Home Buyers and Sellers
The first part of the closing process is to understand that you have a choice in title companies. Choosing a title company can be as important as choosing your new home. Did you know one in every three title searches reveals a problem that must be resolved before you can close? That’s why you want an expert company you can rely on to ensure a thorough, accurate, trouble-free process and who will be available to answer your questions. That’s Areawide Title!
We take our responsibility seriously to facilitate and protect the single largest financial transaction of your life through open communication and constant accessibility. We help you understand the closing process, what you’re signing, and why it’s needed. And we keep you in the loop, so you know what is happening at every stage of the process. Our goal is to give you the knowledge you need to close with confidence and feel protected in the long term, and to make the process as convenient as possible. Just tell your REALTOR you want Areawide Title to handle all escrow and title duties. If you are purchasing a home without a realtor (for sale by owner), be certain to contact Areawide at the onset of the process to ensure you have the legal protection you deserve through the entire process. If you have not secured the services of a real estate professional, please contact us now as we have a network of realtors around the country that we have worked with and trust to guide you home.
Buying your home:
You’ve found the perfect home! But a title problem can turn that dream into a nightmare, leaving you waiting among a pile of boxes. Rely on our experts to check every circumstance and clear the road for the movers. Areawide can help ensure you’re protected for the long term. For spotless title and escrow services, ask for Areawide Title. A typical home-buying process looks like this:
Determine your finances and get pre-approved for a mortgage. Work with a real estate professional to help you find your dream home, negotiate a great deal, and make an offer. Once your offer is accepted, escrow is opened and then you deposit earnest money with the escrow holder.
During the title process:
- You or your agent will initiate an order for title insurance to ensure the property you’re buying is clear of any liens or legal actions. A preliminary report can be issued with the minimum amount of information; without even identifying the buyer or the terms of the sale. It shows the record title as it presently exists and is only an offer to provide insurance.
- Your title officer performs three searches: Property, Name, and Tax searches. From that information, a preliminary report is created.
- Once the report is issued, your title company begins a review by making a technical analysis of the documents of record. An interpretive view of all recorded matters is made to evaluate their impact on the title to the property. Among the questions the examiner asks are: Would any of the recorded matters prevent the buyer from using the property for its intended purpose? Can antiquated leases be eliminated from the policy per a review of the current leases?
- In anticipation of title coverage, a site inspection is ordered. From the inspection report, the initial title product is supplemented to show any encroachments or other off-record matters that would ultimately impact the title.
- Documents in the title process include the Preliminary Report; Commitment, the condition of the title in the way we are willing to issue it; Pro Forma, a specimen of what the requested policy, as requested, will look like; then finally, the Policy, the final contract of indemnity between you and the title insurance company.
During the escrow process, as the buyer, you will:
- Order a physical Inspection of the property by a qualified inspector
- Approve Seller’s Transfer Disclosure Statement
- Approve Preliminary Report
- Order a property appraisal
- Obtain loan approval from the lender
- Perform termite inspection and certification
- Obtain Homeowner’s insurance
- Conduct a walk-through 24 hours before closing to ensure that the seller has vacated the property and left it in the condition specified in the sales contract. If there are any major problems, you can ask to delay the closing or request that the seller deposit money into an escrow account to cover the necessary repairs.
On the day of the closing, as the buyer, you will:
- Deposit the funds required in addition to any borrowed funds, to pay the purchase price with the escrow holder
- Deposit sufficient funds for home and title insurance.
- Arrange for any borrowed funds to be delivered to the escrow holder.
- Deposit any deed of trust or mortgage necessary to secure loans.
- Fulfill any other conditions specified in the escrow instructions.
Congratulations, you’re home!
Note: The above is general information only, consult your real estate professional for details about your specific situation.
Trouble-free transactions get you to “sold!” faster
When you’re selling your home and an offer is on the table, the last thing you want is a hitch in the process. Because our legal and professional staff is here to make sure you’re represented fully and accurately, Areawide Title can help ensure your sale closes smoothly and efficiently. For spotless title and escrow services, ask for Areawide.
A typical home sale process looks like this:
- Choose a real estate professional to help you market your home. Pricing your home is key, you don’t want to over- or under-price. As an Areawide customer, you have access to PreQualPro, a sophisticated tool that quickly and accurately analyzes a property’s value against an estimate.
- Buyers make an offer that you can accept, counter or reject.
- Once you accept an offer, escrow is opened and the buyer deposits earnest money to the escrow holder.
During the title insurance and escrow process, as the seller, you:
- Submit documents and information to the escrow holder such as tax receipts, addresses of mortgage holders, insurance policies, equipment warranties or home warranty contracts, any leases and/or rental agreements, etc.
- Approve and sign the escrow instructions, grant deed, and other related documents required to complete the transaction. Respond quickly to any requests for information to help the buyer obtain title insurance and verification of a clear title.
- Order inspections, receive clearances, and approve final reports and/or repairs to the property as required by the terms of the purchase and sale agreement (responsibility for inspection procedures may vary).
- Fulfill any remaining conditions specified in the contract and/or escrow instructions. Both the Buyer and the Seller approve any final changes by signing amendments to the escrow instructions or agreement.
Note: The above is general information only, consult your real estate professional for details about your specific situation.