Services

TITLE INSURANCE

Office    Your home is the single most important and costly asset you will ever own. Problems with the title to your property can limit your use and enjoyment of real estate, as well as bring financial loss. Protection against hazards of title is available through a unique coverage known as title insurance. Unlike other kinds of insurance that focus on possible future event and charge an annual premium, title insurance is a one time payment and is a safeguard against loss arising from flaws and defects already existing in the title.

    Title insuring begins with a search of the public land records for matters affecting the title to real estate concerned. The search process provides warnings of title flaws that must be dealt with before the property can change hands. Here are some examples of typical flaws:

    Once title professionals find these title issues, they then work to remedy any problems that could keep you from having "clear" title.

    The best title search, performed by the most experienced and capable experts, cannot ensure that no title defect exist. Some problems just aren't revealed in public records. Your Owner's Title Insurance Policy protects your interest in the property against such unforeseen hazards as:

Typically, title insurance is a combination of two policies: an owner’s policy and a lender’s policy.

With every passing day, we are facing rising fraud and forgery concerns. Purchasing title insurance is crucial in protecting your home. It is a one-time premium. Rates are promulgated by the state and on average usually do not exceed $1,000.

 

REAL ESTATE CLOSINGS

OfficeWhether you’re a first time home buyer or an avid investor, the closing process can be intimidating. As closing professionals, our job is to make this process less confusing and more enjoyable. With our industry expertise, access to real-estate legal support and healthy professional relationships, our clients walk away from the closing table happy and confident.

Pre-Closing – what to expect

If purchasing, you will first make contact with MSTLC when you make your Earnest Money Deposit. You or your Realtor will provide a copy of the executed contract and we will then begin the title research process.

The more information we receive at this point, the smoother closing preparation will be. Our office will be in touch with both Buyer and Seller to obtain answers to questions needed to process the file. At this time, you will be notified of your Closing Officer and provided her point of contact. Questions will include the following

Buyer:

  1. Name of Buyer, spouse included if applicable.
  2. Current phone, address and email contact for buyer.
  3. Real estate agent’s name and point of contact.
  4. Lender’s name and point of contact, if applicable.
  5. Will a Power of Attorney be needed?
  6. Will the buyer come to closing, or is a mail-away closing needed?

Seller:

  1. Name of Seller, spouse included if applicable.
  2. Current phone and email contact for Seller, as well as a forwarding address.
  3. Real estate agent’s name and point of contact.
  4. Is there a termite bond in place?
  5. Is there an existing survey?
  6. Is there an Homeowner’s Association associated with the property?
  7. Will a Power of Attorney be needed?
  8. Will the buyer come to closing, or is a mail-away closing needed?
  9. Payoff information for an existing loan.

A lot happens behind the scenes to get a closing to the closing table, including working up the Settlement Statement and confirming current surveys, a termite report and homeowner’s insurance, and it involves a lot of communication between many parties. Because much relies on third parties, it is common that we are not able to confirm the final amount to bring to closing until the day before closing. We work with your lender and realtor to provide a good faith estimate that provides an approximate dollar amount needed at closing. The sooner insurance can be obtained by the buyer, the better. This is needed for lender escrow calculations, which are needed before a settlement figure can be completed.

Closing – what to expect

Closing can occur once clear title is confirmed and the lender, if any, has approved the loan.

If you are not able to attend the closing in person, a power of attorney will be need to prepared and available by the day of closing. This legal document allows another party to sign on your behalf.

There are some things you’ll need to bring to closing. First, two forms of valid government I.D., including a Driver’s License, Passport, or Military ID. Some lenders only require one form, but it is safest to be prepared with two. Second, if you are bringing money to the closing table, funds will either need to be wired in or in the form of certified funds, which include cashier’s checks, teller’s checks, money orders or a certified personal check. Please call our office for wiring instructions.

Closings generally take approximately 30 minutes for a refinance and sale and up to an hour for a purchase.

Post-Closing – what to expect

After closing, original official documents are recorded with the appropriate Clerk of Court office. Once the lender receives and approves the loan documents, the file can fund. At this point, seller loan proceeds are sent and any other expense as part of the closing is paid, such as insurance, realtor commissions and estimated property taxes. We will also send in a request for title insurance. The original recorded documents and the original title policy will be forwarded to the applicable parties once received.

 

DEED PREPARATIONS

OfficeDeed preparations, including warranty deeds, quit-claim deeds and enhanced life estate deeds (ladybird deeds) without title insurance can be performed in-house for $350 plus recording fees. This price assumes no complications in the legal description or any other complicating factors. Recording fees average $20 or less when the deed does not include the exchange of money. For deeds where money is exchanged, an exact quote can be provided. Turnaround time is one to two weeks.