ARE THERE DIFFERENT TIMELINE OR TYPES OF CLOSINGS?
Attorneys Preferred Title, Inc., can close real estate transactions in as little ass (48) hours, but on average, most contracts provide for closings within approximately (30) days. In addition, if you are getting financing, we will coordinate the timing with your lender.
If you are buying a “short sale”, which is when the seller’s lender agrees to accept an amount less than what is due on the seller’s loan(s); the timing for closing is dependent on the timing of the seller’s lender’s approval. Lenders can take on average (90) days or longer when approving short sales. Again, we will ensure that you are always kept apprised of the process. We pride ourselves on having the strongest ‘Short Sale Specialists’, who are dedicated professionals that are highly motivated to facilitate communications between all parties and lender(s) in order to obtain the Short Sale Approval.
Many times when a bank is selling a “foreclosure” or REO property, if they are paying the title insurance, they will require that you use their title company/law office. Check whether you can select us to handle your purchase of a foreclosed/REO property.
Attorneys Preferred Title, Inc. handles regular purchase transactions, “short sales’, foreclosures/REO’s, vacant land, new construction, mobile home, residential, commercial and refinance transactions.
WHAT ARE THE CLOSING COSTS?
Attorneys Preferred Title charges a ‘Settlement Service Fee’ (only) and the cost of the title insurance, which is State regulated and dependent on the purchase price. If you are getting financing, you will also have to pay some additional costs for the Lender’s Title Insurance Policy and Endorsements.
In addition, there are some additional fees that you will have to pay that are not our charges but are needed for the closings (e.g., survey, recording fees, lender fees, Doc Stamps and Intangible Tax, if you are getting financing, etc.). If you are getting financing, we will work closely with your mortgage broker/lender, which will provide you with a ‘Good Faith Estimate’.
WHAT DO I BRING TO THE CLOSING?
U.S. buyers and sellers need to bring valid, unexpired driver’s license or a government issued photo ID. Foreign buyers and sellers must bring their valid, unexpired passports. Our Escrow Agent will give you the exact cash-to-close amount that you will have to bring to the closing. All payments must be in the form of a cashier’s check, payable to Attorneys Preferred Title.
Please remember that when you are getting financing, we can only provide the exact cash-to-close after we have gotten your lender’s mortgage documents and figures. This is often not provided to us until a day before closing.
WHEN AND WHERE IS THE CLOSING?
We will contact all the parties involved in the transaction to confirm the agreed date, time and place of the closing. The exact time is sometimes difficult to determine more than (24 – 48) hours prior to closing, as we need to have confirmation of when your mortgage documents and lender’s funding will be available.
We encourage all parties to come to our office, but we will be happy to accommodate closings at a different location. Should you be out-of-town for the closing, we will be happy to mail away your documents, with signing, notary and return instructions enclosed for your convenience.
WHAT WILL HAPPEN AT THE CLOSING AND AFTER?
Buyers and Sellers will exchange the keys, once the proceeds have been issued to the seller at the closing table. After the closing the Seller will receive by mail, the recorded documents and the Title Insurance Policy, within approximately (6 to 8) weeks.
WHAT DOES TITLE INSURANCE PROTECT AGAINST?
The following are just a few of the most common hidden risks that can cause loss of title or create an encumbrance on a title:
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Creditor Claims
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False Impersonation of the True Owner of the Property
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Forged Deeds
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Releases or Wills
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Undisclosed or Missing Heirs
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Instruments Executed Under an Invalid or Expired Power-of-Attorney
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Mistakes in Recording Documents
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Misinterpretations of Wills
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Deeds Signed by People of Unsound Mind
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Incorrect Representation of Marital Status
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Liens for Unpaid Taxes
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Incorrect Legal Descriptions
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Deeds delivered after Death of Grantor or Grantee, or Without Consent of Grantor