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Are there different timelines or types of closings?
Attorneys Preferred Title, Inc.,
can close real estate transactions in as little ass (48)
hours, but on average, most contracts provide for closings
within approximately (30) days. In addition, if you are
getting financing, we will coordinate the timing with your
lender.
If you are buying a “short sale”, which is when the seller’s
lender agrees to accept an amount less than what is due on
the seller’s loan(s); the timing for closing is dependent on
the timing of the seller’s lender’s approval. Lenders can
take on average (90) days or longer when approving short
sales. Again, we will ensure that you are always kept
apprised of the process. We pride ourselves on having the
strongest ‘Short Sale Specialists’, who are dedicated
professionals that are highly motivated to facilitate
communications between all parties and lender(s) in order to
obtain the Short Sale Approval.
Many times when a bank is selling a “foreclosure” or REO
property, if they are paying the title insurance, they will
require that you use their title company/law office. Check
whether you can select us to handle your purchase of a
foreclosed/REO property.
Attorneys Preferred Title, Inc.
handles regular purchase transactions, “short sales’,
foreclosures/REO’s, vacant land, new construction, mobile
home, residential, commercial and refinance transactions.
What are the closing costs?
Attorneys Preferred Title charges a ‘Settlement Service Fee’
(only) and the cost of the title insurance, which is State
regulated and dependent on the purchase price. (Click
Here To See Our Rate Chart). If you are getting
financing, you will also have to pay some additional costs
for the Lender’s Title Insurance Policy and Endorsements.
In addition, there are some additional fees that you will
have to pay that are not our charges but are needed for the
closings (e.g., survey, recording fees, lender fees, Doc
Stamps and Intangible Tax, if you are getting financing,
etc.). If you are getting financing, we will work closely
with your mortgage broker/lender, which will provide you
with a ‘Good Faith Estimate’.
What do I bring to the closing?
U.S. buyers and sellers need to bring valid, unexpired
driver’s license or a government issued photo ID. Foreign
buyers and sellers must bring their valid, unexpired
passports. Our Escrow Agent will give you the exact
cash-to-close amount that you will have to bring to the
closing. All payments must be in the form of a cashier’s
check, payable to Attorneys Preferred Title.
Please remember that when you are getting financing, we can
only provide the exact cash-to-close after we have gotten
your lender’s mortgage documents and figures. This is often
not provided to us until a day before closing.
When and where is the closing?
We will contact all the parties involved in the transaction
to confirm the agreed date, time and place of the closing.
The exact time is sometimes difficult to determine more than
(24 - 48) hours prior to closing, as we need to have
confirmation of when your mortgage documents and lender’s
funding will be available.
We encourage all parties to come to our office, but we will
be happy to accommodate closings at a different location.
Should you be out-of-town for the closing, we will be happy
to mail away your documents, with signing, notary and return
instructions enclosed for your convenience.
What will happen at the closing and after?
Buyers and Sellers will exchange the keys, once the proceeds
have been issued to the seller at the closing table. After
the closing the Seller will receive by mail, the recorded
documents and the Title Insurance Policy, within
approximately (6 to 8) weeks.
What does title insurance protect against?
The following are just a few of the most common hidden risks
that can cause loss of title or create an encumbrance on a
title:
Creditor Claims
False Impersonation of the True Owner of the Property
Forged Deeds
Releases or Wills
Undisclosed or Missing Heirs
Instruments Executed Under an Invalid or Expired
Power-of-Attorney
Mistakes in Recording Documents
Misinterpretations of Wills
Deeds Signed by People of Unsound Mind
Incorrect Representation of Marital Status
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Liens for Unpaid Taxes
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Incorrect Legal Descriptions
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Deeds delivered after Death of Grantor or Grantee, or
Without Consent of Grantor |
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