What Do I Get At Closing?

Posted on January 11, 2017 by firsttitleandabstract

What do I get at closing?

For most real estate loans, you will receive a HUD-1 (if it is a cash transaction) also known as a settlement statement …

or, if you are borrowing money, a Closing Disclosure will be provided to you at least 3 business days before loan consummation – Consumation of closing includes signing and funding the purchase, which frequently happens at the closing meeting.

At the meeting itself you should also receive:

1.) a copy of your Mortgage Note – your obligation to repay-

2.) your Mortgage or Deed of Trust

3.) copies of other documents signed by you, and by the other party, as is appropriate

4.) and you will get the keys to your new home.

What Do I Get At Closing?

You asked, “What do I get at closing?” … but the real question is “what will you not get at closing if you use another title company which does not have the reputation for integrity and professionalism that we do?”

Will you get a caring, friendly, and thorough closing experience which explains every step in your transactions? will you get value pricing, and professional title agents, attorneys, and closers with years of experience?

Indeed, when it comes to choosing a title company in Naples, Florida, for over four decades, real estate professionals recommend First Title & Abstract, Inc.

Let us show you why our commitment to putting you FIRST makes all the difference when you close on real estate.

What Can I Expect To Happen On Closing Day?

Posted on November 17, 2016 by firsttitleandabstract

What Can I Expect To Happen On Closing Day?

On your closing day, if we’ve done our job right, you will celebrate a stress-free and memorable moment, working with your Realtor, lender, and our dedicated and friendly staff.

We will complete all the final paperwork and handle the signing of the documents required to transfer ownership.

At the closing, you will produce two forms of identification and a notary will verify your identity, and witness and notarize your signature on certain important documents.

Then, you will sign the closing documents, including the settlement state (also called a HUD or CD, depending on whether you have a loan or not.)

Although most of the documents are standardized and cannot be changed, it’s important still to check them with us for accuracy, and to be sure you understand what you’re signing.

At closing, you may also have to tender other items such as your paid homeowner’s insurance policy or a binder and receipt showing that the premium has been paid, a death certificate from a deceased seller, etc.

The closing agent will review again the monies which transfer, and all the closing costs, including mortgage fees, remainder of down payment, prepaid taxes, and so on.

Prior to closing, a walk-thru will have been conducted with your Realtor, and you will already have wired funds for closing.

The seller will provide proofs of any inspection, warranties, appliance information, keys, garage door openers, and so on.

Borrowers will review and sign the note and mortgage, and make sure the deed is prepared in the correct names and with the proper manner of holding title.

The seller will give you the title to the house in the form of a signed deed, a copy of which you’ll receive at closing, and the original of which will be mailed to you 4-6 weeks after closing, once we receive the recorded deed from the Clerk’s office.

Also, a policy of title insurance will be issued and mailed to you with your deed.

Sellers may not actually get closing proceeds the day of closing if the funding of the transaction is delayed for any reason by the buyer’s lender. For this reason, we always recommend closing before a Friday, and not at the end of the day.

The Naples Title Company that is the first choice among real estate professionals is First Title & Abstract, Inc. because we have proved for nearly forty years we are reliable, professional, friendly, and put our customers FIRST!

If you are buying or selling real estate on Marco Island or in Naples, choose the title company hundreds of thousands have come to depend upon — First Title & Abstract, Inc.

What Are Real Estate Commissions?

Posted on November 4, 2016 by firsttitleandabstract

What Are Real Estate Commissions?

Real Estate Agents typically are paid a percentage of the purchase price in a successful real estate transaction.

When one agent represents the sellers and another represents the buyers the commission is typically split between them.
In the US, real estate commissions are commonly 6% of the transaction usually 3%/3% when split.

No government or industry body sets commission rates. Legally, commission rates ARE negotiable. However, remember that agents only earn their commission on successful sales.

Consider the work you want them to do for you to evaluate the value you should put on the commission they earn.

Are you looking for advice on who to hire as your Realtor?

Why not start by asking someone who works with thousands of Realtors: Your Title Company!

Are you looking for someone you can rely on — a great title company in Naples, Florida?

Look no further! First Title & Abstract, Inc. is an award-winning provider of title and escrow services.

