Landis Title FAQ
What does a Title Company do?
Why do I need Title Insurance?
What are the costs?
What do I have to do?
What items are needed at closing?
What happens in a closing?
The title to the land and not the land itself can be purchased in a real estate transaction, therefore a homeowner risks losing his home and the land under it unless he possesses a clear title. Title insurance guarantees the title as reported. Should hidden defects surface at any time challenging an owner's rights, the title company will defend the title, in court, if necessary, and cover the owner's losses up to the full value of the policy.
Buyer
The location of the closing is typically at the Title Company’s office. The Title Company will coordinate who should attend the closing and at what time. All parties may or may not be present at the same time in a closing. The seller may sign all his/her documents at a different time than the buyer. This is known as an "Escrow Closing." In an Escrow Closing the seller may or may not receive his proceeds check on the same day. The other type of closing is when all parties are present at the same time. This is known as a "Round Table Closing." In this type of closing, the seller receives his/her proceeds at the closing. In any type of closing, the same types of documents are required.
When you arrive at the closing, you will be greeted by your Closing Officer or Settlement Agent. Your Closing Officer or Settlement Agent is the one who will collect all the funds involved, including money due from the buyer and the funds from the new lender. You will then be directed to a Closing Room where he/she will explain each document to you, including a breakdown of all closing costs, also known as the HUD1 Settlement Statement. The HUD1 Settlement Statement also sets forth the net proceeds amount due to seller and the amount of funds needed to close by the buyer.
The Closing Officer/Agent will then witness and notarize various documents and ask you for your photo identification. You must bring photo I.D. with you to the closing. Once all the documents are signed, the Seller along with other parties due money from the transaction may or may not receive his/her check. Sometimes the Title Company is funded by the buyer’s new lender after the closing and receiving a check could take a few days. Typically the buyer and seller will exchange keys to the property at the end of the transaction.
The Realtor may at this time provide information for changing utilities into the new buyer’s name and other details relating to the sale may be settled at this time too; such as arranging the removal of items from the house by the seller. Sometimes it is necessary for the seller to remain in the house after the sale. If this is the case, generally a "leaseback" agreement is negotiated at this time.
Once all the above steps are finished, your closing is complete. The Title Agent will now record the conveyance deed and/or the new mortgage with the county recorder for public record. The buyer should receive the owner policy and recorded deed in a few weeks, along with a copy of everything signed at the closing. The seller will also be presented with a copy of everything signed.
Why do I need Title Insurance?
What are the costs?
What do I have to do?
What items are needed at closing?
What happens in a closing?
What does a Title Company do?
A title company oversees the interests of all parties, consisting of buyers, sellers, lenders, real estate agents and coordinates the transfer of money and property at the time of closing. Prior to settlement the title company will research the ownership history of the property (which is called the title examination) to determine that the title is free of any liens or claims. At the settlement table, the title company collects and distributes funds from the transaction, transfers ownership of the property and issues title insurance.Why do I need Title Insurance?
At this point, you may be wondering why you even need insurance following an extensive title search. Unfortunately, it's nearly impossible to guarantee a title is clear of hidden defects-those circumstances that could find you in a tug of war over the property. Examples of hidden defects include mistakes in interpretation of wills and other legal documents, impersonation of the real owner, forgery, missing heirs, falsification of records and confusion stemming from similar names.The title to the land and not the land itself can be purchased in a real estate transaction, therefore a homeowner risks losing his home and the land under it unless he possesses a clear title. Title insurance guarantees the title as reported. Should hidden defects surface at any time challenging an owner's rights, the title company will defend the title, in court, if necessary, and cover the owner's losses up to the full value of the policy.
What are the costs?
Unlike other insurances, Title Insurance requires a one time premium. You pay a one time premium plus any closing costs. View Landis Title costs or call today to request a free estimate.What do I have to do?
If you are using an attorney, lender and/or realtor, they will guide you through the process, or you can call an agency of your choice and they will be more than happy to answer all your questions, begin your title work and coordinate your closing.What items are needed at closing?
You will want to have these items complete or in hand when you come to the closing:Buyer
- Buyer's copy of purchase agreement
- Cashier's check(s) to make all payments
- Proof of purchase of insurance for fire, casualty, etc.
- Invoices for any unpaid taxes, utilities or assessments
- Photo identification (passport, driver's license or state-issued identification card)
- Seller's copy of purchase agreement
- Invoices for any unpaid taxes, utilities, assessments, and latest utilities meter readings
- Receipts for last payment of interest on mortgages
- Bill of Sale of personal property covered by the purchase agreement
- Any unrecorded instruments that affect the title
- Proof of satisfaction of any mechanics' liens, chattel mortgages, judgments or mortgages that were paid prior to the closing
- Photo identification (passport, driver's license or state-issued identification card)
What happens in a closing?
The "Closing" is one of the final steps in the process of buying/selling or refinancing a home. It is when all parties involved, including the buyer and seller, meet to finalize the transaction and where purchase price, ownership documents and the conveyance deed exchange hands. The Closing can only take place after all the conditions of the real estate contract and the lender’s requirements have been met.The location of the closing is typically at the Title Company’s office. The Title Company will coordinate who should attend the closing and at what time. All parties may or may not be present at the same time in a closing. The seller may sign all his/her documents at a different time than the buyer. This is known as an "Escrow Closing." In an Escrow Closing the seller may or may not receive his proceeds check on the same day. The other type of closing is when all parties are present at the same time. This is known as a "Round Table Closing." In this type of closing, the seller receives his/her proceeds at the closing. In any type of closing, the same types of documents are required.
When you arrive at the closing, you will be greeted by your Closing Officer or Settlement Agent. Your Closing Officer or Settlement Agent is the one who will collect all the funds involved, including money due from the buyer and the funds from the new lender. You will then be directed to a Closing Room where he/she will explain each document to you, including a breakdown of all closing costs, also known as the HUD1 Settlement Statement. The HUD1 Settlement Statement also sets forth the net proceeds amount due to seller and the amount of funds needed to close by the buyer.
The Closing Officer/Agent will then witness and notarize various documents and ask you for your photo identification. You must bring photo I.D. with you to the closing. Once all the documents are signed, the Seller along with other parties due money from the transaction may or may not receive his/her check. Sometimes the Title Company is funded by the buyer’s new lender after the closing and receiving a check could take a few days. Typically the buyer and seller will exchange keys to the property at the end of the transaction.
The Realtor may at this time provide information for changing utilities into the new buyer’s name and other details relating to the sale may be settled at this time too; such as arranging the removal of items from the house by the seller. Sometimes it is necessary for the seller to remain in the house after the sale. If this is the case, generally a "leaseback" agreement is negotiated at this time.
Once all the above steps are finished, your closing is complete. The Title Agent will now record the conveyance deed and/or the new mortgage with the county recorder for public record. The buyer should receive the owner policy and recorded deed in a few weeks, along with a copy of everything signed at the closing. The seller will also be presented with a copy of everything signed.