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Closing / Settlement
A. Each party needs to provide official photo-ID (e.g. drivers license or passport). If you are required to bring funds to the settlement they should be in the form of a cashiers check or wire transfer (made payable to Kansas Secured Title~Shawnee).
A. Usually settlement will take about one hour for a sale, and 40 minutes for a refinance, but this can vary. A.This is a summary
of the financial portion of the real estate transaction. The HUD
lists the purchase price, loan amount and closing costs for both
buyer and seller and show all pro-rations and sums to be disbursed
by the title company to all parties. Titles and Title Searches A. Title is the owner's right(s) to possess and use real property. A. Unlike buying a car or television, land title is permanent. While the function of most other forms of insurance is to protect you against losses arising out of unforeseen future events, the primary purpose of title insurance is to eliminate risks and prevent losses caused by past events. A. Based on a search of the public records, a title search determines a property owner's rights. This search includes court, property and tax records. Additionally, the sellers right to transfer ownership is verified, along with claims, defects or other rights that may affect the property. A. Examples would
be: unpaid taxes, unsatisfied mortgages, judgments against the seller
and restrictions on the land. Title Insurance A. Title insurance is a contract to indemnify against losses arising through defects in the title to real estate. A. Some of the
most common problems covered include: A. No. A deed is simply a document transferring the right of ownership, whatever that right may be. For example, the property may have changed hands many times since the deed was issued. In addition, liens and claims outstanding against the title won't be shown on a deed. A. Yes - Any number of events could occur in a year which could affect a property's title. A. Lender's Policy and an Owner's Policy. The Lenders policy is usually a condition of the loan and protects the mortgage lender's security interest in the property up to the value of the policy. The owner's policy covers the purchase price of the property and protects the interest of the real estate owner. When purchasing a property where you are also creating a mortgage, the Owner's & Lender's Policies are issued simultaneously. The title premium is based on the greater of the purchase price or the mortgage amount. You will need both types of coverage A. You are covered
for as long as you or your heirs own the property. Even though the
property may be sold, you may still have a legal obligation by virtue
of the warranties in the deed conveying the property. The policy
insuring you would still be in effect. Post Closing A. After settlement,
the buyers and sellers job is over. However, Kansas Secured Title
will continue working in order to: |