My Spouse is not in the title, why do they have to sign?
Ohio is one of only a handful of states which grants "dower interest" in real estate titled in their spouse's name. Therefore, "dower interest" effects the title to the real estate and you cannot deed or mortgage the real estate unless the spouse released their "dower interest".
What is Title Insurance and why do I need it?
Title Insurance protects property owners and lenders against property loss or damage due to misindexed or unknown liens, encroachments or other defects in the title. Title insurance protects the lender up to the amount of the loan and insures the owner from past occurrences, much like your homeowner insurance protects you from future events. However, title insurance is a one-time fee. You will only need to pay for a new policy if you refinance or purchase a new home.
Why do I have to wire funds at closing?
Ohio's Good Funds Law which went into effect September 29th, 2017 states that any funds received over $10,000.00 in residential transactions, must be in the form of a wire transfer.
Why can't I have my keys/check when I sign?
Closings are not finalized until all paperwork has been signed, funds have been received and documents recorded at the courthouse.
How long does a closing take?
Cash closing usually only takes a few minutes. There is very little paperwork to be signed by either party. Closings which require a conventional, VA or FHA loan, require more paperwork and will therefore take longer at the closing table. It usually takes 30 minutes to one hour.
I'm the seller, do I have to be at the closing?
NO. Our area does not perform round table closings. Therefore, the seller will come in and sign their paperwork in advance of the closing. These documents and the sale proceeds are held in escrow until the buyer has their closing. Once the buyer signs, the deed will be recorded, and proceeds will be distributed.
What do I need to bring to the closing?
The seller will need to bring current picture ID, such as a driver's license, and proof of good funds, such as a certified check for amounts over $1000.00 and under $10,000.00, in residential purchase, or proof of wired funds over $10,000.00. The borrower (if financing) will need to bring any paperwork requested by the lender.
I received some paperwork several weeks after closing. What is it, and what do I do with it?
Chances are, you have received your "Final Title Policy" either with your original deed or separate from your original deed. Just hold on to it. This is proof of title insurance. If you sell or refinance your property you can give it to your lender or realtor to help you save money.
Hunter Stevens Land Title Agency,LTD. Canfield 330-533-6119 Howland 330-609-7052
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