What is a Closing?
A real estate closing, or settlement, is the final step in a real estate transaction. For the purchase and sale of real estate, closing is the time when ownership of the real estate is transferred from the seller to the buyer by the signing, delivering and recording of the deed of conveyance in exchange for the payment of the purchase price from the buyer to seller. For the refinance of a mortgage, closing is the time when the prior mortgage is paid in full and released of record and the new mortgage is signed and recorded. As closing agent, a title company is in charge of gathering and/or preparing all required closing documents, ensuring their proper execution and recording, and delivering the closing funds to the proper parties. For a quote on the cost of closing, please contact one of our offices.
What is an Owner’s Title Insurance Policy?
Whether a home, farm or commercial property, the purchase of real estate can be the single most important investment a person makes during their lifetime. An owner’s title insurance policy is the product that safeguards the buyer’s financial interest in their acquired real estate from loss associated with title defects, liens and other matters. It is the most effective, widely accepted, and least expensive way to protect a buyer’s investment in real estate.
Unlike other types of insurance, the purchase of an owner’s title insurance policy is a one-time event – there are no future premiums to pay as long as the current owner holds their interest in the real estate. In general, the premium for the owner’s title insurance policy is based upon the purchase price of the real estate and is typically paid at closing. For a quote on the cost of an owner’s title insurance policy, please contact one our our offices.
What is a Loan Title Insurance Policy?
A loan title insurance policy is the product required by a mortgage lender to protect against title defects that could affect the lien of the lender’s mortgage. Generally, the cost of a loan title insurance policy depends upon the amount of the mortgage loan. The one-time premium is typically paid at closing. On a refinance of a mortgage, the lender will typically require a new loan policy and therefore an additional premium to be paid at closing.
What is a Title Search?
A title search is a thorough examination of the public records of the county in which the real estate is located to ensure the seller or owner possesses legal title to the real estate and that no other person or entity may claim a full or partial interest in it. A title search will also reveal liens, mortgages, leases, easements or other encumbrances that may impact the buyer’s ownership, use and enjoyment of the property. The title search report is used by the title insurance company to prepare the title insurance policy.
The team at Weber Title, Inc. includes highly experienced title examiners who complete the most thorough title search possible to provide accurate and timely reports regarding the status of title.