Frequently Asked Questions
What is title insurance?
Title insurance insures owners of real property, or lenders using real property as collateral, against loss arising out of defective or invalid titles and the existence of other liens or other legal claims against title to real property.
How much is title insurance?
Certain factors will affect how much your title insurance policy will cost. These include the state in which property is located, the cost of the property and the type of transaction. Typically, fees are as follows:
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$5.75 per thousand for up to $100,000 of liability
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Additional $5.00 per thousand between $100,000 to $1,000,000 of liability
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Additional $2.50 per thousand between $1,000,000 to $5,000,000 of liability
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Additional $2.25 per thousand between $5,000,000 to $10,000,000 of liability
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Additional $2.00 per thousand dollars over $10,000,000 of liability
Use our Title Quote feature at the bottom right of your screen to obtain an estimate which includes our closing costs.
For specificity, utilize this calculator: https://ratecalculator.fnf.com/
I am considering closing with you, how much do you charge?
Every transaction is different; however, hover over our Title Quote feature on the bottom right of your screen to obtain a quote. This estimate will include title insurance and average closing costs. For more accuracy, reach out to us with specific details pertaining to your transaction.
Which party chooses the title company and who pays for title insurance?
The right to choose the title company lies with the parties. The selection clause will be found in the purchase and sale contract. Typically, the party that choose the title company pays for the title insurance.
In refinances, the owner/borrower chooses the title company.
Is title insurance required?
Good question. Many, if not all, lenders will require title insurance. Title insurance protects the lender’s investment (loan) in the event an issue on title should arise. Title insurance also protects the owner in the event an issue on title should arise.
What kind of title issues can arise?
There are many different types of issues that could affect title. For example, if a fraudulent transfer of title to the property occurred prior to your ownership, this would result in a claim on title. Another example would be a bill that was not paid by prior owner and/or the title/closing agent during the transfer that later attaches as a lien to the property.
Why do I need a title agent to close my transaction?
Title insurance companies (insurers) are not permitted to sell insurance directly to the public. Insurance is obtained through an agent (such as ourselves) who will issue the title policy on behalf of the insurer.
How long does the closing process take?
This depends on the details of the transaction but we will answer this as best we could.
Cash purchases typically close faster than the loan purchase transaction. This is because there aren’t any lender requirements affecting the pace of the closing. Assuming a simple cash transactions on a property with no title issues, no mortgages, no HOA, a cash transaction may very well close within the week.
When a property possesses mortgages, a homeowner’s association, or title issues, this could delay this timeframe depending on how long it takes the mortgage company, the HOA to provide documentation needed for closing. Clearing title issues can also delay closing time.
Loan transactions (including refinances) will close when the bank is ready to close. Some lenders can close within 2 weeks and other may take a month. Title’s role in loan transactions is to make sure everything on the title side is ready so that we can close when the bank is ready. It is important to choose a diligent and reputable mortgage broker/lender.
What does the closing process entail?
A fully executed contract, first and foremost (or a title order in the case of a Refinance). Title will review this contract and create a plan based on the timeframes set forth in the contract. Upon review, the parties will receive a Real Estate Information Sheet setting forth the important deadlines and access to the portal. Title will perform title search, lien search on all transactions. Transactions may or may not require a survey (drawing of the property lines) and estoppels (tenant estoppel and/or association estoppels), all of which are ordered by title as well.
If Lender is involved, Title will provide the lender with necessary documents and when lender is getting toward the finish line, Title and Lender begin the balancing process (this is when Title and Lender share fees and check the other’s calculations in an effort to reach a perfectly matched closing statement).
Title then provides the final closing statement to the parties for review. The Buyer/Lender need also send Title the funds to close and then Title will coordinate the closing for both parties.
Once all closing documents have been signed (and lender gives the okay to disburse if loan is involved), Title disburses the funds and provides fully executed copies of the documents to the parties.
Title then needs to reconcile and finalize the insurance policies. The original title insurance policies are sent to the Lender (if applicable) and the new owner a couple of within 2-3 weeks after closing.
How do I place an order with your office?
First, thank you for your trust in us. Anyone can place an order by clicking on the Order Title tab on the upper righthand corner of the screen.
What is the status of my closing?
Login to the the e-Closing portal to access the status of your transaction. The e-Closing portal can be found in our Resources tab on the main menu. If you do not find what you are looking for, please call our office and ask for the closer.