FAQ

What is the Closing Process?

The closing process involves the collection and execution of documents and the final calculation of the buyer’s and seller’s expenses which are obtained from a variety of sources.  Closing costs may include, but are not limited to, fees and charges for document recording, title insurance, storm water and municipal services, prorated interest and property taxes, mortgage insurance premium, attorney or settlement services, document preparation, homeowner insurance premium, and escrows for homeowner insurance.

What do we need to bring to closing?

Buyers, sellers and all parties who will need to sign documents should bring a “Valid” Picture ID (Driver’s License, Military ID or other ID approved by Real Estate Security Agency) and a Bank Certified Check for any required funds.

What is Title Insurance?

Title Insurance is basic homeownership protection that is essential to the security of your home and the protection of your title.  Title Insurance protects your ownership interest in the home, the land, and the rights that run with the property.   Title Insurance policies guarantee the absence of undisclosed liens and problems with rights of ownership, as well as protecting possession, control and disposition rights.  Your owner’s policy will guarantee that you own your property, subject to any restrictions or liens you have caused to be placed or assumed on the property.

What are title defects?

There are countless ways that a title defect may cause a loss in title including forged documents, undisclosed heirs, fraud, mistakes in legal documents and recordings, and unpaid taxes.

What does title insurance cover?

Title Insurance protects you from title defects by defending your title in court at no expense to you.  Title Insurance will correct and clear your title whenever possible and compensate you for your loss, should one occur, including the cost of legal representation.

Why is Title Insurance necessary?

Title Insurance policies guarantee the absence of undisclosed liens and problems with rights of ownership, as well as protecting possession, control and disposition rights.  It guarantees that you own your property.  A loss of land or any title defect will result in financial loss, and title insurance offers protection from losing the investment.  When a homeowner does not purchase title insurance, they are considered to be a “self-insurer”.

Why is title insurance written to cover the value of the house and the land?

If the title to the property fails or is defective, you will lose both the house and the land.  Title insurance will provide you with both legal defense and, if necessary, reimbursement of the value of the title.

How much does title insurance cost and how long does it last?

Purchasing title insurance is a one-time cost, there are no monthly premiums.  The lender’s policy expires when the mortgage is paid in full, while an owner’s policy lasts as long as you or your heirs retain an interest in the property.