D. C. Title Agency
“We Do Good Deeds”
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Closing/Settlement
Q. What is a Closing?
A. Closing or settlement is the process of completing a real estate transaction, during the closing process, mortgages and all liens on title are paid and monies are disbursed and deeds are recorded.
Q. What do I need to bring to the Closing when I sign my documents?
A. Each party needs to bring a photo-ID (drivers license, passport). If you have to bring in funds to closing, it must be in the form of a cashier’s check or money order made out to D. C. Title Agency. (Sorry we can not accept personal checks).
Q. About how long does a closing take?
A. If you are the seller, it normally only takes about 10 minutes. If you are the borrower, it takes a little longer, normally it can take 25 to 30 minutes. These times can vary on an individual basis.
Q. Why do I pay interest on my payoff after the date of my closing?
A. The lender continues to charge you interest until they receive the funds required to pay the loan off and this could take 3 to 5 business days from when they receive the funds.
Q. When should I cancel my Homeowner’s Insurance?
A. Do not cancel your homeowner’s Insurance until after you and your buyer have signed your documents at the closing.
Q. Who do I contact to schedule my closing?
A. Normally your real estate agent or loan officer will contact you to schedule the closing. However, sometimes, your escrow officer may contact you to set up the appointment.
Q. What is the HUD 1 Settlement Statement?
A. This is the final statement for the transaction and it will itemize the services and all the fees that were charged or credited, it will also show the purchase price and the loan amount.
Q. When can I expect to get my proceeds from my sale?
A. You will get your proceeds the day of closing after the buyers have signed and D. C. Title has received the wire or check from the lender and/or buyer. At the time of your closing, the agent will ask where you would like to pick your check up, or would you rather it be deposited directly into your account.
Title Insurance
Q. What is Title Insurance?
A. Title Insurance is insuring you and your lender from any defects in the title to the real estate or any losses arising from such defects.
Q. What is a Title?
A. A Title is the foundation of property ownership. It is the owners right to possess and use the property.
Q. What is a Title Search?
A. Title Search is a detailed search of historical records concerning the property. The purpose of a search is to verify the sellers right to transfer ownership and to discover any claims, if any, on the property. This is not insurance and you are not protected by a search.
Q. What does Title Insurance Protect Against?
A. Undisclosed or missing heirs, unpaid liens, mistakes in legal documents, fraudulent deeds, mortgages, etc. and inadequate legal descriptions.
Q. How long does coverage last?
A. You are covered as long as you or your heirs own the property.
Q. When do I get the recorded Deed to my new property?
A. After signing your closing, you are the owner of the property. A copy of the deed is recorded and it will be mailed to you, which could take up to 2 months.
Q. What is a Deed of Reconvyance?
A. This is a document issued by the lender to release the lien off of title for the mortgage that was paid off at closing.
Q. Who decides what the Title Insurance rates and fees are?
A. Nebraska is a “filed rate” state. Once the title insurance underwriters file their rate, the title companies have to charge that amount.
Q. What is the most common ways to be put on title?
A. There are 2 most communally used ways to be on title, Joint Tenancy: which is the right of survivorship. If one of the joint tenants passes away, his or her interest passes automatically to the surviving party or parties instead of being put in lengthy probate proceedings. If 2 or more own the property, they own an undivided equal interest in the property.
Another way to be put on title is, Tenancy In Common: This is most commonly used for unrelated buyers. They both own an equal amount of the interest in the property and should note in his or her will who the person or persons will be that will receive their share if they should pass.
Q. What Types of Title Insurance are there?
- Lender’s Title Insurance protects the lender from any and all claims and insures the lender they are in first lien position on the property.
- Owner’s Title Insurance lasts as long as you, the policyholder, or your heirs, has an interest in the insured property.
A. There are two types of Title Insurance, Lender’s policy and Owner’s policy.
301 S. 70th Street, Suite 150, Lincoln, NE 68510
Ph: (402) 434-5070 or (402) 434-5072
Fax: (402) 434-5071
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