Your closing day is one of the most important days of your life. It is the day you purchase your new home. At closing, you will invest your savings into a building and a piece of land of your own. You will pay the seller of the home with money that you likely borrowed from a bank or another lender. You will likely sign a promissory note, promising to pay a lot of money to your mortgage lender, perhaps over the next 30 years of your life. Your lender will take security, or a “mortgage,” on your property in the event you default on your promise to pay.
At closing, you will sign a lot of papers in less than one hour’s time. And, of course, you will also be paying “closing costs,” which usually include appraisal fees, termite inspection fees, surveyor fees, recording fees, title examination fees, closing fees and title insurance premiums.
At the closing, you will meet all sorts of people. First of all, the seller or his or her lawyer will probably be there to collect the money you are paying for the real estate. The real estate agents are there to offer assistance and to collect their commission. And, an officer of your mortgage lender may also be there. The closing and escrow agent will also be there to systematically present the papers that will require your signature – an essential service, which you are paying for, of course.
The signing of papers goes very quickly since it is a rather routine procedure for everyone – except you. Even if you had time to read every word of what you sign, chances are you would have a hard time understanding it, as it is very technical. In fact, most of the language in the documents you will sign is predetermined, non-negotiable legalese. When the closing is over, and everyone has shaken hands and wished each other well, do you know what you signed?
The real estate attorneys at Dungan & LeFevre can be of assistance in explaining those documents to you, protecting your interests, making sure the documents are the “standard” documents that you believe them to be. Further, you still don’t have any written evidence that says you own this valuable house, free and clear of defects and title problems. Your lender is secure because you bought a title insurance policy saying that the lender will be paid if your title is defective. BUT YOU ARE NOT COVERED UNDER THAT POLICY! What many people don’t realize is that the title insurance policy they have paid for does not cover them. It only covers the lender. The lender requires it to give you the loan. To protect yourself, you will need an Owner’s Policy of Title Insurance. We can give you advice and counsel concerning the cost and benefits of an Owner’s Policy of Title Insurance.
At Dungan & LeFevre, we provide a variety of services related to title insurance and real estate closings. In fact, we can be the closing or escrow agent through our own company, Title Safe Agency, Inc. To learn more about title insurance and real estate closings, please call XXX-XXX-XXXX or contact us by email. With offices in Troy, we represent clients throughout the Miami Valley and Ohio.
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Let attorney Michael Rieman of Dungan & LeFevre walk you through the closing process. If you have any questions about how we can help you with your real estate closing needs, please call us at XXX-XXX-XXXX or complete our contact form to arrange a consultation.