What is the benefit to using an attorney owned and operated title company?
A title company can act as a title insurance agent and can close purchase and refinance transactions using documents which have been prepared by an attorney for such purposes. A title company can also serve as the escrow agent for closings and can receive and disburse closing funds relating to a closing. A title company cannot provide legal advice. Nor can it draft legal documents such as deeds or contracts as an attorney is able to do. Additionally, an attorney can advocate a legal position for his or her clients in connection with a closing and can assist his or her clients in contract review, preparation and negotiation. Because real estate closings involve many technical legal issues, it is strongly advisable that you use an attorney for your closing to assist with these kinds of legal issues as well as any others that may arise as part of the normal closing process. Not all title companies are owned and operated by closing attorney like Saddle Creek Title, and is very important that buyers and sellers alike carefully consider this in selecting their title and closing agent.
What is Title Insurance?
Title insurance protects owners of Real Estate and Mortgage Lenders from defects in title to the property being purchased or Refinanced. The premium covers the insured (Owner and/or Lender) against any loss from any defect or claim against title, such as unpaid property taxes, prior liens or others who may claim a right or interest in the covered property. The policy typically covers up to the purchase price or loan amount. Calculate your premium here
How long does it take to close?
Typically, for a purchase or refinance closing involving a traditional mortgage lender, the closing process will take 25 to 45 minutes. For a cash closing the process can be completed in about 10 minutes. For larger commercial transactions the process can be substantially longer.
Do I have to be present at my closing?
For a purchase or refinance transaction, you will need to sign most of the documents in front of a notary. This is typically done in front of one of our closing agents at our main office. However, we also conduct closings at Real Estate offices, Lender offices or will come to the borrower. Saddle Creek Title also conducts mail-away closings.
What do I need to bring to my closing?
You will need to bring a photo ID as well as any funds required for your closing. Any funds required to close should be provided to us in a cashiers check or by wire transfer. You can check with our office prior to closing to confirm the exact amount necessary. If you are selling your home you may also need to bring house keys, garage door openers and similar items if those have not been provided to your realtor.
What is the good funds statute?
The good funds statute is a Tennessee law that requires title companies and closing attorneys to obtain “good funds” prior to closing certain real estate transactions (essentially all residential home closings that involve a mortgage loan are subject to this law). The statute provides that “good funds” are either a Fed wire transfer or a cashiers check drawn on a bank that is in the Fed Reserve district where the closing office is located. For questions regarding whether or not the funds you anticipate providing at closing comply with the good funds statute, please contact our office staff.
How much does it cost to close on purchase or loan transaction?
Closing costs vary based on the purchase price or loan amount involved. This is because recording costs, transfer and indebtedness taxes and title insurance premiums all increase as the cost of the property increases. Please feel free to contact us to obtain an estimate of the closings costs involved in your transaction.
Can a single title company represent both a buyer and a seller?
Yes. Dual closings are very common in the residential single family market. When a single title company represents both buyer and seller, the title company must maintain fiduciary duties to both parties and is prohibited from concealing any information from one party or the other. Having a dual closing at a single title company can often make the process more efficient and should save on closing costs as well.
What is escrow?
Escrow is a process where an agent acts on behalf of two or more parties (usually a buyer, a seller and a lender) in order to disburse closing funds and insure that all closing conditions and instructions specific to the transaction have been carried out.