up, mailed or wired and/or deposited to your bank.
As a buyer, you will need to provide your names as you want your title vested and homeowner’s insurance information. When all parties are ready to close, you will be contacted to schedule your closing appointment. When you come to closing, you will need to bring a valid form of photo ID and a Cashiers Check or wire transfer the money to our office. Once all documents are signed and all monies are received, funds will be disbursed and recording will take place. When all documents have been recorded, we will forward your final title policy and your original Deed to you.
When you refinance, you will need to provide payoff information and homeowner’s insurance information. Once your lender is ready to close the transaction, you will be contacted to set up your closing appointment. You will need to bring a valid form of ID to your closing. When you refinance, you have a rescission period of three business days. During this period, you have the option of canceling the transaction. When this period expires and we have received the funds from the lender, funds will be disbursed and documents will be recorded. If you are getting cash back from the transaction, your proceeds can be picked up, mailed or wired and/or deposited to your bank. Please feel free to contact us with any questions.