Frequently Asked Questions
What is a Closing agent?
A closing agent is a neutral third party that follows the instructions of your lender, realtor, attorney and buy-sell agreement to complete the sale or purchase of your property.
An agent gathers information from many sources to create the final Settlement Statement such as payoff information, tax information, deed preparation and commission amounts.
What is a Title?
A title is the foundation of property ownership. It is a protective document and policy that insures the owners right to possess and use the property.
What is title insurance?
Title insurance is your policy of protection against loss from any of these types of problems; Contractors Lien, Quit Claim Deeds, Road Easements, Shared Wells, exclusions and Mineral Rights (this is just a partial list). Even a "hidden hazard" can result in a claim against your ownership.
What kinds of problems can a title search reveal?
A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the sellers right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.
A title search can show a number of title defects and liens, as well as other encumbrances and restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of the land.
What are the steps to closing?
The closing officer will explain all documents to you and answer any questions you have. You will then sign the necessary papers and the closing officer will notarize them. For more information, see this detailed FAQ, Most Common Steps To Closing A Real Estate Transaction.
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