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505-785-7700 advantage@taadvantagellc.com

Title Alliance Advantage

TITLE QUESTIONS

This is a list of the most commonly asked questions we receive in regards to our industry. Hopefully our answers to these questions will take some of the mystery and unknowns out of the settlement process.

What do I bring to Closing?

BUYERS & BORROWERS

Please bring the following to settlement:

  1. Homeowners/Hazard Insurance Policy with one year paid receipt or bill.
  2. All cash and refinance closings require funds to be wired to our office directly. Contact our office for wiring instructions.**
  3. All closings that include a new mortgage we will accept a cashier's check up to $100,000.00 (restrictions may apply). For amounts over $100,000.00 we require funds to be wired to our office directly. Contact our office for wiring instructions.**
  4. Social Security Number.
  5. Photo I.D.
  6. Any special lender requirements.

REMINDER: Be sure to transfer all utilities into your name.

SELLERS*

Please bring the following to settlement:

  1. Any unpaid tax bills; original paid tax receipts or tax certifications.
  2. Water/sewer/refuse bills or original paid receipts.
  3. Social Security Number.
  4. Photo I.D.
  5. Use and Occupancy Certificate (if applicable).
  6. Bring house keys, mailbox keys, garage door openers, etc.
  7. Stop automatic withdrawals with your mortgage company.
REMINDER: Be sure to transfer all utilities out of your name.

*If the sellers will need their funds wired DIRECTLY after settlement, please notify us immediately.

**PLEASE NOTE: We will accept a personal check up to $300.00. Cash will not be accepted at closing. (NOTE: If property is located in State of Ohio please be aware that the laws for the State of Ohio do not allow us to accept any personal/business checks.)

What is Title Insurance?

A title is the evidence that verifies one has right to possession of land. Title insurance plays a major role in making certain that your home ownership is free and clear of any rights or claims of prior owners. Title insurance protects the homeowner and the mortgage lender from potential risks associated with defects in title.

There are two kinds of title insurance: Owner's or Lender's. Owner's Coverage is issued at the time the buyer purchases the property. Coverage is paid based upon the purchase price or the loan amount, whichever is greater. Coverage will last as long as the buyer or the buyer's heirs have an interest in the property. However, an owner's policy is not issued when you refinance.

Lender's or Mortgagee's Coverage protects the lender's investment in the property. However, this policy insures the lender against title defects that may affect the security of the mortgage loan - not the buyer's investment. The lender's title insurance policy is based on the amount of the mortgage and it decreases as the mortgage is paid off. Even if the lender has a title policy, the buyer still needs an owner's title policy to protect his/her interest.

Why do I need Title Insurance?

Title insurance is necessary to protect against those risks which are present in all real estate transactions. Hidden hazards, which cannot be detected in the examination of title, can be forgery, incompetence of grantor or mortgagor, fraud, unknown heirs, impersonation, prior taxes or liens. And these are just to name a few.

How much is Title Insurance?

Title insurance is directly related to the value of the property. The higher its value, the more coverage is needed. The premium is small compared to the total purchase price. The premium is paid only once and remains in force for as long as the property is owned by the insured

Treats Their People Right

"They have great pay, benefits, work atmosphere and my favorite is that they support work/life balance. I will retire in this company for sure. There are so many things I could say but if you are lucky enough to work here, do business with them or to give them a try for your endeavors then they will not disappoint at all."

Do Their Very Best

"I have nothing but nice and encouraging words for this company. Upper Management is extremely motivating to its employees to do their very best. They make you feel so appreciated and for as big as it is the CEO knows my name personally and that means that they truly care about their people. They also encourage people to let their voices be heard in the company so that we are all apart of its growth."

‘‘It has been a pleasure working with this company. I have been impressed with their focus on both employees and customers. I would recommend their title services to friends and family.,,

‘‘When I work with this company I don’t even give it a second thought. Every transaction is handled professionally and they have excellent communication. I have not had one issue.,,

‘‘I've used Title Alliance for the past 5 years for all my clients. They are professional, courteous and take the time to explain the policies to my clients. It’s nice to know that your clients are in good hands with one of your partners, makes the process much easier for all.,,

LOCATIONS


Albuquerque
6711 Academy Rd
Suite A
Albuquerque, NM 87109
F: 888-517-7888
P: 505-785-7700
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