· Provide us with a legible copy of your ratified contract of sale so we can get to work on it and identify any potential problems.
· Tell us immediately if a Power of Attorney will be used since this must be approved prior to settlement.
· Review all settlement and title insurance documents we provide in advance.
· Wired funds are required for any settlement costs due and we will provide you with the instructions to take to your bank. We strongly advise you read our “Beware of Wire Fraud” material to protect yourself and your money.
· Understand the financing package that is making your home purchase possible.
· Contact all appropriate utilities to have future bills sent to you.
· Bring a picture I.D. to settlement.
What is Title Insurance?
A title is the legal evidence, or right, that a person has to the ownership and possession of land and property. Title insurance is essential for homeowners because it’s possible that someone other than the seller has a legal right to the property you’re buying, or that there are errors in the property records. Some problems may remain undisclosed even after the most careful search of public records. These hidden “defects” threaten your right to the property you’re buying and sometimes aren’t discovered for months or even years after you purchase your home. You could be forced to spend substantial money on a legal defense to protect your rights and your property. Title insurance helps protect you against losses and defects and provides legal defense for coverage risks. The cost is paid only once and remains valid for as long as the property is owned by the insured.
A prior owner/seller used an expired Power of Attorney --- This would void the deed and the purchaser would not take priority
A prior owner/seller did not sign the deed --- This would be considered an invalid document
Life Estate Interest was not terminated --- This would allow the current resident the right to reside
Lack of Right Of Access --- There would be no legal description of the designated way to get to your land
Fraud or lack of notarized signatures --- This creates a null and void document
Undisclosed Heirs --- Heirs may be overlooked, or an heir thought to be deceased, may show up later to make a claim for his or her share of the property