Frequently Asked Questions
What is a title?
The right of an owner to possess and use the property, plus a history of its ownership and transfers.
What is a Title Search?
It is an examination of public records, laws and court decisions to insure that no one except the seller has valid claim to the property and to disclose past and current facts regarding ownership of property.
Please describe the different types of title insurance.
Title Insurance: A policy that insures against any losses to the property that result from defects in the title or deed for a given piece of property.
Lender's Title Insurance: Insurance typically paid by the borrower which protects the validity of the lender's mortgage against claims and losses that may arise if the mortgage becomes invalid, unenforceable, or results in loss of priority.
Owner's Title Insurance: A policy of title insurance which insures the owner of real estate against loss incurred by defects in, liens against, or marketability of the owner's title.
What happens during a typical closing?
The deeds, mortgages, leases and other required documents are signed and/or delivered. An accounting between the parties (e.g. buyer and seller) is made, the money is disbursed, the papers are recorded, and all other details are attended to. (In some areas, this is called a "settlement."). Typical parties (e.g. buyer and seller) present include the real estate agents, closing coordinator, and/or title attorney.
What do my closing costs include?
The costs paid by the mortgage borrower (and sometimes the seller), in addition to the purchase price of the property. These include the lender's fees, title fees and appraisal costs.