WHAT IS TITLE INSURANCE?
The purchase of a home is, in most cases, the largest financial commitment in an individual’s lifetime. Title Insurance protects you against losses due to defects in the title of the property or expenses in legal defense.
Your ownership is authenticated and will be promptly defended against any claims, in court if necessary at no cost to you, whether a claim is valid or not. A title insurance policy will protect you and your heirs as long as you have an interest in the property.
If a valid claim is made against your title as covered by your policy, the title insurer protects you by bearing the cost of settling the claim should it prove valid, in order to protect your title and keep you in possession of your property.
CLOSING DAY STEPS
Some of the most common requirements prior to closing are listed below. These items need some time allocated to them and the closing date should not be scheduled until all received and approved. These are usually ordered upon final approval since this expense is payable regardless if there is a closing or not. Commonly these are the buyer’s cost.
• Hazard Insurance.
• Coordinate closing date and time with all parties.
• Be punctual.
ALL PARTIES MUST BRING TO CLOSING DRIVER’S LICENSE OR ID CARD AND SOCIAL SECURITY CARD.
IF THE BUYERS NEED TO BRING MONEY TO CLOSING IT MUST BE IN THE FORM OF A CASHIERS CHECK PAYABLE TO THE TITLE COMPANY. Therefore, keep in mind that you have to go to the bank. The buyer is the one that has to sign the most documents. An FHA or VA mortgage have approximately 72 documents.
The closing may be done as a mail away. This means that either party or both will not be attending the closing and the documents are sent via Federal Express to them. This requires that the title closer or his/her processor have the party’s phone number to coordinate the exact address to ship the documents to and the time frame needed to return the documents. Usually the real estate professional will find out the possibility of this situation as soon as they get the contract and will alert the title closer from the moment they send the title order.