Preparing for Closing
The search may have been long, but you've finally found the home of your dreams. You love its style, floor plan and views. The neighbor hood looks great. You've also done the hard work of reaching an understanding with the seller on price, signed a purchase agreement and made an earnest money deposit. The home inspection went well, your mortgage has been approved and your excitement builds as the big day of closing approaches.
For most of us, the purchase of our home is the single biggest investment we ever make. We certainly don't want any last-minute problems to threaten the transaction.
Here's a few points to help ensure a trouble-free, successful closing:
Do I need Title Insurance?
Most definitely. Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property.
But the lender already requires title insurance. Won't that protect me?
Not necessarily. There are two types of title insurance. A Lender's Policy insures that your lender has a valid lien on the property. Most lenders require this type of insurance, and typically require the borrower to pay for it. An Owner's Policy, on the other hand, protects your interest in the property. Title troubles, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to financial loss up to the face value of the policy, your owner's title policy covers the cost of legal defense.
Can Family Escrow & Title handle my closing?
Yes. We will act as a central clearinghouse for the parties involved—collecting necessary documents, insuring adherence to the lender's closing instructions, and making arrangements for proper payment and distribution of funds. We are fully prepared to work with you from the beginning of your transaction all the way through to conclusion.
When you work with your friends at Family Escrow & Title, you can be confident that you will enjoy a successful closing.
Here are some items to have with you when you come to the closing. Be sure to check with the escrow officer for any other items that may be needed:
- Buyer's copy of purchase agreement
- Cashier's check(s) to make all payments
- Proof of purchase insurance
- Photo identification (driver's license, passport or state-issued ID card)
- An additional form of ID (Social Security card, voter registration, etc.)
- Seller's copy of purchase agreement
- Any unrecorded instruments that affect title
- Photo identification
- Keys, garage door openers, gate remotes, etc.
Why Family Escrow & Title?
Our experienced staff has the understanding and know-how to take the worry out of your closing. We work hard to meet and exceed the expectations of all our customers.
We work on each transaction with only one rule in mind:
Never promise more than you can deliver, but always deliver more than you've promised.