What
Do you need to do prior to your closing?
What
do you need to bring to your closing?
What
will happen at closing?
What
is Title Insurance?
What
are the benefits of a Watson Title Services owner’s title
insurance policy?
What
are some of the risks that Watson Title Services owner’s
policy covers?
What Do you need to do prior to
your closing?
- Comply
with all lender requirements for approval
of your mortgage
- Determine
your homeowner’s (hazard
and fire) insurance needs:
- Confirm
loss payee clause with lender
- Contact
your insurance agent to determine coverage needed
- Secure
an original insurance certificate and a one year
paid receipt
- Call
your closing coordinator with premium amount and insurance
Agent’s
name and phone number
- Contact
utility and cable companies
- Contact
your closing coordinator for special arrangements if
all parties cannot be present
at closing
top
What do you need to bring to
your closing?
- Certified
or Cashier’s
check payable to Watson Title Services, Inc. for
the amount due at closing (contact your
closing coordinator if you wish
to wire your closing amount to our escrow account)
- Photo
identification (driver’s license or passport)
for notary purposes
- Social
Security numbers
- Closing
conditions and any special documentation required by
your lender
top
What will happen at closing?
- Escrow
officer will collect all your lender requirements
- Final
settlement statement will be reviewed and signed
- Closing
documents will be reviewed, signed, and notarized
- Information
on homestead exemption will be provided
- Funds
are collected and disbursed
- Keys,
garage door opener(s), and other property information
exchanged
top
What is Title Insurance?
For
many people, the purchase of a home represents the single
greatest investment in their lifetime. If you are
purchasing a home with new financing, you’ll be required
to purchase a lender’s title insurance policy. This
policy only insures the lender’s interest in your property
against losses arising from title defects. In other words,
the lender’s policy protects the outstanding balance
of the mortgage for the lender, but it DOES NOT protect you
or your interest in the property.
To protect your interest in the property, you will be issued
an owner’s
policy of title insurance. This policy is paid by the seller (per contract)
and mailed to you along with your recorder warranty deed after closing.
top
What
are the benefits of a Watson Title Services owner’s
title insurance policy?
- Protection
for as long as you or your heirs own the property
- Coverages
that insure the past
- Reduced
title premium fees if you should refinance (no time
limit) or sell your property
within 3 years
of purchase
top
What
are some of the risks that Watson Title Services owner’s
policy covers?
- Claims
by someone who has a hidden interest in your property
- Documents
which are not prepared, signed, acknowledged, delivered,
or recorded properly
- Forgery,
fraud, duress, incompetency, incapacity, or impersonation
- Unmarketable
title, which allows someone else to refuse to perform
on a contract to purchase, lease,
or make a mortgage loan
- Liens
recorded against the property during previous ownership
top
|
