Buyer: Frequently Asked Questions
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How do I schedule an appointment for closing?
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Answer: Contact your REALTOR® and he or she will be in touch with the title company closer to schedule the appointment. You will receive a notification of your scheduled closing time.
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How long will my closing appointment be?
| Answer: Closings generally take about an hour |
What can I expect during my closing or pre-sign appointment?
Answer:
1) Any final lender requirements will be met.
2) Final Settlement statement will be reviewed and signed
3)Closing documents will be reviewed, signed and notarized
4) Owner’s title policy may be purchased – Understanding Title
5) Information on homesteading your property will be provided
6) Funds will be collected and disbursed
7) Keys, garage door opener(s) and other property information will be exchanged |
What do I need to bring to my closing appointment?
How do I find out how much money I need to bring to closing?
| Answer: Contact your loan officer or real estate agent for an estimate of your closing costs. A preliminary HUD settlement statement will be sent to them before closing for their review. In addition, you may inspect your preliminary HUD settlement statement one day prior to closing by contacting your closer. |
What type of funds can I bring to closing?
| Answer: Cashier’s or certified check payable to you for the amount due. A wire transfer can also be sent from your bank into our account. For wiring instructions, click here |
What can I do if I can’t attend the scheduled appointment?
| Answer: Contact your REALTOR® or title closer and ask them about pre-signing your documents using the Closing Express process. To learn more about Closing Express, click on Unique Products. |
I am not sure where my closing appointment is or how to get there?
What do I need to do prior to closing?
Answer:
1) Comply with all lender requirements for approval for your new loan
2) Obtain Homeowner’s (Hazard) Insurance. For information about Edina Realty Insurance, click here
3) Contact utility companies to arrange for disconnection.
4) Contact your REALTOR® or title closer with further questions |
Why should I buy a title owner’s policy?
Answer: Edina Realty Title usually issues the Advantage Policy. There are many benefits to purchasing an owner’s policy, but just to name a few:
1) Protection against mechanics' liens
2) Protection against liens or other encumbrances recorded in the"gap"period
3) Some protection against matters that might only be disclosed by a survey
4) Sudden appearance of unknown heirs
5) Discovery of forgery, fraud, or impersonation
6) Evidence of altered deeds
7) Unfiled or defective legal documents
8) Liens for unpaid taxes or assessments
http://www.alta.org/press/curative_action.pdf |
Who orders title work? How quickly can we close?
| Answer: The lender or loan officer orders title work on a property, and the title company cannot begin work on title insurance until that order is received. Typical turn around time ranges between 3 and 5 days from start to finish, depending on the location of the property. A rush file can be completed in as little as 1-2 days depending on the amount of information and title evidence we have at the time the order is submitted. |
What is title insurance?
What do I do if I need an additional copy of my settlement statement after closing?
| Answer: Obtain a copy of your settlement statement through HomeDocs or contact your REALTOR®. |
When do I get a copy of my title?
Answer: Real estate is transferred by a deed. You received a copy of your deed at closing. After the deed is recorded with the county land records, you will receive a copy of the recorded deed after closing with a copy of your Owner’s Title Insurance Polity, if purchased by you. You receive this information several months after closing.
You may also obtain a copy through HomeDocs. |
I have a problem with the title to my property. Does my title insurance protect me?
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Answer: If you purchased an owner’s title insurance policy you may be covered. The policy identifies covered title matters and matters that are not covered. If you closed with another title company, please contact their customer service department for instructions, or follow the steps as shown in your policy.
If you closed with Edina Realty Title, please call 952-928-5200 and ask to be directed to our Claims Department for information. If you think you have a covered title claim, you may also complete the New Claim Transmittal Form and follow the directions therein. All policy coverage determinations will be made by the underwriter as outlined by your title insurance policy.
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I received a title commitment from Edina Realty Title in the mail and
I am not sure what I need to take care of or what I need to do with it?
| Answer: The commitment for title insurance that you received is a "promise to insure title". Your closer or real estate agent will satisfy the requirements listed, or will work with you if necessary. |
What is the difference between joint tenants and tenants in common?
| Answer: Black’s Law Dictionary includes language in its definition of Joint Tenancy as follows:
“Type of ownership of real or personal property by two or more persons in which each owns an undivided interest in the whole and attached to which is the right of survivorship.”
This means that because the whole of the property is already owned by all of the joint tenants, that title does not need to pass through probate in the event of the death of one of the joint tenants.
Tenancy in common is defined by Black’s Law Dictionary as “A form of ownership whereby each tenant (i.e. owner) holds an undivided interest in the property. Unlike a joint tenancy … the interest of a tenant in common does not terminate upon his or her prior death (i.e. there is no right of survivorship.)”
Upon the death of a tenant in common, the interest of the owner passes to the estate or the heirs of the owner and the probate process is required to determine the ownership after death.
It is recommended that you consult with a lawyer for any advice as to which form of ownership is best for your situation
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