Here are a few frequently asked questions about title insurance and the closing process.
Will I be able to review my settlement statement prior to closing?
If you are financing your purchase or refinancing your existing mortgage, the lender will provide the closing statement to you three days before closing. If your purchase is a cash transaction, Title Associates will provide you with a copy for review prior to closing.
What if the property being sold is in an estate or coming out of an estate?
If the property being sold is in an estate or coming out of an estate, additional information could be required prior to closing.
How long will my closing take?
Buyers can expect their closing to take between 30 minutes to an hour. For sellers, the closing process is usually 20 to 30 minutes. But the timing may vary depending upon the situation.
What do I need to bring to closing?
On the day of closing, bring your driver's license or other form of government issued photo identification.
For buyers, funds for closing must be in the form of a wire transfer. Contact our office directly for wiring instructions.
What questions might be asked before I close?
In preparation of closing, you may be asked to provide information such as your mailing address, phone number, email address, social security number, mortgage information, homeowner's association contact information, and homeowner's insurance information.
What records are examined during a title search?
Title insurance is issued only after a thorough examination of public records related to the property. Search results could uncover liens or encumbrances such as mortgages, tax liens, judgments, easements, and restrictions.
How long is my title insurance policy in place?
For a one-time fee at closing, the owner's title insurance coverage is in place for as long as you or your heirs own the property.
What is title insurance?
Title insurance provides coverage for a loss due to defects in the property's title.
Lender's policy - Most lenders require a lender's policy ensuring the full amount of the loan while the loan is outstanding. This policy protects only the lender's interest.
Owner's policy - The owner's policy protects the homeowner's interest up to the face value of the policy, normally the purchase price.
For additional resources and more information about the home buying and closing process, visit Home Closing 101.