FAQ
What is Title Insurance?
Title Insurance is protection for both owners and lenders against possible financial loss due to an unknown defect in title on your property. It is protection from possible hidden risks such as mistakes in recording legal documents, fraud, missing heirs, etc. Title insurance is a onetime fee that protects buyers and lenders.
What is the difference between a Title Commitment and Title Policy?
What is the difference between a Standard Policy and an Enhanced Policy?
Who gets to choose the Title Company?
In Pennsylvania, the buyer/borrower has the right to choose the title company.
What is the Title Agent’s role?
Communication is Key!
Regardless of your role in the transaction, Realtor, Lender, Buyer, Seller, Attorney or Homeowner, Communication is Key to a smooth stress free settlement. If you are aware of any of the following, please let your title company know as far in advance as possible.
Are any of the owners of record/sellers deceased?
Will any of the owners of record/sellers be using a Power of Attorney?
Are the sellers planning on attending settlement or will they sign in advance of closing?
Will the sellers be represented by an Attorney?
Is this a short sale?
Is there a relocation company involved?
Are there any divorces finalized or pending between sellers?
Are there any outstanding support obligations owed by buyer/seller?
Are there any tax liens, judgments or pending lawsuits against the buyer/seller?
Have any parties to the transaction been declared incompetent and/or have a legal guardian or trustee appointed for them?
Are any parties to the transaction a minor?
Are any of the buyers/sellers not planning on attending closing?
Are any of the buyers/sellers separated or a party to a pending divorce?
Will the buyer’s loan officer be present at closing to review the mortgage documents?
Do any parties to the transaction have special needs for closing? (i.e. handicap accessible, food allergies, pets or children that will be present?)
What do I need to bring to closing?
BUYER
Included below are the most common items a buyer is asked to bring to settlement.
You may be asked to bring additional items by your realtor, lender or title company.
- Photo Identification: One form of UNEXPIRED government issued photo identification such as a driver’s license or passport.
- Homeowners Insurance Policy: With a paid receipt or a bill to pay at closing.
- Certified Funds, Bank/Cashiers Check or Electronic Wire: Buyers must have their checks made payable to the title company. Checks must be a certified check or a bank/cashiers check. The buyer may also wire their funds directly to the title company. Please contact our office for specific wiring instructions.
SELLER
Included below are the most common items a seller is asked to bring to settlement.
You may be asked to bring additional items by your realtor or title company.
- Photo Identification: One form of UNEXPIRED government issued photo identification such as a driver’s license or passport.
- Keys and Garage Door Openers: Remember to ask family, friends and neighbors to return any keys and garage door openers.
- Alarm company name, phone number, and codes: If you have an alarm company.
- Certified Funds, Bank/Cashier’s Check or Electronic Wire: If the seller is expected to bring money to the table due to a short sale, they should have their checks made payable to the title company. Checks must be a certified check or a bank/cashiers check. The seller may also wire their funds directly to the title company. Please contact our office for specific wiring instructions.
What to expect as a Buyer?
What to expect as a Seller?
What to expect as a Realtor?
What to expect as a Lender?
How long is a typical closing?
Where is settlement held?
Settlement will be held at the title company, realtor’s office, or lender’s office as agreed to by all parties. However, settlement is typically held at the offices of the title insurance agent. This is a recommended practice since the title company is responsible for preparing and downloading mortgage documents, making any last minute changes to the HUD, verifying all monies have been wired into their accounts and scanning documents back to the lender for final disbursement approvals.
Who attends settlement?
For a PURCHASE: Buyers, Buyer’s Realtor, Sellers, Seller’s Realtor, Title Agent, Buyer’s Representative from the mortgage company, and possibly an Attorney, should either the buyer or seller require one. It is not uncommon for the seller to execute their documents in advance of settlement and not be in attendance at the closing. However, the title company may ask the seller if he or she is not attending closing to be available by phone, email or fax.
For a REFINANCE: Home Owner/Borrower, Title Agent and possibly a mortgage company representative