Owner's title insurance protects purchasers of real estate against title defects that may exist against the property, lender’s, or mortgagee. Title insurance insures the lender as to the priority of its lien, meaning there are no other mortgages, liens or judgments recorded prior to their mortgage.
WHAT ARE EXAMPLES OF TITLE DEFECTS?
Judgments, liens, unsatisfied mortgages, missing heirs, forgeries, unpaid taxes, etc. These are just a few of the title problems that a thorough search of the public records can uncover.
WHAT DOES TITLE INSURANCE COST?
Charges vary in different sections of the country, but generally the cost of title insurance and related services amounts to about 1%, or less, of the cost of the property. And unlike other insurance premiums, which must be paid annually, the title insurance premium is paid one time only, usually at settlement. Please contact us for a detailed quote for your transaction.
WHO PAYS FOR IT?
Generally, local customs in the county in which the property is located determine who pays for title insurance and other closing costs, although it is negotiable between the parties in a purchase transaction. This is usually addressed in the contract for sale and purchase agreement.
HOW LONG DOES IT TAKE?
With today's technology, we are able to close in as little as 24 hours on some transactions. Providing a copy of the title policy you received when you purchased your property can also speed up the process.
WHAT DO I NEED TO PROVIDE WITH MY TITLE ORDER?
Please complete our Order Form and provide the following: A fully executed sales contract, information on your existing mortgage(s), if any, such as loan number, phone number, etc., homeowners or condo association information, if applicable, phone numbers of all parties involved and the existing owner's title insurance policy.
WHAT DO I NEED TO BRING TO CLOSING?
Two forms of identification are required for all parties: a valid, state or government issued photo ID and one other form of identification. Your lender may also require additional items to be brought to closing, such as pay stubs or inspection reports. Any funds due at closing must be sent by wire.
I'M OUT OF TOWN - DO I NEED TO BE AT CLOSING?
No. We can have your documents sent to you by overnight courier or by email for you to sign and have notarized. Just let us know when you place your order that you will need this service.
WHEN IS THE BEST TIME TO CLOSE?
When possible, the earlier in the month the better. The myth that you save money by closing at the end of the month is simply that, a myth. You only pay interest on your new loan for exact number of days you have your mortgage, so close when it's most convenient to the parties involved.