Frequently Asked Questions

It is up to the buyer to choose what title company they would like to use. Remember that the title company you choose can greatly influence your experience as well as whether a property sale/purchase will be successful or not. You can choose to use the seller’s title company if you wish. Knowing that your title company has years of experience and a knowledgeable, helpful staff can give peace of mind to your process.

The Seller and Buyer both pay fees to their respective title companies for the closing and title services provided by those companies. The fees mainly go for closing services and towards taxes, documents and other miscellaneous costs associated with clearing title and providing the title insurance policies.

Yes. If your buyer is financing the purchase of your home, a title company has to be involved. The reason is that mortgage lenders REQUIRE title insurance, which only title companies can provide. If you pay cash, you do have the option to opt out although it is never advised to go without title insurance. Remember, it is a one time fee, a small price to pay for insuring the biggest investment you’ll ever make.

Unlike a realtor or an attorney, the Buyer’s title company’s role is to represent the Buyer as it pertains to identifying issues pertaining to the status of title to the property, however that representation may not be exclusive as the Buyer’s title company will also be representing the Lender as it relates to matters of title and the closing services to be provided. The Buyer’s title company will need to follow the written instructions provided by the lender to close the transaction. Other documents that will need to be reviewed and followed include such documents as the Purchase Agreement (which is the agreement between Buyer and the Seller), underwriter and other legal guidelines.

The Seller’s title company represents the Seller as it pertains to the closing services provided but the scope of the limitation is limited to matters or instructions laid out in the Purchase Agreement and to dealing with any issues that are pointed out as Requirements in the title commitment prepared by the Buyer’s title company. Note that it is not uncommon for the Buyer and Seller to use the same title company.

Short answer: NO. No side agreements. When financing is involved, all agreements must be approved by the lender. Any agreement not officially approved by the lender could lead to allegations of mortgage fraud. Be sure to explain any and all situations so they can be properly included in the purchase agreement.
They have been with you from the beginning and the closing is the “Big Day” per se. They are here to support you by helping you with any last minute negotiating items or help you with any questions regarding your move-in. Remember, it is against the law for them to provide you with legal advice so it is best not to ask them legal questions.
Loan officers are there to assist with any last minute issues regarding the financing of your home. Some loan officers prefer to attend the closing and some feel they can best serve you from their office. Your loan officer is prohibited from providing you with legal advice.

In order for title to transfer over to the buyer, the seller needs to sign a document called a Deed. The Deed is a legal document that is drafted for the closing stating that the seller is transferring their interests in the property to the buyer. A common misconception is that the seller needs to bring their title to closing and then give it to the buyer. There is no such thing as a “title.” Another misconception is that the seller’s abstract of title is their title.

The abstract is merely a history of the recorded information pertaining to the property. The use of abstracts has greatly diminished due to the ability to gather the historical and public information online.

In general, closing costs average around 1-5% of the loan amount. Though, closing costs vary depending on the loan amount, mortgage type, and the area of the country where you’re buying or refinancing. Please use our online calculator for a rough estimate.