Title Insurance and Closing
Who chooses the title company?
As the Buyer, you do! The Buyer has the right to choose any Closing Agent he would like to work with.
You are not obligated to accept the recommendation of others; it is your choice.
- The Title is the document that verifies your Legal Right to your new home.
- (also called the Settlement) usually takes place at a title company.
Your EWM Sales Associate can help coordinate a convenient date for you and the Seller.
Understanding Title Insurance
There are two kinds of title insurance. 1) A lender's title policy and, 2) an owner's title policy. To protect their interest in your property, mortgage lenders require buyers to purchase a lender's title policy. But a lender's title policy doesn't protect your interest as the homeowner. For this you need an owner's title policy. Title insurance is an insurance policy that protects you against financial losses should your rights and interests in your property be challenged by someone else's claim of ownership or use. It indemnifies you against loss or damage resulting from defects, liens, or encumbrances in title arising from events that took place prior to your ownership. Title Insurance will pay the cost of defending you against a covered claim--it pays for all court costs and related fees--and it insures you against financial loss. If a claim is found to be valid, your actual loss--up to the face amount of the policy--is covered.
Title Insurance Protects You Against
- Forgeries within the recorded documents
- Lack of competency, capacity, or legal authority of a party
- Misrepresentation of marital status
- Deed not joined in by a necessary party (co-owner, heir, spouse, or corporate officer)
- Undisclosed (but recorded) prior mortgage or lien
- Undisclosed (but recorded) easement or use restriction
- Erroneous or inadequate legal descriptions
- Lack of a right of access, and
- Deed not properly recorded.
What to Expect at Closing
Many people may attend the closing: you, your EWM Sales Associate, the seller (or builder) and their real estate agent, and an escrow agent (closer) from the title company. During the meeting, which usually takes an hour, you and the seller will review all of the relevant closing papers, many of which you'll sign. Then, after providing a cashier's or certified check for the down payment and closing costs, the keys are passed to you and the house is yours!
What to Bring to Closing
In the rush of excitement of owning a new home, don't forget to bring these following items with you:
- If more than one Owner/Seller is named on your Warranty Deed, all owners must attend and bring ID
- Photo ID (plus 1 other form of identification) or appropriate documentation for all signatories (passport, driver's license or State ID card)
- Seller's copy of the Sales Contract
- Any unrecorded instruments that affect the title
- Your Home Warranty Information/Policy, if applicable
- Copy of repair bills (paid/unpaid), if applicable
- Proof of satisfaction of any mechanic's liens, mortgages, judgments, or mortgages that were paid prior to the Closing
- Invoices for any unpaid taxes, assessments
- Cashier's Check for any unpaid potion of prorated HOA special assessments, fines, rent payments, or maintenance fees, up to the closing date.
- Any items you wish to pass on to the Buyer such as: association payment coupons, warranties, etc.
- Keys and garage door opener(s)
If you are looking for a Title Company with an impeccable reputation, experience, attention to detail, and attentive, friendly service, you'll be in good company choosing EWM Title; trusted by South Floridians since 1962.