Buyers & Sellers
Q: What is title and why should I purchase title insurance?
A: Title Insurance protects buyers of real estate and issuers of mortgage loans form defects or problems with a land title in the transfer of property. If there is a dispute resulting from a sale, the title insurance company may be responsible for paying for any legal damages.
Title insurance is a two-part transaction
1. An attorney at Atticus will search the land records to make sure that the seller really owns the property and is free to sell it.
2. We will contract with an underwriting company to issue buyers and lenders an insurance policy that will pay to defend you in court if anyone challenges your title. A buyer typically needs two policies: an owner’s policy that protects them and a lender’s policy which protects the lender’s investment.
1. When you have a contract for sale
- Order a home inspection
- Order any optional inspections
- Give your lender your contact and lock in your interest rate.
2. Two weeks before closing:
- Call an insurance agent and have a policy set up the day of closing (if not part of loan)
- Get a change of address package from post office
3. One week before closing:
- Check with lender to verify closing time and place
- Schedule utility transfers
- Request certified funds for the purchase
4. Days before closing:
- Get certified funds for closing
- Review settlement sheet
- Schedule a walk through of the property with your agent
5. Day of closing:
- Bring 2 forms of ID – one with photo
- Bring certified funds
- Bring any additional documents requested by the lender
- Bring anything requested by your real estate agent
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