What is title insurance?

Lender’s title insurance protects the lender’s interest in your property until your loan is paid off or refinanced. Lender’s title insurance is required by lenders and the premium is paid at the closing. 

What is owner’s title insurance?

Owner’s Title Insurance protects an owner from defects in title existing at the time of closing that are not discovered through title examination. If you are purchasing a home, we highly recommend that you obtain owner’s title insurance.

What is a home inspection?

A home inspection is an opportunity for you to hire an expert to walk through the home and prepare a report that outlines the home’s major components, their current condition, what needs immediate attention and what will require maintenance after you move in. If you are purchasing a home, we highly recommend that you obtain a home inspection.

Why is my loan payoff more than the amount listed on my most recent loan statement?

Mortgages are paid in arrears, which means your monthly statement reflects the payments made for the previous month. Your payoff amount will include the principal balance shown on your loan statement plus any interest accrued during the month in which closing occurs. 

After closing, what happens to the money my lender was holding in escrow to pay my taxes or insurance premiums

Once your lender receives and processes the payoff, your lender will forward you the balance remaining in your escrow account.

How long will my closing take?

At Real Estate Closing Attorneys, we strive to make the closing process as quick and enjoyable as possible. While no two closings are alike, most closings take about an hour.

What if my driver’s license is lost or expired and I don’t have a passport?

The identity of borrowers and sellers must be verified through a current government issued photo ID. If your license is lost or expired, you will need to obtain a new or updated license.

What should I do if I am going to be out of the country at the time of closing?

If you are unable to attend your closing, please let us know whether you will be executing a Power of Attorney designating an Attorney-in-Fact to attend the closing and sign on your behalf.

What is a survey and should I get one?

A survey is a certified map of your property from a licensed surveyor. The survey will provide the boundaries of your property, the exact location of the home, improvements and the existence and location of any easements. If you are purchasing a home, we highly recommend that you obtain a survey.