FAQ
Title Insurance
The rights of ownership and possession of a particular property, and the document that shows evidence that one has of ownership of that property.
Insurance that protects the policyholder against financial losses resulting from problems with the title. There are two types of title insurance policies:
Owners Policy:
- A title insurance policy issued to a property’s owner providing protection to the owner. It protects the owner against the inability to sell the property due to title problems, and against any litigation by claims of others regarding your ownership of the property.
- Also known as a Mortgage Policy, this is a title insurance policy issued to the lender. It protects the lender for the amount of the mortgage on the property.
To protect you against problems with the title that you did not know about when you purchased the home. Some examples of title defects are; open mortgages, real property taxes, court judgments, liens, forgery, clerical errors at the courthouse, or impersonation.
Closings
Also known as a settlement, the final step for the seller and the buyer in a real estate transaction, at which documents are executed and funds are disbursed in accordance with the terms of the contract or loan commitment.
Most closings occur in our office in Fort Lauderdale. However, we are willing to travel throughout the tri-county area to accommodate buyers and sellers. Harbor Title can conduct closings in your home, business or other convenient location.
If either the buyer or seller are unable to physically attend the closing, Harbor Title can make arrangements to email or deliver all documents to you. We will coordinate with a mobile closer to come and sign with you on your behalf.
All borrowers, buyers and sellers need to bring picture identification. If you are buying and signing loan documents it is recommended that you bring an additional form of identification, such as a social security card.
A real estate attorney is trained in the complexities of real estate law and can offer the following services: negotiate contracts on your behalf, give you legal advice, explain the meaning of the documents you will be asked to sign at closing, and resolve title issues.
Short Sales
You will need two years of tax returns, two months of bank statements, two months of proof of income, hardship letter and a monthly expense report showing income vs. expenses. Document collection varies depending on the lender. Contact our office for the most up-to-date information regarding a short sale of your property.
