What is title?

Title is your right to own or use your property. Title also establishes any limitations on those rights. 

What is a title search?

A title search is an early step in the homebuying process to uncover issues that could limit your rights to the property. If a title issue is discovered, most often your title professional will take care of it without you even knowing. After the title search is complete, the title company can provide a title insurance policy. 

What is title insurance?

If you’re buying a home, title insurance is a policy that protects your investment and property rights.

There are two different types of title insurance: an owner’s policy and a lender’s policy. 

1. An owner’s policy is the best way to protect your property rights. 

2. A lender’s policy is usually required by the lender and only protects the lender’s financial interests. 

Why should I purchase owner’s title insurance? 

Owner’s title insurance protects your investment in your property from certain future legal claims regarding ownership of your property. For a one-time fee, you and your heirs* receive coverage for as long as you own your home. The owner’s policy also covers potential legal fees and court costs for settling claims covered by your policy.  

What does owner’s title insurance cover?

Sometimes undiscoverable defects can come up after the title search. Under an owner’s title insurance policy, you are protected against certain undiscovered errors in the title.  

Title issues include unknown:

· Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes

· Pending legal action against the property that could affect you

· Unknown heir of a previous owner who is claiming ownership of the property

Unforeseeable title claims include:

· Forgery: making a false document 

  – For example, the seller misrepresents the identity of the person who sold the property. 

· Fraud: deception to achieve unfair gain

   – For example, someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money.

· Clerical error: inconsistent paperwork and historical records

  – For example, an unforeseeable discrepancy in the property or fence line can cause confusion in ownership rights.



What happens at closing?

Closing is the final step in the homebuying transaction process where official documents are signed allowing the transfer of ownership to occur. Upon completion of the closing process, you get the keys to your home! 

What do I to bring to closing appointment?

You will need to bring 

  • a valid government issued picture ID, such as  Driver's License, Passport or Military ID
  • evidence of your hazard insurance policy
  • final purchase amounts due
  • you will be informed in advance of your appointment of additional documents needed, if any. 

How long will the settlement take?

While the time of a settlement can vary greatly, typically a refinance will take approximately 30 to 40 mintues, and a purchase will take 45 minutes to 1 1/4 hours. 

Can you wire my proceeds to my bank, money market or stock account?

Provided written wiring instructions, we will wire funds to your account for no additiona fee;  we cannot accept verbal wire instructions.  Normally your funds will be wired to your bank within two business days after closing.  Please note that many banks do not actually credit your account with these funds until the day after the bank receives the wire.   If we are to wire directly into a regular bank checking account your wire information is normally shown on the face of your check (RTN and Account #).  If we are to wire to a brokerage or similar acount, the wire instructions are more detailed and should be supplied by your brokerage firm.  Normally, such instituions will fax their wire information with your account name and account number directly to Absolute Title, upon your request. 

Who attends settlement?

At a "purchase settlement", typically the sellers, purchasers, and their real estate professionals will attend the settlement which will be conducted by one of our competent and experienced attorneys or settlement officers.   At a refinance settlement usually only the borrowers and our attorney or settlement officer are present.