Title Insurance and Closing
A title is the document that verifies your legal right to your new home. Closing (also called the settlement) usually takes place at a title company. Your real estate professional will help coordinate a convenient date for you and the seller.
Understanding Title Insurance
There are two kinds of title insurance - a lender's title policy and an owner's title policy. To protect their interest in your property, mortgage lenders require buyers to purchase a lender's title policy. But a lender's title policy doesn't protect your interest as the homeowner.
For this you need an owner's title policy. This policy pays for all court costs and related fees associated with any claim that might come up. Also, if a claim is found to be valid, your actual loss-up to the face amount of the policy-is covered.
What To Expect At Closing
Many people may attend the closing: you, your RealtySouth Sales Associate, the seller (or builder) and their real estate agent, and an escrow agent (closer) from the title company.
During the meeting, which usually takes an hour, you and the seller will review all of the relevant closing papers, many of which you'll sign. Then, after providing a cashier's or certified check for the down payment and closing costs, the keys are passed to you and the house is yours!
What To Bring to Closing
In the rush of excitement of owning a new home, don't forget to bring these following itemswith you:
TitleSouth. Learn more about TitleSouth services.