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What does the term
“Title” mean?
The evidence that one has the right
to possess a specific parcel of land.
What is a Title company and what
do they do?
A title company determines who owns
real estate by searching and examining public and private land records
for the history of the property.
A title company identifies and works
to correct problems related to property ownership and then prepares
the title to be transferred.
A title company can provide escrow
services to disburse funds between all the parties involved in the real
estate transaction.
A title company acts as the business
administrator, handling the gathering, execution and recordation of
essential documents for all parties.
A title company then insures the
transaction. If a title problem occurs, then the problem is fixed or
a claim is paid.
What is Title Insurance?
Insurance against loss resulting
from defects of title to a specific parcel of real property.
Title to a real property obtained
by fraud or one which lacked elements necessary to transfer good title
Do I need Title
Insurance?
Absolutely! Title insurance is a
means of protecting yourself from financial loss in the event that problems
develop regarding the rights to ownership of your property. There may
be hidden title defects that even the most careful title search will
not reveal. In addition to protection from financial loss, title insurance
pays the cost of defending against any covered claim.
If my lender already requires
Title Insurance, won't that protect me? No. There are two types of
Title Insurance. Your lender likely will require that you purchase a
Lender's Policy. This policy only insures that the financial institution
has a valid, enforceable lien on the property. Most lenders require
this type of insurance, and typically require the borrower to pay for
it.
An Owner's Policy on the
other hand is designed to protect you from title defects that existed
prior to the issue date of your policy. Title troubles, such as improper
estate proceedings or pending legal action, could put your equity at
serious risk. If a valid claim is filed, in addition to financial loss
up to the face amount of the policy, your owner's title policy covers
the full cost of any legal defense of your title.
What happens if my home is protected
by title insurance and it's challenged?
You notify the title insurance company
and they defend the title, even if it goes to court. The title company
bears all expenses.
How much does Title Insurance
cost?
Costs vary based on the value of
the real property and the amount being mortgaged. No coverage
will be less than $300 for the cost of the policy and search.
Can Alliance Title & Trust
handle the closing?
Yes. We will collect necessary documents,
insure adherence to the lender's title instructions, make arrangements
for proper payment and distribution of funds, and submit documents to
the Recorders office for proper recordation. We are fully prepared to
work with you from the beginning of your transaction to the end.
Who pays for which expenses at
closing? Buyer
- Recording Fees -
Deeds & Mortgages - $15.00 for first $3,000.00
$1.00 each additional $1,000.00 plus $1.00 per page.
- State Documentary Stamp
Tax - 2 percent for properties valued up to $350,000; 2 ˝ percent
for properties valued from $350,001 TO 1 million; 3 percent for properties
valued from $1,000,001 TO $5 million; 3 ˝ percent for properties valued
over $5,000,001
- Survey – Variable,
depending on size of property
- Owner's Title Insurance
Policy - Based on the sales price
- Lender's Title Insurance
Policy - If issued simultaneously with Owner's Policy, $25.00
in most cases
- Refinances - Variable,
depending on production of Prior Owner's Title Insurance Policy
- Endorsements to Lender's
Policy - If required by Lender, $100.00 and up depending on type
of endorsement
- Title Search, Exam and
Closing Fee - Approximately $200.00
- Postage & Delivery
- If applicable, charged to the appropriate party
Seller
- Homeowners Dues –
on Condominium and Time share transactions
- Taxes - Current
year's real estate taxes are prorated as closing
- Tax Letter – Current
status of payment of taxes on real property being sold, $25.00
- Deed Attestation -
$20.00 up to 1 acre; $25.00 for 1 acre or over plus $10.00 per additional
acre
What items are needed at closing? Buyer
- Buyer's copy of purchase agreement
- Cashier's check for amount
needed to close
- Proof of purchase of insurance
for fire, casualty, etc.
- Photo identification (passport,
driver's license, or state-issued identification card)
Seller
- Seller's copy of purchase
agreement
- Any unrecorded instruments
that affect the title
- Proof of satisfaction of any
mechanics' liens, judgments, or mortgages that were paid prior to the
closing
- Photo identification (passport,
driver's license, or state-issued identification card)
Who attends a closing?
- Seller(s) (or representative)
- Real Estate Broker
- Buyer(s) (or representative)
- Bank Attorney
- Title Agent
How long does a closing last? Typically, no less than one hour
and no more than two.
If I wanted to purchase a property
in the continental US and could not attend the closing, could I use
Alliance Title & Trust to act as my closing agent?
Yes we can. For a nominal fee
with will handle your closing and insure that all documents and forwarded
to the Title Company or lender handling your transaction.
How many witnesses are needed
if a document is notarized in the Virgin Islands?
Two witnesses are required for documents notarized in the Virgin Islands.
For the continental United States, it depends on what laws that state
follows.
