Who needs to be present at closing?

The simple answer is that anyone who has an interest in the property will need to be present at the closing.  This includes anyone who is on the deed to the property, or has an interest acquired by inheritance or other means.

We are often asked if a non-owning spouse must attend the closing. The answer to this question is typically “yes”. Always assume your spouse will need to be present unless told otherwise. 

When will I know how much money I need to close?

Once a closing date has been set, a closing disclosure or settlement statement will be prepared which will show the exact dollar amount you need to bring to closing. Don’t hesitate to call us with any questions or concerns about the amount. It is also a good idea to verify with us by phone the day before closing to make sure nothing has changed.

What type of funds will I need to close?

In order to insure “Good Funds” for the seller, we will require a Cashiers Check or Wire Transfer at or before closing. The bank will charge a nominal fee for wire transfers. We do not accept credit or debit cards at this time.

Should I get a Survey?

We always recommend a survey when you are purchasing real property, however, check with your seller/realtor and see if a survey has already been conducted or if the property is within a platted subdivision. A property that has been recently surveyed should not need a new survey unless something has changed.

My Lender is getting Title Insurance. Do I need an Owners Policy?

True, your Lender does require title insurance on their mortgage/deed of trust, but that does not provide you with coverage, and only takes effect when the Lender suffers a loss. An Owners Policy is absolutely essential to your peace of mind and financial security, and under the right conditions, the cost of obtaining an Owners and Lenders together is greatly reduced.

Why Title Insurance?

Source- First American Title Insurance Co.

So what exactly is “title insurance?” Well, when a property is financed, bought or sold, a record of that transaction is generally filed in public archives. Likewise, records of other events that may affect the ownership of a property, like liens or levies, are also archived.

When you buy title insurance for your property, a title company searches these records to find – and remedy, if possible – several types of ownership issues. First, the title company searches public records to determine the property’s ownership status. After this search, the underwriter will determine the insurability of the title.

Even the most skilled title professionals may not find all problems associated with a property, though. Some risks, such as title issues due to filing errors, forgeries, or undisclosed heirs, are difficult to identify. So after the title company finishes its searching, it also provides a title insurance policy that will help protect you from a variety of issues that might be uncovered later.

If you take out a mortgage loan when you buy your property, your lender will require a loan policy of title insurance. This protects the lender’s interest in your property until your loan is paid off or refinanced.

On the other hand, an owner’s policy of title insurance insures your ownership rights to the property. Even though you’ll pay for this policy only once, your coverage will last as long as you own your home.

A real estate purchase may be the largest financial investment you ever make. So, when you buy an owner’s policy of title insurance, just think of it as buying some peace of mind!