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Starting with YOU and ending with YOUR HOME follow the path to your closing by simply clicking on the processes and fees you want to learn about.
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The Process
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Get a myClosingSPACE Quote for Title Insurance |
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The first step to managing costs and controlling the real estate transaction is to understand what is being charge and what
services are being provided. Getting a quote for title insurance up front allows you to shop around for the best price for title insurance
and closing services. |
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You've shopped for most everything online, including your home and your mortgage. MyClosingSPACE.com gives you control of the Title Insurance process and saves you money by letting you order your own Title Insurance online. Why let someone else order Title Insurance for you? |
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The Title Report is the first step in obtaining a Title Insurance policy. After a search of all public land and court records affecting a property and all people and parties to a transaction a summary of all records discovered is issued in the format of a "commitment." It details all issues discovered including mortgages, liens and judgments and items that may not be covered by the insurance. It will also indicate issues outside the realm of title insurance that may be of concern to the buyer of a property. If you are purchasing a home, your attorney, the seller's attorney, the realtor and the lender should all receive a copy of the title report. At myClosingSPACE.com we save you time by interacting with all these parties and sending them the title report. |
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A Survey is an aerial view showing the physical boundaries and measurements of a property drafted by a surveyor and read into the Title Report to create the legal description. It is not always necessary to order a new Survey. MyClosingSPACE.com
can help to determine if the seller has an acceptable recent survey from their original purchase or if building department records uncover a Survey that can be used. Most title companies require a survey for a purchase transaction. |
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The Title Report details all items including mortgages, liens and judgments in an itemized format. The myClosingSPACE.com Title Report provides a summary "Title Alert sheet" of all the issues. In addition to the items above this may include building department violations, unpaid taxes or water bills and other items that need to be addressed. At myClosingSPACE.com we save you time and frustration by interacting with the lender, attorneys and all parties to assist in resolving any title issues. |
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In most states, the final title insurance policy is issued after all documents are recorded so that the correct recording information can be included in the policy although the policy takes effect at the time of closing. In other states the final title insurance policy is issued at the closing table. |
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After the closing certain signed documents including the mortgage and deed are taken to the local county clerk to be put on record. This guarantees the mortgage to the lender that has issued it. If a deed is being recorded, such as after a home purchase, it guarantees the ownership of the property in the public records. |
The Fees
| Guaranteeing the lowest rates permissible by law, myClosingSPACE.com details all of the fees and charges on the Title Insurance & Settlement Services bill. Some of the fees are charged by the Title insurance & Settlement Company, while others — such as taxes and recording fees — are paid directly to a government agency. |
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Title Insurance Premiums are statutory rates regulated by the state for the policies and endorsements issued for all types of residential real estate transactions. |
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Title Research & Documentation |
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This is a search of all public land and court records affecting a property and all people and parties to a transaction.
The records are required to compile the Title Report, the first step in obtaining a Title Insurance policy. The Title report is a
summary of all records discovered issued in the format of a “commitment.” myClosingSPACE.com can save you hundreds of dollars
in fees that other companies may charge such as overnight, courier fees, copy charges or other "miscellaneous" service fees. |
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Closing & Settlement Services |
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At myClosingSPACE.com, we realize that with today's busy lifestyles, scheduling a closing can be a difficult task. That's why our company also offers settlement services as a representative of the lender. How does this benefit a buyer or borrower? By representing both the lender and the Title Company, there is one less person to account for when scheduling the closing. At myClosingSPACE.com, we pride ourselves on being ready to close anytime, anywhere. A Settlement Agent will conduct the closing and notarize all the documents. The Settlement services team will interact with the lender, clear the loan for funding and confirm all payoffs. The funds will be accurately and efficiently disbursed to all parties. After the settlement, myClosingSPACE.com,
will record the new deed in the Courthouse, disburse all funds and relevant documentation to the proper parties, and issue the new Title Insurance Policy. |
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State & Local Transaction Taxes |
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The local and state government may charge a tax on the amount of the mortgage and a transfer tax when a property is sold or transferred. Other local & state taxes may be charged based on transaction type, property type, purchase price or other variables. |
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