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 Roberts Brothers Sales Associate will assist you will all details for the closing.
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 covered 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 Roberts Brothers Sales Associate, the seller (or builder) and their real estate agent, and an escrow agent (closer) from the title company.
During the closing, you 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 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 items with you:
· A photo ID.
· A certified check, made payable to the closing company, for the amount of funds necessary to close. Your Roberts Brothers Sales Associate will review all figures with you in planning for the closing. This usually includes the balance of your down payment (subtract the earnest money you paid when your offer was accepted), and fees for other services.
· Your homeowner's / hazard insurance binder will be needed for the closing as well.