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Buying Your Katy-Cinco Ranch-Richmond Area Home For The Best Price!

Buying Your Katy-Cinco Ranch-Richmond Area Home For The Best Price!


Buying Your

Katy-Cinco Ranch-Richmond Area Home

For The Best

Price!

 

Chapter 17  Part 1 WHAT THE TITLE COMPANY DOES

Fred Miller, Realtor serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. FredMiller9@gmailcom , www.RichmondKatyHomes.com, Office receptionist: 281/342-2288 Cell 281/924-2531

WHAT THE TITLE COMPANY DOES

As a general rule, the title company provides the following services:

* Requests a title report and policy

* Arranges for any necessary documents such as a deed

* Sees that existing loans are paid off

* Adjusts taxes and insurance between the buyer and seller

* Orders on the ground survey when necessary

* Has the buyer and seller sign the documents

* Records the appropriate documents

* Disburses the documents and money to each party involved

The title company conducts a title search which is a history of who has owned the property and details of all prior transactions, existing liens and encumbrances or other factors that affect the title. You receive a Preliminary Title Report on the property which covers all of these items.

The title company also provides title insurance which protects you and the lender against a ‘cloud on the title’. There are two types of policies:

1) The Lender’s Title Policy

Protects the lender against loss due to unknown title defects or other matters that affect title and are not known at the time of sale. Any Lender will require this.

2) Owner’s Title Policy

Protects the owner against loss. This costs more than the Lender’s Policy.

Private Mortgage Insurance (PMI) is not title insurance. PMI generally is required by the lender on all loans with less than 20% down payment. This is insurance that you will make your payments.

When your loan is approved and the loan documents are drawn up, they are sent to the title company. Your escrow officer in the title company then prepares the papers for you and the seller to sign. At this point you will be told exactly how much money you will need to bring to finalize the transaction. Also you will be required to provide any additional documentation the lender needs. Once you have signed the loan documents, they are returned to the lender who reviews them. If everything is satisfactory, the lender then funds the loan. The money is wired to the title company, the title company records the Deed and Deed of Trust, escrow is closed and the house is yours.

Next Chapter: What the Title Company does, Part 2

Fred Miller, Realtor serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. FredMiller9@gmailcom , www.RichmondKatyHomes.com, Office receptionist: 281/342-2288 Cell 281/924-2531