What services does a settlement company perform?
A settlement company insures that the title to the property being purchased is good, marketable and insurable; the attorney or settlement agent conducting the closing will explain all of the settlement documents and will have them properly executed and recorded at the Courthouse, ensure the payoff and release of the seller’s mortgage loan(s). The settlement will be conducted in accordance with the terms and conditions of the sales contract and the lender’s instructions.
What form of payment will the buyer need to bring settlement?
Payment should be in a cashier’s or certified check payable to “United Title Service, LLC”.
What is a survey?
A survey is used in determining the location, boundaries and area of the structures and property. A “location drawing” shows the location of the improvements on the property and is less expensive than a “boundary survey”, in which the surveyor will place stakes marking the corners of the property. The latter will give the exact boundary lines, but is more expensive. Most lenders require that only a “location drawing” be performed and provided to them.
Why does the buyer need Title Insurance?
Title Insurance is your coverage against a defective title caused by problems such as unrecorded documents, forgery, fraud, clerical errors and many others. If you purchase owners title insurance, you pay a one time premium at settlement and it remains in effect as long as you own the property. This will protect your interest in the property in case any title problems occur after settlement.