FAQ's
[ Home ]
WHAT IS TITLE INSURANCE?
- Owner's title insurance protects purchasers of real estate
against title defects that may exist against the property.
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 IT COST?
HOW LONG DOES IT TAKE?
- With today's technology, we are able to close in as little
as 48 hours on some transactions. Providing a copy of the title
policy you received when you purchased your property can also
expedite the search process.
WHAT DO I NEED TO PROVIDE WITH MY TITLE ORDER?
- A fully executed sales contract, information on your existing mortgage(s),
if any, such as loan number, phone number, etc., homeowner's or
condo association information, if applicable, phone numbers of
all parties involved and your prior 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 i.d. and one other form
of i.d. Your lender may also require additional items to be
brought to closing,, such as pay stubs or inspection reports. If
you owe money at closing, those funds must be in the form of a
cashier's or certified check, or they must be wired.
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.
ANY QUESTIONS WE HAVEN'T ANSWERED YET?
|
