What is Title Insurance?
Title Insurance protects home owners from
past title transactions. e.g. a missed lien. Just like
home and life insurance protects you from future disasters,
Title Insurance protects you from past title discrepancies
that may cloud your clear ownership to the property.
Why
do I need Title Insurance?
To ensure that no one else has liens against your property
What
Are Closing Costs?
Closing costs are title insurance, deed preparation fees,
processing fees, lender fees and sometimes broker fees,
interest, insurance and tax escrows.
Title insurance, endorsements, recording fees and
transfer taxes are charged and regulated by state and local
governments.
Who
Pays for Closing Costs?
Both the buyers and the sellers have
their own set of closing cost, but can be negotiated between
the parties.
After I have signed all necessary papers, how long will it
take for me to get the keys to my new home?
Generally 1 - 2 days after the mortgage has been filed.
Contact your realtor.
After
all papers have been signed, how long will it take for me to
receive refinance funds?
About 4 business days. By Federal law, we have 3 days to
review all legal transactions. After the 3rd day, the
mortgage is filed and funds are disbursed.
My spouse is not on the title, do they have to sign?
Yes, Ohio has a dower right law in which spouses of title
holders are required to sign deeds to release their
interest. For refinances the lender requires spouses to
sign certain mortgage documents.
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