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| Q: |
What is title insurance?
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| 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 judgements recorded prior to their mortgage. |
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| Q: |
What does title insurance cost?
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| A: |
Rates are normally set by the Department of Insurance in each state, based on the sales price or mortgage amount. Please contact us for a detailed quote for your transaction. |
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| Q: |
Does the buyer or seller pay for it?
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| 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. |
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| Q: |
Approximately how long does it take?
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| 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. |
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| Q: |
What do I need for my title order?
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Please complete our online order form, and provide the following: A fully executed sales contract (we can provide you with a blank form), 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. |
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| Q: |
What must I bring to closing?
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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. |
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| Q: |
Do I need to be at the closing?
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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. |
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| Q: |
Is there a "best time" to close?
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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. |
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| Q: |
What are examples of title defects?
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Judgements, 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. |
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| Q: |
Any other questions?
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Please contact us using our contact us form and we'll respond to any question you might have as soon as possible. |
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