We have gathered these Frequently Asked Questions (FAQs) about Title Searches, Title Insurance, Escrow and Loan Closings.

Q.  WHAT IS TITLE INSURANCE?

A.  Owner’s title insurance protects purchasers of real estate against title defects that may exist against the property. Lenders, 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.

Q.  WHAT ARE EXAMPLES OF TITLE DEFECTS?

A.  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.

Q.  WHAT DOES IT COST?

A.  An owner’s policy is issued based on the payment of a single premium at the prevailing rates approved or sanctioned by the respective Department of Insurance, and the coverage of the policy continues for as long as the insured holds an interest in the land or remains liable under any warranties of title arising from his or her subsequent conveyance. No further premiums are paid during the life of the policy.

Q.  WHO PAYS FOR IT?

A.  Generally, local customs in the county in which the property is located that determine who pays for title insurance and other closing costs, although it is negotiable between the parties in a purchase transaction. This should be addressed in the contract for sale and purchase agreement.

Q.  HOW LONG DOES IT TAKE?

A.  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 speed up the search process.

Q.  WHAT DO I NEED TO PROVIDE WITH MY TITLE ORDER?

A.  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., homeowner’s or condo association information, if applicable, phone numbers of all parties involved and your prior owner’s title insurance policy.

Q.  WHAT DO I NEED TO BRING TO CLOSING?

A.  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. These include 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.

Q.  I’M OUT OF TOWN – DO I NEED TO BE AT CLOSING?

A.  No. We can have your documents sent to you by overnight courier, to an affiliated title company or your bank for you to sign and have notarized. Just let us know when you place your order that you will need this service.

Q.  WHEN IS THE BEST TIME TO CLOSE?

A.  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.

Q.  ANY QUESTIONS WE HAVEN’T ANSWERED YET?

A.  Feel free to contact us.

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