Information for Buyers and Sellers

• What is a title?
• What is an abstract?
• What is title insurance?
• Why do I need title insurance?
• Does my lender's title insurance policy protect me?
• How long will my title insurance coverage last?
• What will happen at closing?
• What do I need to bring to my closing?
• Realtors Checklist
• What fees will I be responsible for at closing?

What is a title?

A title is a legal document that identifies the owner of a property.

 

What is an abstract?

An abstract is a listing in chronological order of all documents that appear in the public records that affect the property being searched for a specific period of time.

What is title insurance?

Title insurance is protection against financial loss caused by problems connected to the title to your property. It is designed to protect an owner's or a lender's financial interest in real property against loss due to title defects, liens or other problems. It will defend you against a lawsuit attacking the title, or reimburse you for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy. Without title insurance, real estate buyers are solely responsible for determining the validity of the seller's title to a property. If the title proves to be fraudulent or invalid, the buyer would lose the investment in the property.

Does my lender's title insurance policy protect me?

No. It only insures that the lender has a valid, enforceable lien on your property. It doesn't protect you from title defects.

How long will my title insurance coverage last?

With title insurance, you pay only one premium at the time of your property purchase. The title insurance policy will protect your title to the property as long as you or your heirs own it.

What will happen at closing?

Closing is when the actual transfer of ownership of property takes place. The seller signs over the deed to transfer ownership to the buyer. Lender's documents are also signed at the closing.

What do I need to furnish for my closing?

Buyers:

 

• valid drivers license
• Cashier's check or wired funds for the amount needed to close
• Receipt and insurance binder from your homeowner's insurance agent
• Any other documents your loan officer or title company asks you to bring
• All Buyers and their spouses must be present for closing unless other arrangements have been made with your closing agent prior to closing.

Sellers:

 

• valid drivers license
• Invoices for unpaid bills associated with the property (repairs, utility bills, etc.)
• including invoices that will be paid at closing
• Items to be transferred to buyers, including keys, garage door openers, instruction manuals, association payment coupons, etc.
• All Sellers and their spouses must be present at closing unless other arrangements have been made with your closing agent prior to closing.

What fees will I be responsible for at closing?

Fees are negotiated as part of your purchase agreement.

 

 

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Kincy Abstract & Sabine Title Company

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