There are likely many questions you have about buying a house. Are you familiar with the questions you should ask before closing on a home? You may find some parts of the process so complicated that you don’t know who to ask or what questions to ask. We want you to feel at ease about the home-buying process and to get the information you need to make the right decision for your family.
We’ve put together a list of top title questions that a title insurance company can answer.
Title Questions Can Top Title Companies Answer
What amount will I need for Escrow at Closing
Knowing how much you will have to pay to buy a house is essential information. Once the loan documents and escrow documentation have been completed, this number will be available. The title company will then contact you or your agent to present the final amount.
What time should I shop for homeowner’s insurance?
It is a good idea to start looking for quotes as soon you accept your offer. After you have chosen an insurance company, inform your escrow officer. You don’t need only homeowner’s insurance. Title insurance protects against potential problems such as incorrect legal descriptions and breaks in the chain-of-title.
* Will you take a personal check?
Personal checks are generally not accepted for payment of escrow or any other payments at the closing. Most states require that funds be sent in cashier’s checks or wire transfers.
* How long will it take to close my home?
A smooth and successful closing requires preparation. Many people ask “What does a title firm do?”. A great title company is meticulous, organized, and efficient, which makes the closing process very quick. Depending on how many questions you ask, the length of the paperwork to be signed and the time taken to read and sign it, the average time for signing the paperwork is between 35 and 45 minutes. Many of your questions will be answered by an experienced and trusted title company so it shouldn’t take too long.
* What can I expect at Closing?
You should know what to expect when the day arrives. This will help you ensure a successful close. The escrow officer will go over each document before you sign it. These are:
o all documents regarding your loan that were drawn up by the lender
o Escrow instructions with terms and conditions per your purchase contract
o Estimated Escrow Statement, Preliminary Report, etc.
They will also inform you about any inspections or reports that might be required. This is especially important if you’re buying a foreclosure. Clearly define the repairs that are needed, if any. Negotiations on the price point should have been done before this time. However, it is in the best interest of the buyer to perform another review at closing. After you’ve signed the contract, don’t expect any surprises.
The closing will include a complete package of all documents signed by you so you can take it home. If you have any questions, please contact your agent.
What is a Statement of information?
The Statement of Information gives the title company distinguishing information to ensure that buyers and sellers are not confused with other people with similar names. It confirms that both buyers and sellers are the same person. It is important because it eliminates any untimely delays in closing. This document allows interested parties to ignore any liens or other public records issues that might have arisen due to name similarity.
What should I bring to closing?
A valid photo ID is required. You will need a valid photo I.D. such as a passport, military ID., or license. A cashier’s check made payable to the title company, in the amount that was previously given by your agent, is also recommended. These are the only items you need on your person to close the deal. The rest will be taken care of by your real estate agent or title company.
What can you tell me about the exceptions to my property? If so, what are they?
Title companies may list exceptions in general terms on their exceptions page. The homeowner will not benefit if the exceptions aren’t documented. This information is crucial. Good title companies will provide details and a “reasonable exam” for each transaction. This is so you can be aware of any easements and limitations on your ownership. These should be carefully reviewed. You may find an exception, such as neighborhood covenants that prohibit you from building certain types of structures on your property. This may not be a problem for you or your family.
lthough a title company acts as a neutral third party in a real estate transaction, it does not mean that you should be kept in the dark about details of your closing. You can reach them or your agent to get satisfactory answers to your title questions prior to settlement.
Make your Home purchase a reality
Cities Title Services provides comprehensive closing and title services within the Twin Cities Area. We are here to help.
These title questions and answers will give you all the information you need about closing on a house. Clear understanding of the details will help you make the right decision for your family, from title exceptions to what to expect at closing.
We offer world-class services such as title searches, title exams, title commitments and curative services. Title policies include lender/loan policies and owner policies. Settlement services and document services are also available.
For more information about how we can assist you, contact us today