What is a title?
The rights of ownership and possession of a particular property, and the document that shows evidence that one has of ownership of that property.
What is title insurance?
Insurance that protects the policyholder against financial losses resulting from problems with the title. There are two types of title insurance policies:
- Owner’s Policy: A title insurance policy issued to a property’s owner providing protection to the owner. It protects the owner against the inability to sell the property due to title problems, and against any litigation by claims of others regarding your ownership of the property.
- Loan Policy: Also known as a Mortgage Policy, this is a title insurance policy issued to the lender. It protects the lender for the amount of the mortgage on the property.
Why do I need title insurance?
To protect you against problems with the title that you did not know about when you purchased the home. Some examples of title defects are; open mortgages, real property taxes, court judgments, liens, forgery, clerical errors at the courthouse, or impersonation.
What is a closing?
Also known as a settlement, the final step for the seller and the buyer in a real estate transaction, at which documents are executed and funds are disbursed in accordance with the terms of the contract or loan commitment.
Where will my closing be?
Most closings occur in our office in Fort Lauderdale. However, we are willing to travel throughout the tri-county area to accommodate buyers and sellers. Harbor Title can conduct closings in your home, business or other convenient location.
Do I need to be present at my closing?
If either the buyer or seller are unable to physically attend the closing, Harbor Title can make arrangements to email or deliver all documents to you. We will coordinate with a mobile closer to come and sign with you on your behalf.
What do I need to bring to my closing?
All borrowers, buyers and sellers need to bring picture identification. If you are buying and signing loan documents it is recommended that you bring an additional form of identification, such as a social security card.
Why choose a real estate attorney to conduct your closing?
A real estate attorney is trained in the complexities of real estate law and can offer the following services: negotiate contracts on your behalf, give you legal advice, explain the meaning of the documents you will be asked to sign at closing, and resolve title issues.
What do I need to submit to a bank to qualify for a short sale?
You will need two years of tax returns, two months of bank statements, two months of proof of income, hardship letter and a monthly expense report showing income vs. expenses. Document collection varies depending on the lender. Contact our office for the most up-to-date information regarding a short sale of your property.