Choice Settlement Group Blog

​Buying a home is an exciting and emotional time for many people. To help you buy your home with more confidence, make sure you get owner's title insurance. HERE'S WHY IT'S SO IMPORTANT FOR YOU:

1 PROTECTS YOUR LARGEST INVESTMENT

A home is probably the single largest investment Owner's title insurance is a one-you will make in your life. You insure everything else that's valuable to you—your life, car, health, pets, etc., so why not your largest investment? For a one-time fee, owner's title insurance protects your property rights for as long as you own your home.

2 REDUCES YOUR RISKIf you're buying a home, there are many hidden issues that may pop up only after you purchase your home. Getting an owner's title insurance policy is the best way to protect yourself from unforeseen title discrepancies. Don't think it will happen to you? Think again. Title claims can include:

outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxespending legal action against the property that could affect youan unknown heir of a previous owner who is claiming ownership of the property

 

3 YOU CAN'T BEAT THE VALUEOwner's title insurance is a onetime fee that's very low relative to the value it provides. It typically costs around 0.5% of the home's purchase price.

Whether you are purchasing a home or selling a house, knowing what to expect and being prepared at the"closing" can help eliminate stress and result in a pleasant experience. We understand how important thistransaction is to you, and we are committed to consistently providing a level of service that prepares you for this final step in your real estate transaction. 

Although the settlement process can vary from state-to-state, here are some common items that may be required from you at closing and can help your closing go as smoothly and quickly as possible. 

VALID PHOTO IDENTIFICATIONTwo forms of identification are typically required at closing, including one of the following:-- Valid U.S. Driver's License or non-driver I.D.-- Valid Canadian or Mexican Driver's License issued by the Official Agency-- Current United States or Foreign Passport Foreign Passport must have been stamped by U.S. Immigration and Naturalized Service

CASHIER'S CHECK, TREASURER'S CHECK, OR WIRE TRANSFERIn the event you are required to bring funds to closing, we cannot accept personal checks or cash. If you prefer to wire your funds, please contact us for bank routing instructions.

If you will be bringing a proceeds check from another settlement, please contact us to verify the acceptance of those funds - we do not automatically accept all checks.

Determining how to take title to your property is a major decision with legal ramifications that may impact you and/or your heirs. The methods of owning real estate are determined by state law and you should consult with with an attorney or accountant to determine the most advantageous form of ownership for your state-specific situation.

Sole Ownership Ownership by an individual or entity legally capable of acquiring title.

Community PropertyA form of ownership where spouses or domestic partners own equal interest

Tenancy by the EntiretyOwnership by married persons where each owns the entire estate, with the survivor taking the whole upon the other's death.

Tenancy in CommonAn estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners.