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Title Insurance and Closing
The final stage of a closing occurs with the transfer of title from one party to another. The commitment for title insurance is normally ordered when the real estate contract is agreed to by both buyer and seller. The policy of title insurance is sent to the buyer by title company agent after closing has occurred.
The title or abstract company handles the escrow, which is a third party that transfers the money and documents (including title and deed) from the buying and selling parties. The escrow company prepares documents, draws up the closing statements, obtains necessary signatures, records documents and receives and disburses funds.
Insurance
Now that you've found a home to purchase, you want to protect your investment with insurance. Most buyers get a comprehensive homeowner's insurance policy, which provides coverage for fire damage, water damage, personal possessions, personal liability, vandalism, theft, loss of use of the house, and many other coverages, including personal property and furniture. If you are financing your home purchase, your lender will require you to buy at least basic hazard insurance. Be sure to talk to your insurance representative fully about insurance options. |
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Finding Your Home