We’ve served the Naples real estate market for almost four decades!

The oldest naples title companies aren’t always the best, UNLESS they stay abreast of new developments in the industry and are dedicated to implementing the latest technologies.

At First Title & Abstract, Inc. we won’t ever rest on our laurels! We are dedicated always to “Putting You FIRST!”

What Is An Escrow Account? Do I Need One?

Posted on November 2, 2016 by firsttitleandabstract

What Is An Escrow Account? Do I Need One?

First, let’s distinguish between an escrow payment to your title company (this is the earnest money deposit or consideration, held by the title agent, to be applied to the buyer’s purchase) and an escrow account established or required by your lender.

As we show you in this video, an escrow account set up by your lender is an account in which you set aside a portion of your monthly mortgage payment to cover annual charges for homeowner’s insurance mortgage insurance (if applicable), and property taxes.

What Is An Escrow Account? Do I Need One?

Escrow accounts are a good idea because they assure money will always be available for these payments.

If you use an escrow account to pay property tax or homeowner’s insurance make sure you are not penalized for late payments since it is the lender’s responsibility to make those payments.

At First Title & Abstract, Inc. we believe in helping our customers understand their transaction thoroughly.

When it comes to title companies in Naples and Marco Island, we are different than the rest — you can be sure we won’t rush you, or ask you to sign anything you don’t understand … because we believe in “Putting You FIRST!”

Closing Costs Explained Visually

Posted on August 26, 2016 by firsttitleandabstract

This video explains some of the basics about closing costs.

At First Title & Abstract, Inc. our Marco Island and Naples offices are dedicated to making sure you understand upfront the estimated costs you will incur for closing.

Purchasing a home is exciting!

However, once escrow begins, the excitement can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate. Many people make the mistake of only assuming they need the down payment money, and have to rush around town trying to come up with money for the closing fees.

However, you need not be surprised!

Just have your Realtor request from us a preliminary settlement statement reflecting an estimate of your closing costs.

As you may know, closing costs simply refer to the fees associated with the escrow and closing process in a real estate transaction.

Typically, you will incur charges for tax pro-rations, homeowner’s association or condominium fee pro-rations, lender’s fees, including credit check and appraisal fees, points and loan origination charges, and pre-paid escrow fees for your escrow account with the mortgage company. As well, there will be title charges, including the settlement fee, abstract fee, courier and delivery fees, title insurance premiums, and recording costs paid to the clerk of court.

Should you desire a preliminary settlement statement for your closing, just click on the link below and complete some basic information about your sale or purchase. We will provide an estimate for you with no obligation or cost for this service!

At First title & Abstract, Inc. we believe an informed consumer is a happy customer. All of us stand ready to serve you in your real estate transaction, and look forward to working with you!

Title Insurance Explained Visually

Posted on August 24, 2016 by firsttitleandabstract

This video explains why title insurance is one of the most important investments a buyer can make when purchasing real estate.

Often, real estate buyers ask—

“Doesn’t the attorney or settlement company handling the closing see to it that I have clear title? Why do I need to buy title insurance?”

Indeed, a careful title search is performed at the time property changes hands, and title issues are cleared prior to closing. However, on occasion, title defects can arise after the closing which a title search would not reveal. For example, what if a judgment was recorded in the wrong county, but still is valid as against the property? What if there was fraud in signing a deed, two sales ago, which only now is revealed? What if an unknown heir steps forward and claims title to the property?

Title insurance is designed to protect against such unanticipated title issues, and to prevent economic loss.

Whether it is after-discovered title defects, or mistakes made by the title abstractor or clerk of court— without title insurance, a property owner could suffer complete financial loss, and loss of ownership and occupancy rights to the property.

On our Resources Page, we have an article on “The Many Ways to Lose Title to Your Property” unless one has purchased a policy of title insurance.

We highly recommend watching this video, and studying the article on our Resources Page.

Title insurance is only purchased once, and the rates are strictly regulated by state law, with the same amount charged by all title companies and title agents and attorneys within the state.

If you have questions about the amount of coverage you should purchase, and the cost of title insurance, please contact us at our Marco Island or Naples Office at First Title & Abstract, Inc.

We look forward to assisting you in protecting title to your property.