MarketableTitle greatly appreciates the opportunity to act as closing agent in connection with your pending real estate transaction. We have prepared these helpful information guide to help familiarize you with our closing process and to ensure that the transaction progress smoothly and accurately. If you should have any questions regarding the information provided herein please do not hesitate to contact any Team Member at Marketable Title. Each Team Member of Marketable Title is extremely serviced oriented and dedicated to handling your closing with the highest degree of care and professionalism.
The purpose of title insurance is to secure your legal claim to the property and protect you against title "defects" legal rights to a property claimed by somebody else. Unfortunately, hidden defects can surface even after you've gone through closing, and a myriad of situations can stand between you and a marketable title. With title insurance, the title insurer not only pays the costs if you're ever forced to defend your ownership in court, but covers any financial loss if the title defects can't be settled. Marketable Title as the Title Agent will prepare a title commitment and ultimately issue you an Ownerís Title Insurance Policy to protect your ownership interest in the property. A lenderís Policy will also be issued to your lender to insure that the Lender has a valid lien on property.
If you are financing your purchase, please make sure that you or your realtor provides us with your mortgage brokerís information or the name of your lender and contact person. Marketable Title will be working closely with your lender throughout the closing process to ensure that certain pre-closing conditions have been satisfied prior to closing. If at any point that you should change lenders please advise us immediately so that we can coordinate our efforts with the new lender without delay.
Most, if not all lenders, will require insurance. Your lender will provide you with its insurance requirements and policy amounts. You should contact your insurance agent about purchasing hazard and/or flood insurance policies as soon as possible to avoid any delays. Please call and provide us with your agents name and telephone number. PLEASE NOTE YOU WILL NEED TO BRING THE ORIGINAL EVIDENCE OF INSURANCE AND PROOF OF PAYMENT FOR THE FIRST YEAR'S PREMIUM TO THE CLOSING.
Almost all condominium associations and many homeowner's association require that purchasers be screened or approved by the association. Many also require a personal interview. If you are purchasing property subject to such approval, it is important that you apply in a timely manner and provide us with at least a faxed copy of the approval prior to the closing. PLEASE NOTE YOU WILL NEED TO BRING THE ORIGINAL APPROVAL TO CLOSING . WE CAN NOT CLOSE WITH THE ORIGINAL APPROVAL
If you are getting a new mortgage, the lender will customarily require a new survey to determine the location of any encroachment, easements, etc. A copy of the survey along with the Flood Elevation Certification will be provided to your insurance carrier as flood insurance may be required. You will receive an original print of the survey at the time of closing or you may request a copy of the survey to review prior to closing. You will need your survey in the future to obtain a building permit for any reason, to change insurance companies, or to refinance your mortgage without the cost of a survey. Marketable Title will order the survey on your behalf. Your title insurance policy will insure you that the survey is complete and correct in it's depiction of any encroachments of a serious nature. If you are paying "cash" or assuming a mortgage you are not required to obtain a survey, but you will not have the protection it provides. Condominiums will not usually require a survey.
Title to the property /Signature of Spouse:
Please contact Marketable Title concerning the manner in which you desire to hold title to the property. Marketable Title cannot determine or advise you concerning the tenancy in which title should be held. Unless otherwise advised by you prior to closing, the title to the property will be held in the same manner as set forth on the lenderís mortgage documents. Furthermore, if you are married and the property is intended to be your principal residence then both husband and wife will be required to sign the mortgage regardless of whether only one spouse is the borrower on the loan.
Figures For Closing:
Shortly before the closing, we will prepare a HUD-1 Settlement Statement which will be thoroughly reviewed at the closing. We will call you with the amount necessary to close. This amount must be in certified funds such as a cashier's check, certified check, money order made payable to: Marketable Title. Please advise us if you are bringing cash. If you must send us a wire, the wire must be received and acknowledged by our bank on the morning of the day of the closing. Please call us for wire instructions
Place of Closing:
Marketable Title will contact you prior to closing to confirm the time and the place. Please advise if you require any special assistance and/or arrangements. Marketable Title will be happy to accommodate your needs. Please advise as soon as possible if this is a mail-away closing or if any purchaser can not attend the closing for any reason so we can make the necessary arrangements without delay. If you want to examine your loan documents, please request that the mortgage company provide the documents to the title company at least one day early so that you may have a copy for review. The title company sends a title commitment to you prior to closing for your review
A Marketable Title Transaction Coordinator will be acting as a notary public. As such, everyone who will be signing any document at closing must bring with them a form of photographic identification, such as state authorized Driverís License, official State Photo Identification Card or Passport.. A Power of Attorney will not be permitted unless the Power of Attorney is first approved by Marketable Title. The original Power of Attorney will be required at closing .
Limitation of Closing Agent:
As the Closing Agent Marketable Title is concerned only with the transfer and issuance of the Title Insurance to the real property. Marketable Title cannot represent the legal interest of any Borrower, Buyer and/or Seller in any purchase and/or refinance transaction. Marketable Title and its officers, employees, staff, and personal can not participate, recommend or otherwise render any legal advice or assistance in connection with your pending real estate transaction, including but not to, the contract for purchase and sale, inspections of the property, the condition of the property, and/or desirability of the property. Although the owner and several staff members are licensed Attorneys this does mean an attorney client relationship is created by virtue of Marketable Title position as Title/Closing Agent. As such, you should be aware that any communication between you and an Attorney is not afforded the attorney-client privilege of confidentiality. Marketable Title encourages you to consult with your own attorney to address any legal questions that you may have concerning this transaction. Marketable Title will work with your Attorney throughout the course of your closing.