Clean Title is dedicated to providing exceptional customer service within a relaxed closing environment. Every member of the Clean Title team realizes the importance of exceptional communication, and our agents take the extra step to ensure it exists between all parties. Clean Title is also equipped with the latest software technology.
Closing Statement Hints
- Lenders seldom allow escrows for repairs.
- Lenders seldom allow credits on closing statement such as “lump sum” credits for closing costs or credits for repairs.
- Lenders seldom allow seller to pay buyer’s “prepaid items”. “Prepaids” may include such items as prepaid interest, homeowners insurance and flood insurance premiums, FHA up-front MIP and VA funding fee.
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Just because it is included in the contract, don’t assume that the lender has approved it. Check with the lender for special or unusual contract conditions and get approval for such conditions in writing as soon as possible. Also, there is no column on the closing statement for items paid by a Realtor.
Finally, you will be pleasantly surprised when you review the settlement statement before closing. As Clean Title represents one of the largest underwriters in the country, we offer the lowest cost title insurance and we guarantee it. We discount title costs without discounting services. Contact our customer service team for details.
Closing Services Summary
CLEAN TITLE provides title services in residential and commercial property closings in not only Dade, Broward and Palm Beach Counties, but throughout the State of Florida.
The firm is approved by the Attorney's Title Insurance Fund and can prepare and issue owners and lender's title insurance policies.
The Insurance protects the purchaser against defects in title, claims of fraud, and forgeries. If there is a problem, the title under-writer protects the purchaser investment in the property up to the purchase price or the amount insured, if different. The premium is paid only once, at closing, and the protection lasts as long as the buyer owns the property. If the buyer is seeking a mortgage, the lender will require its own policy to cover the amount of the loan. This policy is issued simultaneously to the lender with your owner’s policy.
Contained herein are the standard “title/closing related” fees and expenses charged for a closing as well other relevant information. The Insurance protects the purchaser against defects in title, claims of fraud, and forgeries. If there is a problem, the title under-writer protects the purchaser investment in the property up to the purchase price or the amount insured, if different. The premium is paid only once, at closing, and the protection lasts as long as the buyer owns the property. If the buyer is seeking a mortgage, the lender will require its own policy to cover the amount of the loan. This policy is issued simultaneously to the lender with your owner’s policy.
In order to expedite closing, the following information and documentation is needed, if available:
• Buyer’s & Seller’s full name, address, phone & social security numbers.
• Name of Buyer’s lender, contact and phone.
• Name of Seller’s existing mortgage, loan number, address and phone.
• Copy of Seller’s prior title insurance policy, deed, tax bill and appliance service contract.
• Name, address and phone of Homeowners or Condo Association, if any.
• Complete copy of executed contract.
• Business cards of each broker involved.
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Prior to Settlement
Once you have completed the process of searching for, locating, and negotiating the closing price on your dream home, the next step is to select a title company. Although this final phase of the closing process is not directly handled by the buyer or seller, choosing the right title company can give both parties greater peace of mind.
After receiving the "order" for the examination of title, preparation of the conveyancing papers, and anything else needed to close the transaction, Clean Title Company will conduct a title search and if requested, will order the house location survey. Additionally, we will send written request for pay-off or assumption information on any outstanding liens secured by the property. After obtaining all the necessary title information, all accumulated data is reduced to a series of typewritten documents, referred to as the Title Insurance Binder or Commitment. These documents are forwarded to the lender along with, if requested, a copy of the house location survey. Clean Title Company will coordinate efforts with the lender, prepare any other necessary documents, and finally prepare the settlement statement.
Shortly before the scheduled settlement, the buyer should contact the firm to determine what amount of money is needed for the completion of settlement. As required by the sales contract and to prevent delay of fund disbursement, funds must always be provided in the form of a cashier's or certified check.
In most cases, the lender will require the buyer to purchase a hazard or homeowner's insurance policy and pre-pay one year's premium. In addition, the lender may require the purchase of flood insurance if the property is located within a flood zone. Typically, the lender needs the policies and paid receipts in their possession three to five days in advance of the date of closing; however, some lenders will permit you to bring the policies and receipts to the settlement.
During Settlement
While at settlement the buyer(s) will be presented with various documents for their signature. These may include items such as a deed of trust, note, truth-in-lending statement, and settlement statement. In addition, the lender most likely will require many other documents to be signed. All documents are understood by Professionals Title & Escrow Co. and will be fully explained to the buyer. The seller will also be required to sign the settlement statement as well as the deed and other documents necessary to complete the settlement.
All monetary adjustments and pro-rations between Buyer and Seller will appear on the settlement statement. If any disputes between the parties should arise at settlement, Clean Title Company will provide a forum for those parties to resolve their differences. We want everyone to leave the settlement satisfied with the transaction and with a smile on their face.
After Settlement
When a Buyer and Seller leave the settlement table, their part is finished; however, Clean Title Company's job continues. We must do all or most of the following:
a. completely audit the disbursement sheet and review all documents involved;
b. assemble and return the lender's package per the lender's written instructions;
c. record deed, deed of trust or assumption documents in the county's land records;
d. disburse all funds to appropriate parties;
e. issue the title insurance policy; and,
f. if required, after paying off the appropriate lenders, obtain, or prepare and record all releases.
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