Closing / Settlement:
What is a closing?
Closing or settlement is the process of completing a real estate transaction. During closing deeds, mortgages, leases or other required instruments are signed or delivered. Furthermore accounting between parties takes place, monies are disbursed, and recording of all pertinent documents is completed.
What do I need to bring to settlement?
Each party needs to provide official photo-ID (e.g. drivers license or passport). If you are required to bring funds to the settlement they should be in the form of a cashiers check or (made payable to Southern Title and Closing).
How long will settlement take?
Usually settlement will take about one hour for a sale, and 40 minutes for a refinance, but this can vary.
Titles and Title Searches:
What is a title?
Title is the owner's right(s) to possess and use real property.
What is a title search?
Based on a search of the public records, a title search determines a property owner's rights. This search includes court, property and tax records. Additionally, the sellers right to transfer ownership is verified, along with claims, defects or other rights that may affect the property.
What kinds of information can a title search reveal?
Examples would be: unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions on the land.
The property I want to purchase had a title search done withing the past year. Do I need another one?
Yes - Any number of events could occur in a year which could affect a property's title.
What is title insurance?
Title insurance is a contract to indemnify against losses arising through defects in the title to real estate.
What does title insurance protect against?
Some of the most common problems covered include:
Un filed or unpaid liens
Inadequate legal descriptions
Mistakes in legal documents
Fraudulent deeds, mortgages, etc.
Undisclosed or missing heirs
Deeds by persons of unsound mind