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Title Insurance
We issue Title Insurance
Owner's Policy - Protects the buyer against loss incurred if defects in title appear. In general, it is said that an owner's policy provides the buyer with protection against adverse matters that affect the title to his or her property.
Lender's Policy - Protects the lender's interest much like an owner's policy protects a buyer's interest. However, lenders usually insist on more extensive coverage than buyers. In general, the lender is concerned with protection against title defects and with the priority of its recorded loan.
We act as Settlement or Escrow Agent
This is a very involved portion of the transaction. We accumulate documents, funds and information for your closing. When all necessary parts are in place, the closing takes place according to the buyer's and seller's written instructions. Because of this, buyer and seller may do their part of the closing at different times. There is no need to gather together at a closing table to complete the transaction.
Escrow Information
The title company is a disinterested third party that collects and disburses funds in a real estate transaction in accordance with the written agreement for the sale between a buyer and a seller. The escrow portion of the transaction begins when the title company receives the purchase contract signed by the seller and buyer, and the earnest money from the buyer.
From this point forward, any monies, documents and deeds are disbursed in accordance with the purchase contract. The escrow officer's primary responsibility is to comply with the written instructions that the contract provides. Any subsequent changes to the parties' agreement must also be in writing.
Once escrow is opened, the escrow officer will prepare necessary documents and begin the process of obtaining items necessary for closing. These include the preliminary title report, demands for payoffs, and requirements imposed by parties with financial interest in the property, such as home owners associations. A basic duty of escrow is to insure the names are correct, the right property is being sold, and that all the terms of the original parties' contract are followed.
Things to Remember:
- When closing is near, please call the escrow officer to set an appointment.
- Please advise your escrow officer of the scheduled closing date early enough to allow time for final calculations, such as updating any loan payoff.
- The title company cannot calculate the buyer's final closing funds without a statement of the lender's costs.
- Closing funds should be in the form of cashier's check or direct wire into the escrow trust account. A personal check will delay the closing until the check can be cleared.
To expedite closing, make sure of all the following:
- The Buyer has obtained their fire insurance.
- All the contingencies have been satisfied.
- The termite inspection has been completed.
- If a new loan, the buyer has been approved.
- The home warranty has been ordered.
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Through time a parcel of property may change hands dozens of times. At any point along the chain of ownership, problems may arise that cast a "cloud" over a title, putting a claim of ownership in doubt. Title insurance protects you against such clouds |
Let's get together and talk about your home buying and/or selling plans. Call us at the main office 310-534-2041 or at our branch office 310-257-9297 or send us a simple e-mail to support@westcoastmobilehomes.com we'll set-up a time that is easy and convenient for you to meet.
WestCoastMobileHomes.com
310-257-9297 / 310-534-2041
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