FAQ's
Buying and selling real estate can be a confusing thing your first time. Below are some answers to common questions , as well as what you will need to bring with you to the closing table.
What is a title search?
A title search is a detailed examination of the public records pertaining to your property. These searches provide us with information pertaining to the owners of the property, any liens/judgments attaching to the property, current and past mortgages and much more. The title searcher examines court records, deeds, property and name indexes and the city tax databases.
What does “Chain of Title” mean?
The Chain of Title is the sequence of transfers of title to a property. The chain of title begins with the current owner and goes back to the original owner of the property.
What is a Lender’s Title Policy?
The Lender’s Policy insures the legitimacy and enforceability of the lien of the Lender’s Mortgage or deed of Trust. The Lender’s Policy insures the lender for the amount of money borrowed against the property. You will need to purchase a Lender’s Policy for every new mortgage that is filed against the property.
What is an Owner’s Title Policy?
The Owner’s Policy insures the owner that the title to the property is free from defects (except for those which are listed as exceptions in the policy). Normally, an owner’s policy is issued when the property is purchased and will remain in effect as long as you own the property.
What is Title Insurance?
Title insurance is a safeguard against defects in title to real property resulting in a claim against your ownership. Title Insurance identifies, protects and eradicates risks and losses caused by problems within the chain of title.
What is title?
A title is essentially property ownership, it is the owner’s right to possess and use the property.
Who chooses the title company?
The buyer/owner does. Your mortgage company or real estate agent may have suggestions for you however the choice of which company to use is up to you.
What do you need from me to begin preparing for my closing?
Usually, once a closing agent is identified, the lender will send us your name and address so that we can order the title search. We will need to get the following information from you prior to closing:
Homeowner’s Insurance - We will need the name of the company, the agent’s name and the phone number of your insurance carrier.
When Selling a property or in the case of a refinance - We will need the Account numbers for any mortgages/accounts being paid off at closing. For every mortgage being paid in full, we need something in writing from the mortgage company that tells us exactly how much is needed to satisfy the lien.
Since every closing is unique, we may need additional information from you to properly prepare for your closing. We will contact you with any additional information we may need.
What do I need to bring to closing?
Please bring a government issued photo ID as we will need this to verify your identity. If you are bringing funds to closing, please bring either a cashier’s check made payable to Noble Title & Escrow or arrange for a wire prior to the day of closing. If you prefer to wire the funds, please let us know and we will provide you with our wiring instructions. Also, please bring any additional documents the lender/loan officer has requested, if applicable.
* Please note that all wire instructions will be sent via a secure website.
What is involved in the actual closing?
At closing, you will sit down with a notary/closing agent to review all of the documents. Any questions you have will be answered at this time. After the documents are signed and notarized they are returned to the lender.