Settlements Made Simple

Title insurance is a type of insurance that protects you and your lender from any potential financial loss related to a property’s title. It ensures that you have clear ownership of the property and that there are no outstanding liens, encumbrances, or other issues that could affect your ability to sell or use the property in the future. You need title insurance to provide protection and peace of mind when making one of the most significant investments of your life. It is typically required by lenders before they will provide financing for a property.

The length of the closing process can vary depending on a number of factors, such as the complexity of the transaction and the responsiveness of all parties involved. On average, a residential real estate closing can take between 30 to 60 days from the time the purchase contract is signed. However, it’s important to note that unexpected delays can arise and affect the timeline. At Advantage Settlement, Inc., our team works diligently to ensure a smooth and efficient closing process for our clients.

An escrow account is a secure holding account used to hold funds and important documents during a real estate transaction. It’s typically set up by a neutral third-party, such as a title company or escrow agent, and used to hold funds for the down payment, closing costs, and other fees until the transaction is complete. The escrow account helps to protect all parties involved in the transaction by ensuring that the terms of the sale are met before the funds are released. Once all the conditions of the sale have been met, the funds are disbursed from the escrow account to the appropriate parties.

It’s important to bring several items to your closing appointment, including:

1. A government-issued photo ID, such as a driver’s license or passport.
2. A cashier’s check or wire transfer for any funds you need to bring to closing.
3. Your homeowner’s insurance policy and proof of payment.
4. A copy of the purchase agreement and any other relevant documents.
5. Any additional documents or information requested by your escrow officer or lender.

It’s always a good idea to confirm with your escrow officer ahead of time to ensure you have all the necessary items for a smooth closing.

You have the right to choose your own title insurance company, but some lenders may require that you use a specific company or list of approved companies. It’s important to carefully review your loan documents and speak with your lender to understand their requirements and any potential implications for using a different title insurance company. Ultimately, the decision should be based on your own research and comfort level with the title insurance provider.