After you enter into the formal purchase agreement to buy your new home, we play an integral role in the processing and eventual closing of the real estate transaction.
As title attorneys, our primary goal is to make sure that you get 100% ownership to your new home. First, we conduct a title exam to verify that title to your new home is clear and marketable. And if there are any problems in the chain of title, we work diligently to resolve those problems and clear title.
We also prepare the necessary documents to transfer ownership into your name, and we provide title insurance to both you and the lender. Title insurance provides insurance coverage for damages and legal fees incurred in the event of an adverse claim affecting ownership to real estate. A Lender’s Policy provides title coverage to lenders only, while the Owner’s Policy provides coverage to the individual property owner in the event an adverse title claim is made after the purchase. These types of claims usually result from hidden defects in title that are undetectable through our title exam.
We also act as escrow agents, which are the trusted middlemen that handle the collection and disbursement of all funds required to the transaction. You don’t have to worry about cutting multiple checks to the various vendors involved in the real estate transaction. We collect one check from you at the closing, and then it is our duty make sure everyone gets paid.
The closing typically takes place at Prime Title’s office with you, the seller, the real estate agents, the loan officer, and one of our experienced attorneys present. We will have all the documents you will need to sign, and our attorney walks you through the process. The attorney will be happy to answer any questions that you have. The closing typically takes about 45 minutes or less to complete. And when it’s done, you are a new homeowner!
What should I bring?
In general, you should bring the following items to every closing:
- Photo identification. Your signature will be notarized on various loan and title documents, so bring your state-issued photo identification, such as a driver’s license, to the closing — even if your purchase is to be made solely with your own cash.
- Certified funds. State law requires that the funds brought to closing by the buyer be “certified.” “Certified Funds” include cash, certified checks, cashier’s checks, or funds received by wire transfer. Personal checks can be accepted if the amount required does not exceed $2,500.00.
Our knowledgeable and friendly title specialists will let you know in advance of the closing if you need to bring anything else.