Frequently Asked Questions

A title search is a detailed examination of all public records that involve title to a specific property. It is conducted to verify that the seller has the right to sell the property and that there are no liens or other claims outstanding.

Title insurance is a policy that protects the insured from financial loss due to defects in the title to a property. It covers errors in public records, liens, encumbrances, and other issues that may impact ownership rights.

Title insurance is not required, but it is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership of your property. There may be hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, title insurance pays the cost of defending against any covered claim.

 The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance. It is a one-time-only expense, paid when you purchase your home. Yet it continues to provide complete coverage for as long as you or your heirs own the property. 

Closing costs are fees associated with the purchase of a property that are paid at the closing. They can include appraisal fees, title search fees, attorney fees, recording fees, and other charges.

Before Settlement: The Title Company will order a search on the property to obtain the real estate records including any mortgages, liens, judgments, and unpaid taxes. These items will need to be cleared prior to title being conveyed. A Commitment of Title Insurance will then be prepared for the buyer and/or lender. A Commitment of Title Insurance is a document containing any items or problems that need to be satisfied so that the buyer receives a 'clean' title.

At Settlement: Each party will sign and exchange all the necessary documents needed to convey title as well as any mortgage documents or collateral issues. The Title Company will collect funds from the buyer and/or lender for the purchase along with the settlement costs from each party to pay any mortgages, unpaid taxes, commissions, recording costs, and transaction fees, and to pay the seller the proceeds of the sale. These costs are prepared on a closing statement of HUD 1.

After Settlement: The Title Company will record all the legal documents at the county courthouse and provide copies to each party. The new property owners will receive the deed and the lender will receive the mortgage documents. Once the mortgage loan is paid, the lender will remove their lien on the property at the county courthouse and the property owners will receive the original mortgage documents. 

BUYERS & BORROWERS: Please bring the following to settlement:

• Homeowners/Hazard Insurance Policy with one year paid receipt or bill.
• All cash and refinance closings require funds to be wired to our office directly. Contact our office for wiring instructions.**
• For all closings that include a new mortgage, we will accept a cashier’s check up to $100,000.00 (restrictions may apply). For amounts over $100,000.00, we require funds to be wired to our office directly. Contact our office for wiring instructions.**
• Social Security Number.
• Photo I.D.
• Any special lender requirements. 
  REMINDER: Be sure to transfer all utilities into your name.

SELLERS: Please bring the following to settlement:

• Any unpaid tax bills; original paid tax receipts or tax certifications.
• Water/sewer/refuse bills or original paid receipts.
• Social Security Number.
• Photo I.D.
• Use and Occupancy Certificate (if applicable).
• Bring house keys, mailbox keys, garage door openers, etc.
• Stop automatic withdrawals with your mortgage company.
  REMINDER: Be sure to transfer all utilities out of your name.

*If the sellers will need their funds wired DIRECTLY after settlement, please notify us immediately.

**PLEASE NOTE: We will accept a personal check up to $300.00. Cash will not be accepted at closing. (NOTE: If the property is located in the State of Ohio please be aware that the laws for the State of Ohio do not allow us to accept any personal/business checks.)