For Buyers:
Your spouse will need to be present if they are a co-borrower or will be on title unless previously authorized by your lender and title company.
Your spouse will need to be present if they are on title to the property OR ever occupied the property while you were married.
While every transaction is different, we recommend allowing thirty minutes for a seller or cash buyer, or one hour for a buyer with financing or owner who is refinancing. Please let us know if you have scheduling issues so that we can address those before scheduling your closing.
Title insurance ensures that you actually have complete ownership of a property upon purchasing it. While this protection may seem simple on the surface, the reality is that it is not. Title insurance protects against defects in the chain of title and liens and encumbrances from prior owners. Defects in the chain of title can arise when a seller who conveys property to a buyer does not have the authority or full ownership to convey the property. Liens can arise when a prior owner owed money to someone else, but never fully paid—including to federal, state, or local governments for taxes. Title insurance also protects against title defects that are not shown in the public records or which are inadvertently missed in the title search process.
Title insurance matters because it protects your significant investment in a property against losses or damages that may arise because of a defect in title and ensures that your title insurance company will stand behind you—monetarily and with legal defense if needed (up to the amount of coverage)—if a covered title defect surfaces after you buy your home. Additionally, title insurance can help ensure that you are able to sell your home in the future, in the event previously unknown title defects are found at the time you go to sell.
Title companies perform an extensive search of the public records to determine whether there are any title defects on the property being searched. If any such issues are found, those claims are either eliminated prior to the issuance of the title insurance policy, or their existence is excepted from coverage.
In Tennessee, title companies such as Bell & Alexander Title also help coordinate between the buyers, sellers, lender, and agents to make sure all necessary documents are executed, that prior mortgages or liens are paid off, and that funds are properly distributed as required during the closing of a transaction.
The cost of title insurance varies based on the purchase price and county in which the real property is located. Unlike most types of insurance, an owner’s title insurance policy is a one-time expense that never has to be renewed and remains valid so long as you retain an interest in the property.
When real estate professionals speak of title “vesting,” they are referencing the particular way in which a buyer holds the title to their property. This includes not only your name included on the deed, but also the type of ownership you have if you jointly own the real property with another person. If you are planning to jointly own the property you are purchasing with someone who is not a spouse, please us know so that we can provide further information.
Unfortunately, attempts at wire fraud are all too prevalent in the real estate industry and occur frequently. To avoid wire fraud, we strongly recommend clients take the following precautions: