Tips for Smooth Closings & What to Expect
What to Expect: The Closing Journey
Buying or refinancing a home has become a complex transaction and you need a trusted title insurance company to guide you through the process.
Buying a home may be the single, largest financial purchase in your life and can signify a much-anticipated milestone. That’s why Title Trust, with an appreciation for your well-deserved achievement, offers personal, clear and transparent assistance to help you to navigate this meaningful personal transaction.
The cost of Title Insurance and Closing/Settlement costs for Refinancing a home are different from the cost of title insurance associated with buying a home. Upon speaking with you, Title Trust’s title officers will provide you with accurate quotes and a clear understanding of the difference in rates when refinancing your home.
1. The Title Search
We search all public records for mortgages, easements, or court actions to ensure the title is "clear and marketable".
2. The Closing Meeting
We meet to sign documents, finalize deposits, and manage wire transfers.
3. Post-Closing
We record the deed and mortgage at the courthouse.
3. Final Delivery
Once recorded, you will receive your original deed and your title insurance policy via mail. Keep these in a safe place.
Tips for a smooth closing:
CONTRACT: Provide the Contract for the Purchase/Sale of Real Estate
CONTACT INFORMATION: Provide email address, phone numbers and office address, along with preferred method of communication and best time to contact, for all parties involved in the
transaction; real estate agents, buyer(s), sellers(s), attorneys, surveyor, inspector, Homeowner
Association or Condo Association, etc.
Buyers should provide a current physical address, not a Post Office box, to receive documents,
if necessary. Sellers should provide forwarding address and new contact information in the event contact is required after closing.
TRANSACTION FEE/COMMISSIONS: Provide the amount to be listed on the closing documents and
the parties paying/receiving these fees.
ADDENDUMS: Provide Attorneys/closing agent with copies of any revisions and/or addendums as soon as possible.
BILLS PAID: If debt pertinent to the transaction are to be listed on the closing documents and paid at closing, provide copies to the closing agent at least one week prior to closing. Once the closing documents have been approved by all required parties, modifications could delay the closing.
MARITAL STATUS: Providing current marital status of all parties will help ensure accuracy of the deed and determine whether additional parties need to sign closing documents.
POWER OF ATTORNEY AND TRUST DOCUMENTS: The use of a Power of Attorney (POA) must be approved in advance of settlement by the closing agent and/or lender. If you are planning to use a POA or the property is being held in or placed in a Trust, inform the closing agent and lender as soon as possible.
FOREIGN INVESTMENT IN REAL PROPERTY: TAX ACT OF 1980 (FIRPTA): If the seller is not a United States citizen, the closing agent may be required to deduct and withhold a tax equal to 15% of amount realized (generally the amount paid for the property). Please advise your customers to review the FIRPTA requirements prior to closing.
INTERNAL REVENUE SERVICE (IRS): All real estate transactions must be reported to the IRS. Inform your seller(s) that they will be asked to provide their social security number(s).
MAIL-AWAY: If any parties are unable to attend the closing, provide physical address(s) where
the closing documents should be delivered and a contact phone number. Some documents may require the services of a notary.
Final Thoughts
Refinancing a Home
The cost of Title Insurance and Closing/Settlement costs for Refinancing a home are different from the cost of title insurance associated with buying a home. Upon speaking with you, Title Trust’s title officers will provide you with accurate quotes and a clear understanding of the difference in rates when refinancing your home.
Protect Your Money from Wire Fraud Schemes When Buying a Home
Buying and selling a home is an exciting time, but there can be pitfalls for unsuspecting consumers. In more than 20 years of helping to close files and protecting our clients from the perils of real estate transactions, we’ve seen a lot. Title Trust title officers are confident that we can stand between you and common risks in the industry.
Get Professional Help Today!
At Title Trust we will help you through the process of buying or refinancing your home. Title Trust, title officers and staff have managed and performed thousands of closings each year, for more than 20 years. When working with Title Trust, you can sign confidently on the dotted line knowing that all details of your title transfer and closing are in proper order. We are here to answer any questions you may have about buying or refinancing a home, and our team will guide you through the entire process.
