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A: Title insurance is a policy of insurance that insures an owner or a lender against defects in title The information provided to a prospective purchaser or lender is valuable in that it discloses who has a right to a use or interest in the property other than the seller and the nature of that right. A purchaser should always protect their equitable interest in the real estate with an owner's title insurance policy no matter what the lender requires for its loan. Q: WHAT RECORDS DO YOU HAVE TO SEARCH TO ISSUE TITLE INSURANCE? A: Research includes all public records pertaining to real estate or liens on real estate which are found in the recorder's office, where transactions are made a matter of public record, in the county and city real estate tax records, in the circuit court records, in the probate court records, and where appropriate, the federal court records. Q: WHAT DOES TITLE INSURANCE COST? A: Missouri has rates that are filed with the
Missouri Department
of Insurance which regulate premium to be charged for a title insurance policy.
In many
areas of Missouri, search and examination of title and title A: We can get orders completely closed with a five day turn around if all other parties in the transaction are cooperative. However, we generally see a 10 day turn around from the date the title work is ordered through closing, depending upon the demand of the lender. We can provide title information as needed in a matter of hours. Q: WHAT KIND OF INFORMATION DO YOU NEED? A: We can use a tax parcel ID number, street address, or subdivision reference. On rural land, we prefer a copy of the legal description taken from the deed, deed of trust, or prior title insurance policy because addresses frequently do not help. The basic information as to full names of parties, federal identification numbers, address of the parties, telephone numbers, agents or brokers involved, attorney's name if one is used, and existing mortgage information is needed early in the process. Q: WHEN IS THE BEST TIME TO CLOSE A TRANSACTION? A: Avoid the end of the month if possible for your scheduling because of the volume. It is just not true that closing at the end of the month saves you money in interest. At times, because of the pressure and volume, closing at the end of the month may cost you more in fees and time. Ask for a discount if you close in the middle of the week and avoid the end of the month during regular business hours. Q: DO WE HAVE TO BE PRESENT AT CLOSING? A: Having all parties present at closing is preferred so that you have ample opportunity to ask questions about the documents you are required to sign. You may close by mail or at another location. In this day and age, transactions can be completed virtually anywhere, but may take some planning to close outside the title company or lender's office. back to the topQ: WHY DO I NEED A SETTLEMENT COMPANY? A: Buying a home can be both exciting and overwhelming. A settlement company performs a variety of functions necessary when a home is bought. Our services include ensuring that you understand the status of your title to your new property, reviewing and explaining all the settlement documents to the buyer and seller, and obtaining all required signatures; paying off and obtaining all releases of any existing mortgages or liens; recording all necessary documents in the appropriate county land records, and insuring that settlement occurs in accordance with the terms and conditions of the contract of sale and instructions from the lender. Q: STILL HAVE UNANSWERED QUESTIONS? A: Please feel free to contact us. |
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