What do you need to do prior to your closing?
- Comply with all lender requirements for approval of your mortgage.
- Determine your homeowner’s (hazard and fire) insurance needs.
- Confirm loss payee clause with lender.
- Contact your insurance agent to determine coverage needed.
- Secure an original insurance certificate and a one year paid receipt.
- Call your closing coordinator with premium amount and insurance Agent’s name and phone number.
- Contact utility and cable companies.
- Contact your closing coordinator for special arrangements if all parties cannot be present at closing.
What do you need to bring to your closing?
- Certified or Cashier’s check payable to Watson Title Services, Inc. for the amount due at closing (contact your closing coordinator if you wish to wire your closing amount to our escrow account).
- Photo identification (driver’s license or passport) for notary purposes.
- Social Security numbers.
- Closing conditions and any special documentation required by your lender.
What will happen at closing?
- Escrow officer will collect all your lender requirements.
- Final settlement statement will be reviewed and signed.
- Closing documents will be reviewed, signed, and notarized.
- Information on homestead exemption will be provided.
- Funds are collected and disbursed.
- Keys, garage door opener(s), and other property information exchanged.
What is Title Insurance?
For many people, the purchase of a home represents the single greatest investment in their lifetime.
If you are purchasing a home with new financing, you’ll be required to purchase a lender’s title insurance policy.
This policy only insures the lender’s interest in your property against losses arising from title defects.
In other words, the lender’s policy protects the outstanding balance of the mortgage for the lender, but it DOES NOT protect you or your interest in the property.
To protect your interest in the property, you will be issued an owner’s policy of title insurance.
This insurance is typically paid by the seller per contract and mailed to you along with your recorder warranty deed after closing.
What are the benefits of a Watson Title Services owner's title insurance policy?
- Protection for as long as you or your heirs own the property.
- Coverages that insure the past.
- Reduced title premium fees if you should refinance (no time limit) or sell your property within 3 years of purchase.
What are some of the risks that Watson Title Services owner’s policy covers?
- Claims by someone who has a hidden interest in your property.
- Documents which are not prepared, signed, acknowledged, delivered, or recorded properly.
- Forgery, fraud, duress, incompetency, incapacity, or impersonation.
- Unmarketable title, which allows someone else to refuse to perform on a contract to purchase, lease, or make a mortgage loan.
- Liens recorded against the property during previous ownership.