Paramount Land Title is dedicated to making the sale or purchase of your property a pleasant and worry free experience. We will coordinate with all parties involved to provide a smooth closing process. If you are working with realtors, we will contact them to obtain all pertinent information regarding the transaction. If you are buying or selling a For Sale By Owner property, our team can assist you in preparing the sales contact and completing any additional documents. We will do a 30 year title search on the property and resolve any title issues that may exist to ensure that you are getting clear title to the property. If you are obtaining a mortgage loan, we will communicate all of the necessary information to your lender. We can do the closing either at our office or at another office that is convenient for all parties.
Purchase closings usually take about an hour. Buyers and sellers will need to bring a form of identification to closing. If you are bringing funds to closing, they will need to be in the form of a cashier’s check payable to Paramount Land Title. Please remember that your spouse will need to attend closing as well, even if they are not on the new loan.
Remember, the title company is always the buyer’s choice.
Paramount Land Title works directly with your mortgage lender to facilitate a hassle free refinance transaction. We will order your current mortgage payoffs as well as let your homeowner’s insurance company know that you are refinancing. Paramount Land Title can also give you a discount on your lender’s title insurance if you have a current lender’s policy in place. We can do the closing either at our office or at your lender’s office, whichever is most convenient for you.
Refinance closings typically take about 30 minutes. You will need to bring a form of picture identification to closing. If you are bringing money to closing, it will need to be in the form of a cashier’s check payable to Paramount Land Title.
If you are receiving proceeds from your loan, you will be required by your lender to wait 3 business days before the loan will fund. This is called the “rescission period,” and is only applicable if the property is your primary residence. Please remember that if you are refinancing your primary residence, your spouse will need to attend closing as well, even if they are not on the new loan.
Remember the title company is your choice for your refinance transaction.
Lender’s Title Insurance
Lender’s title insurance protects your lender against problems with the title to your property that occurred before the date of the policy. A lender’s title insurance policy protects your property but does not protect your personal interest in the property. If you want protection against any defects in your property title, you must buy an owner’s title insurance policy.
Most lenders require lender’s title insurance. The cost of which will be disclosed on your Good Faith Estimate. Lender’s title insurance rates are based on the amount of your new mortgage. If you are refinancing and have an existing lender’s title insurance policy in place, you may be eligible for a re-issue rate on your new lender’s title insurance policy.
Please call us today for a quote on Lender’s title insurance.
Owner’s Title Insurance
Sometimes, title problems occur that could not be found in the public records or are inadvertently missed in the title search process. To help protect you in these events, it is recommended that you obtain an Owner’s Policy of Title Insurance to insure you against the most unforeseen problems.
Owner’s Title Insurance is usually issued at time of the real estate purchase. It is purchased for a one-time fee at closing and lasts for as long as you or your heirs have an interest in the property. The cost of an Owner’s Title Insurance Policy is based on the purchase price of the property. Only an Owner’s Policy fully protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include:
- Errors or omissions in deeds
- Mistakes in examining records
- Forgery or fraud
- Undisclosed heirs
An Owner’s Policy provides assurance that your title company will stand behind you — monetarily and with legal defense, if needed — in the event that a covered title problem arises after you buy your home.
You also have the option of purchasing a policy with expanded coverage. It’s called the Homeowner’s Policy and it covers more things than the Owner’s Policy. Ask one of our team members for an explanation of the expanded Homeowner’s Policy so you can decide which policy is the best one for you.
Please call us today for a quote on Owner’s Title Insurance.