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FAQ
General
Sellers
Buyers
Investors
General
Title Plus Services stands out from other title
companies by bringing value to your transaction. We do this by
focusing on the relationship with our brokers and clients, not just the
individual transaction. We offer to meet our customers in their home
or work place 24 hours a day. We offer competitive rates that will
make you happy you decided to close your transaction with us. We offer
immediate notice when a deed is recorded so keys to your new home can be
transferred immediately. Most importantly, we offer the knowledge and
experience of a dedicated staff that has experience in all facets of the
real estate field.
Yes, you do need a title company. A title company has two main jobs in a real
estate transaction: 1) title insurance, 2) escrow services.
Title insurance is regulated by the State of Ohio and all prices are
regulated by the State of Ohio. Title insurance is offered to the
lender and to the owner of the property. Lender's insurance is
generally required by all conventional lenders to ensure that the title of
the property is clear. Owner's Insurance covers the Owner of the
property for certain unforeseen defects in title.
Escrow services are also done by Title Plus
Services. Escrow is done by an independent third party to make sure
that all documents and money are transferred at the same time. We also
ensure that all documents are properly signed and recorded. We do this
by having all funds deposited in our trust account and all documents held in
our files until everything is completed. Once everyone has turned in
their funds and documents, then we split everything up to the appropriate
parties.
An escrow closing is now the preferred and most
common ways of closing title transactions. An escrow closing requires
that the lender/bank transfer money into our trust account, the buyer give
us their down payment, the seller sign the deed, and everyone sign all
appropriate documents. When everything is finished, Title Plus will go
the local county recorder and verify that the Seller still owns the property
and no new liens have attached to the property. If everything is still
clear, we will record the deed, any mortgage that is necessary and and pay
and current taxes. We then return to the office and send the Seller
their money, and all appropriate individuals their documents. Almost
all out of state lenders/banks and many local lenders/banks will require an
escrow closing.
A round table closing is what was done in the
past. All individuals, the buyer, the seller, the bank, the realtors,
the title company, and any attorneys would all meet around a big round
table. Everyone would sign documents and transfer money together and
leave with the deal completed. The seller would get his money and the
buyer would get the deed. The problem with a round table closing is
that the Seller could go to the recorder's office and sell the property to
an additional individual before the original Buyer was able to record his
deed. Or an unexpected lien would attach to the property and the Buyer
would not have clear title. These are a few of the reasons why we no
longer use round table closings.
Sellers
There are a number of items that should be done
before listing your house. A licensed realtor could assist you in
making sure that your home is in the best shape possible so you can get the
maximum amount for your home. In regards to title, you should hire a
title company immediately to verify that you do hold good title and are
aware of all liens currently on your property. Many lenders/banks may
forget to file a release when you refinance your home, or when you
purchased it. Tax liens, child support, and many others may also
attach to the property. A simple search to verify you have clear title
will make your deal close much smoother. Some of these items can take
a long time to clear and it is best to start right away.
Generally, a seller is responsible for half of
the fees, plus proving and giving clear title to the Buyer. Feel free
to contact our office for a worksheet to estimate what you will clear after
selling your home.
Although any title company can assist a Seller,
it is not recommended. We are able to provide purchase agreements,
property disclosure forms, and any other documentation you may need to sell
your home. A licensed Realtor will charge a fee, but generally will
save you more then their fee by selling the house quicker, and for a price
greater then you could get on your own. You can search for Realtors at
www.realtor.com or feel free to contact
our office for a recommendation of real estate professionals we have used in
the past.
Buyers
A buyer to a home should always be
pre-qualified with a lender/bank. This will assist in a number of
ways. First, it will show the seller you are serious and not just
wasting their time. Second, it will give you some time to evaluate how
much you can afford to spend on a house based on the payments. And
third, it will get your relationship started with a lender that will assist
you through the entire buying process.
We are always willing to help buyers in their
search for new homes. If you require a pre-qualification letter for
your offer on a house, we can recommend a number of loan officers that will
be happy to provide this service for you free of charge.
Before closing: the Buyer is responsible
for obtaining financing, getting their home owner's insurance and having the
house inspected.
Day of Closing: The Buyer must bring in
any funds necessary to close the deal, sign all lender and escrow documents,
and be available for last minute items.
After closing: the buyer now owns the
home and has all to simply move in, make their payments and enjoy their new
home.
Investors
Title Plus Services helps out investors in a
number of ways. Title Plus Services will provide you with forms
necessary to make offers to individuals and lenders in a way that is easy to
read. Title Plus Services will provide structure for transactions so
that all parties receive what it is they need. Title Plus Services
also provides the knowledge and expertise of a real estate professionals who
have been structuring transactions for over twenty years.
A short sale is when an individual makes an
offer on a house that is less then what is currently owed to the bank.
Generally, an investor will offer the bank 80 cents, or 90 cents on the
dollar and purchase the property directly from the seller. The Seller
of the property generally can NOT receive any funds from the closing.
After closing on the property, investors generally will fix up the property
and sell for a profit.
We do work with foreclosures in the same way as
short sales. There are many aspects to these types of transactions.
Feel free to contact our office to setup an appointment and discuss these
other options.
If you have to ask, probably not. Double
closings, in the sense that most individuals know, are illegal and will not
be done in this office. These are generally done by investors to try
and defraud a bank on the value of the property (either the seller's bank or
the buyer's bank). Title Plus Services will be happy to assist you,
free of any additional charge, on making sure your deal is compliant and
done correctly.
A legal double close is when Party B purchase a
property for $10,000 from Party A using their own funds. Then, later
that same day or simultaneously, Party B sells the property for $15,000 to
Party C. Generally if all parties are dealing in cash, there is
nothing wrong with the transaction. Should Party C require a bank to
provide his funds, they will generally not lend on the transaction.
Some banks may allow them, but it must be fully disclosed to the bank what
is occurring with the property for the previous year. If we do not get
signed acknowledgement from the Bank of the end buyer, we WILL NOT close the
transaction.
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