Frequently Asked Questions
The warm and friendly professionals at All American Title encourage you to contact us with any questions you may have regarding our services.
What is title insurance?
Buying a home is one of the most expensive and important purchases you will ever make. You and your mortgage lender will want to make sure the property is indeed yours and that no one else has any lien, claim or encumbrance on your property. Title insurance provides this very important security.
Why do I need title insurance?
When you buy a home or any property, you expect to enjoy certain benefits from ownership. You expect t o be able to use the property as you wish, to be free from debts or obligations not created or agreed to by you, and t o be able to freely sell you or pledge your property as security for a loan. Title insurance covers these rights you bargain for.
What does this cost?
The cost varies, depending mainly on the value of your property. The thing to remember is that you pay once, then the coverage continues in effect for so long as you have an interest in covered property. If you die, the coverage automatically continues for the benefit of your heirs.
Why do I need a policy separate from my lender?
The lender's policy covers only the amount of its loan, which is usually not the full property value. And, in the event of a claim there is no provision for payment of legal expenses for an uninsured party. When a loan policy is being issued, the additional expense of an owner's policy is a bargain.
What goes on during the closing?
First, the buyer reviews all the loan documents and signs the papers. Next, the buyer reviews and signs the title documents, making sure the deed from the seller is accurate. By this time, the title company has done a search and verified that the title is held by the seller, and that no liens are held against the property, except as shown.
If there are any record matters that could potentially undermine the sale of the property, the title company will tell the seller about them (in writing) prior to closing. Assuming that the funds, deed and the title are in order and correct, the final step is disbursing funds to the seller for the purchase, and presenting the keys to the buyer.
What does the buyer need to bring to closing?
The buyer will be required to bring a cashier's, certified check or money order for the balance of the closing costs and a picture I.D, such as a driver's license. An insurance binder (proof of insurance) will also be required