WHAT IS A CLOSING?
In a purchase, a closing is when the parties meet to sign all papers needed to transfer title of the property from the seller to the buyer. In a refinance, a closing is when the borrower signs the papers needed to put the new loan into effect.
WHERE WILL MY CLOSING BE?
Most closings handled by Sovereign Shores Title Company are held in our office in Jupiter or in our office in Palm Beach Gardens.
DO I NEED TO BE PRESENT AT THE CLOSING?
If you are unable to attend the closing, Sovereign Shores Title Company can make arrangements to send all of the papers to you by courier. Many times, Sovereign Shores Title Company conducts closings for people who are outside of Florida. All of the papers will be sent with detailed instructions about how to complete each document. After you sign all of the papers, you can send them back to Sovereign Shores Title Company in the return envelope that we provide.
WHAT DO I NEED TO BRING TO THE CLOSING?
All borrowers, buyers and sellers need to bring some form of picture identification. A driver’s license or passport is fine. For a buyer, it’s always a good idea to bring another form of identification as well, such as a Social Security card.
WHY DO I NEED TITLE INSURANCE?
For most people, a real estate closing is the biggest financial transaction of their lives. Title insurance is assurance that you will be the owner of the property you purchase. Title insurance protects you from any claims made against your ownership after you buy the property.
DO I HAVE TO RENEW MY TITLE INSURANCE COVERAGE EACH YEAR?
No. Title insurance provides coverage for an unlimited period of time for one payment. Unlike homeowners insurance or automobile insurance, title insurance does not have to be renewed every year.
I AM REFINANCING MY LOAN. I RECEIVED A TITLE INSURANCE POLICY WHEN I BOUGHT MY PROPERTY. WHY IS MY NEW LENDER REQUIRING ANOTHER TITLE INSURANCE POLICY?
When you purchased your property, you received an “owner’s” title insurance policy. An owner’s policy protects you from claims against your ownership. The lender received a “lender’s” policy. A lender’s policy protects the lender from title claims against your property. When you refinance, the new lender will require a new lender’s title insurance policy to protect the lender’s interest in your property. The new lender’s title insurance policy will provide title insurance protection to the lender in the amount of your new loan. The owner’s title insurance policy you received when you bought your property will remain in effect.
WHY IS A TITLE SEARCH CONDUCTED?
By law, title to property can be affected by various common events. For example, if a property owner dies, files bankruptcy, owes taxes, loses a lawsuit, gets a loan, violates building code provisions, commits a crime, gets married, gets divorced or becomes mentally incapacitated, title to that person’s property might become impaired. To determine whether any problems exist, a title search is conducted. The title examiner will review all documents recorded on the public records that might relate to the property. If the documents disclose a title defect, the professionals at Sovereign Shores Title Company will take further action to resolve the issue. The closing will be scheduled after all title problems have been cleared.
DO I NEED A PROPERTY SURVEY?
Most lenders will require a survey for your purchase of new property. For a refinance, we can use the survey that was prepared when you originally bought the property. The survey shows the exact location of your real estate. It also shows any easements and encroachments that might affect your use of the property. A survey and elevation certificate are usually required before flood insurance can be obtained. A survey is also needed if you wish to add an improvement to your property, such as an additional room, a fence or a swimming pool. In those cases, the survey will be required as a condition to obtaining governmental approval for the issuance of a building permit.