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What does the term
“Title” mean?
The evidence that one has the right
to possess a specific parcel of land.
What is a Title company and what
do they do?
A title company determines who owns
real estate by searching and examining public and private land records
for the history of the property.
A title company identifies and works
to correct problems related to property ownership and then prepares
the title to be transferred.
A title company can provide escrow
services to disburse funds between all the parties involved in the real
estate transaction.
A title company acts as the business
administrator, handling the gathering, execution and recordation of
essential documents for all parties.
A title company then insures the
transaction. If a title problem occurs, then the problem is fixed or
a claim is paid.
What is Title Insurance?
Insurance against loss resulting
from defects of title to a specific parcel of real property.
Title to a real property obtained
by fraud or one which lacked elements necessary to transfer good title
Do I need Title
Insurance?
Absolutely! Title insurance is a
means of protecting yourself from financial loss in the event that problems
develop regarding the rights to ownership of your property. There may
be hidden title defects that even the most careful title search will
not reveal. In addition to protection from financial loss, title insurance
pays the cost of defending against any covered claim.
If my lender already requires
Title Insurance, won't that protect me? No. There are two types of
Title Insurance. Your lender likely will require that you purchase a
Lender's Policy. This policy only insures that the financial institution
has a valid, enforceable lien on the property. Most lenders require
this type of insurance, and typically require the borrower to pay for
it.
An Owner's Policy on the
other hand is designed to protect you from title defects that existed
prior to the issue date of your policy. Title troubles, such as improper
estate proceedings or pending legal action, could put your equity at
serious risk. If a valid claim is filed, in addition to financial loss
up to the face amount of the policy, your owner's title policy covers
the full cost of any legal defense of your title.
What happens if my home is protected
by title insurance and it's challenged?
You notify the title insurance company
and they defend the title, even if it goes to court. The title company
bears all expenses.
How much does Title Insurance
cost?
Costs vary based on the value of
the real property and the amount being mortgaged. No coverage
will be less than $300 for the cost of the policy and search.
Can Alliance Title & Trust
handle the closing?
Yes. We will collect necessary documents,
insure adherence to the lender's title instructions, make arrangements
for proper payment and distribution of funds, and submit documents to
the Recorders office for proper recordation. We are fully prepared to
work with you from the beginning of your transaction to the end.
Who pays for which expenses at
closing? Buyer
- Recording Fees -
Deeds & Mortgages - $15.00 for first $3,000.00
$1.00 each additional $1,000.00 plus $1.00 per page.
- State Documentary Stamp
Tax - 2 percent for properties valued up to $350,000; 2 ˝ percent
for properties valued from $350,001 TO 1 million; 3 percent for properties
valued from $1,000,001 TO $5 million; 3 ˝ percent for properties valued
over $5,000,001
- Survey – Variable,
depending on size of property
- Owner's Title Insurance
Policy - Based on the sales price
- Lender's Title Insurance
Policy - If issued simultaneously with Owner's Policy, $25.00
in most cases
- Refinances - Variable,
depending on production of Prior Owner's Title Insurance Policy
- Endorsements to Lender's
Policy - If required by Lender, $100.00 and up depending on type
of endorsement
- Title Search, Exam and
Closing Fee - Approximately $200.00
- Postage & Delivery
- If applicable, charged to the appropriate party
Seller
- Homeowners Dues –
on Condominium and Time share transactions
- Taxes - Current
year's real estate taxes are prorated as closing
- Tax Letter – Current
status of payment of taxes on real property being sold, $25.00
- Deed Attestation -
$20.00 up to 1 acre; $25.00 for 1 acre or over plus $10.00 per additional
acre
What items are needed at closing? Buyer
- Buyer's copy of purchase agreement
- Cashier's check for amount
needed to close
- Proof of purchase of insurance
for fire, casualty, etc.
- Photo identification (passport,
driver's license, or state-issued identification card)
Seller
- Seller's copy of purchase
agreement
- Any unrecorded instruments
that affect the title
- Proof of satisfaction of any
mechanics' liens, judgments, or mortgages that were paid prior to the
closing
- Photo identification (passport,
driver's license, or state-issued identification card)
Who attends a closing?
- Seller(s) (or representative)
- Real Estate Broker
- Buyer(s) (or representative)
- Bank Attorney
- Title Agent
How long does a closing last? Typically, no less than one hour
and no more than two.
If I wanted to purchase a property
in the continental US and could not attend the closing, could I use
Alliance Title & Trust to act as my closing agent?
Yes we can. For a nominal fee
with will handle your closing and insure that all documents and forwarded
to the Title Company or lender handling your transaction.
How many witnesses are needed
if a document is notarized in the Virgin Islands?
Two witnesses are required for documents notarized in the Virgin Islands.
For the continental United States, it depends on what laws that state
follows.
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