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 Glossary
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Buying a new home is an exciting and important time. The following are answers to some of the most frequently asked questions. What does this term mean?
Only owner’s title insurance fully protects the buyer should a problem arise with the title that was not uncovered during the title search. An owner’s title insurance policy is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and lasts as long as you or your heirs have an interest in the property. This pays for all court costs and related fees associated with any claim that might come up. Also, if a claim is found to be valid, your actual loss-up to the face amount of the policy-is covered.
During the meeting, the buyer and seller will review all of the relevant closing documents, such as deeds, mortgages, leases or other required documents. Many of those documents will require a signature. Then, after providing a cashier's or certified check for the down payment and closing costs, the keys are passed to you and the house is yours.
• Your homeowner's/hazard insurance binder with proof of one year's payment (usually a receipt). • Any conditions or documents necessary to satisfy your lender. • A cashier's check or certified funds, made payable to the title insurance company in the amount due at closing. The amount due may be wired to the title company prior to the closing date. For more detailed information regarding title insurance, the American Land Title Association has prepared a great consumer resource. |
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