What do I need to bring to closing?

Two forms of identification are needed for the closing in most circumstances. Acceptable forms of identification are a driver’s license, passport or a state issued id card.

What type of funds are acceptable for closing?

Depending on the amount shown on the Settlement Statement we can accept funds in the following ways: If cash to close is less than $1,000.00 a personal check is acceptable. If cash to close is $1,000.00 – $9,999.99 a certified check made payable to Ivy Pointe Title is acceptable. If cash to close is $10,000.00 or more, the funds must be wired to our company prior to closing.

What is a title exam?

Title examination is a close examination of all public records that affect the title to the real estate you are purchasing. The search involves reviewing past deeds, wills, and trusts to make sure the title is passed correctly to each new owner.

What is an HOA status letter?

The status letter is ordered by the closer three to four weeks before the closing. It gives the closer a written status of how much the dues are for the property, when they are charged, current standing of payment, and the balance of any outstanding amounts the title company needs to collect at closing.

What is “cash to close?”

Cash to close is the amount of money you need to bring to the closing, which will include your closing costs, any down payment, and escrows for property taxes and homeowner’s insurance. Your loan officer should be able to explain the differences to you and also provide a breakdown of the estimated total amount.

What is tax proration?

Property tax proration is dividing property taxes evenly between the buyer and the seller. Sellers will take responsibility for the property taxes up until the day the property is officially sold. The buyer takes on the property taxes from the day the purchase is final.

What is Lender Title Insurance?

Lender’s title insurance protects your lender against problems with the title to your property-such as someone with a legal claim against the home. Lender’s title insurance only protects the lender against problems with the title. To protect yourself, you may want to purchase owner’s title insurance.

What is Owners Title Insurance?

An owners’ policy is issued in the amount of the real estate purchase. It last as long as the owner has an interest in the property. Should a title problem arise like error or omissions in the deed, recording mistakes, forgery and/or issues with unidentified heirs to the property, the tile insurer will stand behind the owner – monetarily and with legal defense if needed – to protect the owners interest.