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WHAT IS A TITLE?
A title is the foundation of property ownership. It is the owner's right to possess and use the property.
WHAT IS TITLE INSURANCE?
Title Insurance is a type of insurance that protects the policy holder against loss sustained through title defects.
WHAT ARE SOME EXAMPLES OF TITLE DEFECTS?
Judgments, liens, unsatisfied mortgages, unpaid taxes, mistakes in public records, etc.
WHAT IS A CLOSING?
Closing, is the event where title to the property is transferred from the seller to buyer. At the closing all financial issues and all necessary paperwork to complete the transaction between the buyer and seller is handled.
WHAT ARE CLOSING COSTS?
Closing costs are all costs required to complete the transaction. They can include (but are not limited to) Title insurance, realtor fees, appraisal fees, survey fees, prorations for taxes and maintenance(if in an association), lender fees, and the balance of the down payment. Prior to the closing you should review your final Closing Disclosure and ensure that all calculations are correct and that you have been given credit for any deposits and all the credits agreed upon by the buyer and seller.
HOW LONG DOES A CLOSING NORMALLY TAKE?
A typical real estate closing with a mortgage involved takes about an hour.
WHAT DO I NEED TO BRING TO CLOSING?
All parties must have a valid state or government issued photo identification and one other form of identification. Any funds due at closing must be wire transfer before to closing. Each transaction is unique and you will be informed of any additional items needed prior to closing.