Certified Title, LLC

Description

1. WHAT DOES A TITLE COMPANY DO? Think of a title company as the final stop on the road to a real estate or refinancing settlement. We oversee the interests of all parties — buyers, sellers, lenders, real estate agents — and coordinate the transfer of money and property at the time of closing. Prior to settlement the title company will research the ownership history of the property (title examination) to determine that the title is free of any liens or claims. At the settlement table, the title company collects and distributes funds from the transaction, transfers ownership of the property, and issues title insurance. 2. WHAT IS TITLE INSURANCE, AND WHY DO I NEED IT? Title insurance protects you, the property owner, and the lending institution that holds your mortgage from unforeseen claims that may arise against your property. The policy provides protection from financial loss and payment of legal costs associated with such claims. 3. BUT IF THE TITLE COMPANY DOES ITS JOB RIGHT, WHY WOULD I HAVE TO BE CONCERNED ABOUT CLAIMS AGAINST MY PROPERTY? The title examination performed by the title company is thorough, but limited to public records. Suppose a prior owner of your property recorded a forged deed. There would be no way for the title company to know that this document was a fake. At some point, the rightful owner could come forward to claim ownership of the property. Without title insurance, your investment is at risk. 4. DO TITLE COMPANIES CHARGE DIFFERENT RATES FOR TITLE INSURANCE? Title insurance companies have similar rate schedules and associated fees. Many times you will find little rate difference, but it is important to keep other factors in mind when picking a company. The important criteria to look for are flexible schedules, timely service and most importantly competent personnel. Ask an agent how long he/she has been in business and ask others in the community about their reputation. 5. AM I REQUIRED TO PURCHASE TITLE INSURANCE? Most lenders will require that you purchase a lender's title insurance policy. This protects their investment in your property. You are not required to purchase an owner's policy; however, your one-time payment will protect your property for as long as you own it. 6. I KEEP HEARING ABOUT SETTLEMENT COSTS. BESIDES PAYING FOR TITLE INSURANCE, WHAT OTHER FEES WILL THE TITLE COMPANY CHARGE? You will probably be asked to pay for the title examination, as well as fees for handling the settlement and document preparation, as well as out of pocket expenses. 7. WHY TITLE INSURANCE IS NEEDED WHEN REFINANCING A MORTAGE LOAN. Today's lower interest rates have spurred you to refinance your mortgage. Now you can expect to reap the benefits of substantially reduced monthly mortgage payments, but you can also expect to pay the lender the typical closing costs associated with any mortgage loan. Why? Because from the lender's standpoint, a refinanced loan is no different than any other mortgage loan. So be prepared for service fees or points and other expenses including a new charge for title insurance.

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