FREQUENTLY ASKED QUESTIONS

A title search is an examination process of public records in order to verify the legal ownership of a property and identify any issues that may affect it such as liens, claims, or encumbrances. It will ensure that the title can be legally transferred to a new owner.

It is necessary to corroborate that the property's title being purchased is clear and free from any issues that may affect the ownership. It will protect buyers and lenders from possible legal disputes, financial liabilities, or ownership issues that may appear in the future after the purchase.

It may vary depending on the location, complexity of its history, and efficiency of the local recording office. Usually, it can take from a few days to weeks.

When a property is financed, bought or sold, a record of that transaction is generally filed in public archives. Likewise, records of other events that may affect the ownership of a property, like liens or levies, are also archived. When you buy title insurance for your property, a title company searches these records to find - and remedy, if possible - several types of ownership issues. First, the title company searches public records to determine the property's ownership status. After this search, the underwriter will determine the insurability of the title. Even the most skilled title professionals may not find all problems associated with a property, though. Some risks, such as title issues due to filing errors, forgeries, or undisclosed heirs, are difficult to identify. So after the title company finishes its searching, it also provides a title insurance policy that will help protect you from a variety of issues that might be uncovered later. If you take out a mortgage loan when you buy your property, your lender will require a loan policy of title insurance. This protects the lender's interest in your property until your loan is paid off or refinanced. On the other hand, an owner's policy of title insurance insures your ownership rights to the property. Even though you'll pay for this policy only once, your coverage will last as long as you own your property. When you buy an owner's policy of title insurance, just think of it as buying some peace of mind!

While not legally required, title insurance is highly recommended. It provides protection against potential legal claims or disputes over the property's ownership, giving peace of mind to both buyers and lenders. Lenders typically require a title insurance policy to protect their investment in the property.

The cost of title insurance varies based on the property's value, location, and the specifics of the transaction. On average, it can range from 0.5% to 1% of the purchase price of the property.

A real estate closing is the final step in the property transaction process, where the buyer and seller sign the necessary documents to transfer ownership. During the closing, the buyer pays the purchase price, and the seller delivers the deed. It's also the time when any outstanding financial obligations, such as open mortgages, property taxes or utility bills, are settled. Contract items are also completed at this time such as a surveys, termite contracts and home warranties are delivered. Your closing attorney will go over all of these items in detail with both parties starting with the Closing Disclosure which itemizes all prorations and fees.

A real estate closing typically takes 1 hour to complete. However, the entire process leading up to the closing, including negotiations, inspections, and securing financing, can take 30 to 60 days or longer, depending on the complexity of the transaction.

At a real estate closing, you generally need to bring:

• A valid photo ID (driver's license or passport that is unexpired)
• The payment for closing costs and the down payment (usually via cashier's check made payable to David P. Condon, P.C. or wire transfer)
• Any required documents, such as a power of attorney, if applicable