Buying a home can be chock full of complications and setbacks, or it can go remarkably smooth and fast if it is planned carefully. The Realtor needs to stay focused and be the voice of reason as they facilitate the process at closing and make sure all parties have completed all unfinished business prior to coming to the “closing table”. Here’s a quick list that Realtors can use to ensure a smooth closing.
Repairs: The Realtor should check on the status of all repairs that were to be made on the home the day before closing. If there was an agreement that something needed to be fixed by closing, make sure that it is. If there was an arrangement for repairs to be taken care of after closing, make sure all the necessary paperwork shows this as fact. A final walk-through should be done with the buyers. The sellers should make sure, with their Realtor, that the property is in the condition promised and all of their personal items are removed.
Title Insurance: All of the title work should be checked to ensure clear title and that the property can be transferred without any obstructions. Should there be any title issues that might include judgments or liens, they must be settled prior to the hour of closing. The moment of truth in a real estate transaction happens at the closing table. Title First Agency will work hard to ensure a seamless experience for you and your clients. From contract to closing, we handle all the details to help a transaction run smoothly and close on time.
Financing: The lender should be contacted the day before the closing to be certain that all the documents they need have been received. Occasionally, the closing is delayed due to one document or one final verification. The interest rate for the loan should be locked as well as the final mortgage and monthly payments. The Realtor should make sure the buyer has all the funds available and ready to close. Having everything in hand the day before gives both the buyer and the seller 24 hours to review everything and have any questions ready, errors noticed or points not understood addressed.
The Bottom Line: A thorough Realtor will make sure the buyers are ready for the closing. First-time buyers may not realize all the people that could possibly be at the closing table, and all the paperwork there will be that needs their signature. The buyer needs a cashier’s check or arrangments made to wire the closing funds to the escrow company. The seller should bring all the keys, garage door openers, alarm codes and any other controls to the settlement. The Realtor should make sure and confirm that all utilities have been disconnected by the sellers and set up ready for the buyers upon closing.
Homeowners oftentimes have more than one mortgage on their property. Once sold, the mortgage has to be released so the buyer gets a clear title.
A mortgage is a debt secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. To sell a house with a mortgage, the loan needs to be paid off the same day of the closing.
There is a lot going on at the closing of a property. Title First Agency plays a crucial role in the process of closing and protecting the seller from any unforeseen legal issues. Title First Agency can assist with the loan transactions and handle the money between the buyer and seller. One of our agents will receive the money from the buyer, pay off the existing mortgage, remove the lien on the title and transfer the title to the new owner. We will be able to provide the agent with the mortgage payoff amount and account number before closing.
If there is money left over once the mortgage is paid, the seller could receive it within days, if not immediately at closing – each state is different. Title First Agency, as the closing agent, will coordinate the activity and documentation from a variety of participants, pulling each piece of the transaction together.
Title First will finalize the deposits, wire transfers, and checks. After the closing, we will record the deed and the mortgage at the courthouse and prepare the owner’s and lender’s title policies. Buying or selling a home has become a complex transaction and you need a trusted title search company to guide you through the process.
The experts at Title First oversee and perform thousands of closings each year. When using Title First, you can sign confidently on the dotted line knowing that all details of your title transfer and closing are in proper order. We are here to answer any questions you may have about buying or selling a home, and our team will guide you through the entire process. Call us today: 614-808-2062
Buying or selling a home has become a complex transaction and you need a trusted title search company to guide you through the process. The experts at Title First oversee and perform thousands of closings each year. When using Title First, you can sign confidently on the dotted line knowing that all details of your title transfer and closing are in proper order. We are here to answer any questions you may have about buying or selling a home, and our team will guide you through the entire process.
Title First will be responsible for ensuring that all the documents related to the ownership of a property are in order before the real estate transaction is performed. We will also provide an agent to oversee the entire closing process. Insurance will be furnished that protects the buyer and the lender if legal issues arise after the closing.
Once a home is bought, the buyer takes possession of the title for the property. Titles are at the local courthouses and the buyer does not own the property until his name appears on the title. There have been times when titles are not properly taken care of when a home changes hands, which means that if there are any liens on the property still have a claim on it. When this happens, the owner who did not sign off on the deed exchange still has a claim on the title.
Title First will perform searches on behalf of the property owner and the lender. We will review court records to guarantee that any liens on the property have been satisfied and that there are no outstanding claims. We also make sure that the seller that holds the title has the right to sell the property, and that it is has a clear title to close.
Title First will supervise over the loan closings and any other real estate transactions. We are then responsible for recording the title, mortgage and any other document related to the transaction at the local courthouse.
Title First will offer a title insurance policy that will provide coverage for property owners and buyers in the event of legal disputes related to the ownership of the property. However, these issues should not arise as all of the searches are done before the closing. But, there is always the occasion that something was overlooked that can threaten the interest of the owner or lender.
If you have a question or would like more information, please contact our title experts. 614-503-7434
No one gives much thought to the importance of title insurance. Something that can protect owners of real property events and matters that can be brought up form the past. But what happens when an old title issue surfaces and a claim is made on a policy? Many homeowners decline title insurance but once they know how it is created to protect them from unknown claims against their property that can pop up years down the road.
Title insurance is much more than a lender requirement. It’s knowing that what you are buying is free of any third party claims to ownership or use of any part of it. It assures the homeowner that they are clear of anything that would affect the ability to sell or borrow against their new property. After thousands of real estate closings here at Title First, we can give you a rundown of the most common issues we can save you from:
- Mistakes on titles, especially lately, that are transferred through a sale of foreclosure without certain rulings met, thus making the transfer of the title invalid.
- Mistakes within all the paperwork brought to a closing, somewhere along the line there may be a forged signature or recorded documents signed by people without legal authority.
- Mistakes made during the probate process for the previous owner that overlooked someone else’s rightful claim (undisclosed heirs) to the property or someone else’s interest in the property. Misinterpretation of wills and deeds.
- Mistakes made in the description of the property.
- Mistakes missed where claims, tax information or easements have not been recorded properly in the public record.
- Mistakes missed of liens on the property or judgments against the previous owner.
- Mistakes in unpaid taxes or mortgages and unpaid debts.
Investors need to be alert when protecting their investments. Title insurance assures the homeowner that the title to the property purchased is free of any defects and is “clear to close”. It is a guarantee that all matters of record that could harm the title of the new property have been disclosed and resolved. Title insurance protects the homeowner against any potential claims should an undisclosed event threaten the ownership of the property. Give us a call today at Title First Agency: 1-866-320-8400