What happens at closing?
The closing is where ownership of the home is officially transferred from the seller to you. Your closing officer works for the title company and coordinates the document signing and the collection and disbursement of funds. Your main role at the closing is to review and sign the documents related to the mortgage loan and to pay the closing costs. Most parties involved with the purchase of your new home will attend your closing. The closing is a formal meeting typically attended by the buyer(s) and the seller(s) (and their attorneys if they have one), both real estate sales professionals, and, of course, the closing officer. The meeting is typically held at the title company's office.

What to bring to closing?
For things to go smoothly, each party should bring certain documents and be prepared to pay the necessary fees. Closing costs must be paid by certified check. Find out to whom checks should be made payable. In some cases, the seller or his attorney may be responsible for preparing and bringing the deed and other documents to closing. This can include the property insurance policy, termite inspection, documents showing the removal of liens and a bill of sale for personal property. Make sure you have adequate funds for the down payment and other settlement costs. Bring the loan commitment, inform the lender of the meeting time and place and have your driver's license ready as proof of identity. Finally, it's a good idea to bring a copy of the purchase contract to refresh your memory.

Why do I need title insurance?
Even though a title search may be extensive and exacting, the possibility of "hidden risk" remain. This is where LandAmerica's expertise comes in. Records may not reflect claims of missing heirs, false impersonations, forgeries, improperly probated wills or clerical errors in recording legal documents. Through LandAmerica's extensive network of available information, we can locate these hidden risk. But the risks don't stop there. Confusion due to similar or identical names, deeds executed under expired or false powers of attorney, unsatisfied claims not shown on the records and mistaken interpretation of wills and trusts are just a few more of the hidden risks that make the purchase of title insurance and a thorough title search a most prudent one-time investment.

How do you obtain title insurance and what does it cost?
Simply inform the title company, attorney or agent handling the closing of your property that you want to purchase an Owner's Title Insurance Policy. In most states, the premiums for the title insurance policies are regulated by the state insurance commission or some other governmental body. You only pay the premium once. The cost depends upon the purchase price of the property, and your policy amount must be equal to the purchase price. Your closing agent will quote you that price either upon your inquiry or at the time of closing.

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