Have a question? Check out these Frequently Asked Questions. If you don’t find your answer, call us any time at 330-477-3589!
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What does a title company do?
The job of the title company begins well before the closing. We assemble information from many sources, including mortgage companies, land records and court records. We coordinate with all parties involved in the transaction. We look for any potential problems on title and clear any judgments and/or liens prior to the transaction. We collect funds, handle the signing of all closing documents and issue title insurance after settlement. The title company is also responsible for recording the Deed and Mortgage in land record and disburse funds. Additionally, we track the release of the seller’s mortgage.
What is title insurance?
There are two types of title insurance. One type of policy covers the owner. The other policy type covers the lender. The owner’s policy provides the buyer with protection in case an undiscovered defect comes up. These title issues could include forgery, fraud, or clerical errors and without title insurance the buyer could potentially lose the property. The Loan/Lender’s Policy is usually required by the lender who is financing the purchase. The lender’s policy only protects the interest of the lender. This title policy assures the lender that they’re protected against any outstanding liens and issues with property.
Why do I need title insurance?
When you buy a property, you expect full ownership. For example, you expect to be able to occupy and use the property as you wish, to be without debts or obligations agreed to by you, and to be able to freely sell or mortgage your property. A title search may not reveal things such as fraud, forgery, or unrecorded documents. Title insurance is designed to cover you against these issues.
What is a closing?
It can mean two things: it can be the meeting date/time where documents are signed, or it can be the procedure where the deed and mortgage are recorded with the county.
What do I need to bring to closing?
a. A non-expired photo ID. Please make sure your name on your photo ID is your current legal name. Please reach out to us prior to closing if not.
b. Cash to close (closing funds) – If the amount is over $10,000 you will need to wire the funds per Ohio law. If the amount is under $10,000, we accept a cashier’s check, certified check, money order, or wire made payable to Whipple Title Agency.
I’m the only one on title, does my spouse need to attend closing or sign documents?
a. Yes, both spouses will be required to attend the closing to sign the deed.
b. As a borrower and/or buyer, the lender will require both parties to sign some documents even if the loan is in only one spouse’s name. The spouse will need to sign documents to release dower right to the property by the spouse
If I sell my house, when do I get my sale proceeds?
Net proceeds will be available after all documents have been recorded with the county.
What is a title search?
A title search is a search of all public records for a specific property.
What can a title search reveal about my property?
A title search can show a number of title defects and liens, as well as other encumbrances and restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgments against the current or prior owner, and restrictions limiting the use of the land.
Are there different ways to hold title to a property?
Yes, as a sole owner, joint tenants with or without survivorship, tenants in common, or as tenants by the entirety. Consult with an attorney prior to closing to discuss your specific situation.
How much does title insurance cost?
Title insurance premiums are paid one time through closing. The premium for the owner’s policy is based on the purchase price of the property and the lender’s policy is based on the loan amount. Both premiums are regulated by the State of Ohio.
What does title insurance protect against?
Whipple Title offers escrow and closing services designed to simplify real estate transactions. We offer mobile closing services no matter where you are. Our goal is to build relationships with you, developing processes and procedures that best fit your needs. We also take every precaution to secure funds for all escrow obligations.
A third party wants to charge me to receive a copy of my deed and property assessment profile. Should I pay this fee?
No, this is a scam. Whipple Title will directly mail to you free of charge your deed and owner’s title insurance policy after closing.
What is escrow?
Escrow is an arrangement in which a neutral third party, called an escrow holder, holds legal documents and funds on behalf of a buyer and seller. The escrow holder distributes funds and documents according to the buyer’s and seller’s instructions. By acting as a neutral third party, the escrow holder can facilitate the real estate closing.
What is closing protection coverage?
a. An optional, additional insurance that protects any monies held by the title company. Theft, misappropriation, fraud, or any other failure to properly disburse settlement, closing or escrow funds; and
b. Failure to comply with any applicable written closing instructions, when agreed to by the Licensed Agent.
Do you transfer car titles?
No, we unfortunately do not
Can the title company negotiate on my behalf?
No, as a neutral third party, the title company cannot negotiate terms for you. It is recommended that a real estate agent or an attorney be obtained to negotiate terms on your behalf.
What types of insurance are there?
a. Mortgage Insurance – Protects the lender if you stop making your mortgage payments
b. Hazard/Homeowner’s Insurance – Protects the buyer financially if something happens to the home such as fire, vandalism, some natural causes, etc., depending on the policy.
c. Owner’s or Homeowner’s Title Insurance (Owner’s Policy or Eagle Policy) – protects your interest in the property up to your purchase price against loss caused by encumbrances or defects in the title to the property.
d. Lender’s Title Insurance (Loan Policy) – protects the lender’s interest in a property up to the loan amount against loss caused by encumbrances or defects in the title to the property.
e. Flood Insurance – protects your home in the event of a flood and may be required by the lender.