Simply stated, title to a piece of property is the right to, or ownership of that property. The legal document, which transfers the ownership and all the rights, is referred to as a deed.
A deed is a legal document that records a transfer of ownership from one person to another. A deed must be in writing, properly executed, and recorded in county records.
The Note, sometimes referred to as either the Deed of Trust Note or Promissory Note, is the borrower's promise to repay the loan. The note identifies the amount of the loan, the rate of interest, the term of the loan (i.e., 30-year, 15-year, etc.), the payment due dates, the grace period and late charges, prepayment penalty provisions, and other general default provisions.
Title insurance protects homeowners or lenders against financial loss that they might incur due to liens, encumbrances or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions.
A home is the largest investment you will make in your life. Owner’s title insurance is the smart option that protects your property from legal claims. It’s a one-time fee that covers you and your heirs as long as you own your home. The owner’s policy also covers potential legal fees for settling claims against your ownership rights.
Closing, also in some areas called a “settlement.” This is the final step of a real estate transaction in which the ownership of the property is transferred from the seller to the buyer, or a mortgage lien is given to secure a debt.
The choice is yours! You can choose to close at any one of our many closing locations, or we can have a closing specialist travel to your home, business or any other location that is convenient for you.
All borrowers, buyers and sellers need to bring picture identification. If you are buying and signing loan documents it is recommended that you bring an additional form of identification, such as a social security card.
Often, local custom dictates whether the buyer or seller pays for the insurance, but sometimes, sellers and buyers negotiate who will pay the premium, without regard for local customs and procedures. Be sure to ask your real estate professionals what is predominant in your area.
Title companies routinely issue two types of policies: An “owner’s” policy that protects you, the home buyer; and a “lender’s” policy that only protects the lender’s interest. A basic owner’s policy protects against claims from defects that occurred prior to your purchase date, but have not yet been discovered. Examples of defects are things such as another person claiming an ownership interest in your property, improperly recorded documents, fraud, forgery, liens, unpaid property tax, and other items that may be specified in the insurance policy.
In general, the cost of title insurance is based on the purchase price of your new home or the total amount of the loan, but the cost also varies from state to state. For example, in Florida, although the cost of title insurance is fixed by the government, some discounts may be offered if evidence is provided showing that an owner’s policy was issued previously to the seller within a certain timeframe. Get a Quote
ONCE! The fee is due when you purchase the home, and you will never pay it again.
Your owner’s insurance policy lasts as long as you or your heirs own the property.
A Closing Disclosure, or CD, is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs (closing costs) to get your mortgage. In addition, the CD will reflect the purchase price of the property, any prior deposits made and all closing costs associated with the transaction.
Lenders are responsible for preparing and delivering the buyer’s CD at least three business days before the closing. This three-day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate that you previously received from the lender. Click here for sample Closing Disclosure form with interactive tips and definitions.