Frequently Asked Questions
What do I need to bring with me to settlement?
You will need to bring a valid government issued photo ID, for example: Driver's License, Passport, or Military ID. Any and all monies that are collected during the settlement must be in the form of certified funds which can consist of a cashier's check, teller's check, money order, or certified personal check or wired funds to our office. Should you be bringing cash to the settlement, please let us know before hand. Only small amounts of cash are acceptable. If additional documents are needed, our staff will contact you and let you know what is needed prior to the settlement.
How long will my settlement take?
Depending on the type of transaction you are settling on, refinances can generally take from 30 to 45 minutes, while a purchase will take 45 minutes up to an hour and a half.
When should I set my appointment with RL Title & Escrow to arrange my settlement date?
If your transaction is a purchase you should contact RL Title & Escow, Inc. right away so that we may start conducting the necessary steps we need to take to obtaining a clean and clear title for your new property. Contacting us as soon as possible allows us to work best for you ,and allows us to coordinate the settlement with all parties involved. If you are refinancing, we recommend you contact us once you have submitted your loan application. Once your loan is submitted, we will be working hard during that time to obtain a clean and clear title and then will be able to move forward towards your settlement date.
Can my settlement be conducted if I am unable to attend?
In some situations a power of attorney would be drafted for you in the case that you are not able to attend the settlement. A power of attorney is a legal document that is prepared, which allows another individual to sign legal documents in your absence. Please contact us immediately if you feel you will not be able to attend your settlement.
What is the role of a title company?
RL Title & Escrow, Inc. takes the worry out of your settlement. When we receive your file a chain of events occurs. We make sure that the seller listed on the contract is indeed the owner of the property being sold. From that point we will conduct a title search. This research will let us know if there are any liens or judgments against the seller that are attached to the property being purchased. Should any issues arise, we will take care of clearing any title defects. At the settlement table, we will be the collector of all funds from all parties involved. We will be with you every step of the way ensuring your process with us will be smooth, and efficent.
Why do I need title insurance?
A title insurance policy guarantees that the title to the property is free of "hidden" liens, hazards or human errors. When title insurance is purchased an experienced title examiner performs a comprehensive search of the public land records to determine if any liens or other encumbrances are attached. Although this search is intended to report all material title objections, there is always a chance that the substantial issues may go undetected. For example, an unknown heir of a previous owner who has a valid claim against the property, unrelinquished marital rights of previous owners, or invalid signatures. An Owner's policy protects your interest in the real property against such unforeseen threats to your ownership.
To protect against risk, a lender will require assurance that the title to the property is clear; and this is done through the issuance of a loan policy. The lender's policy covers the lender only, while the buyer is unprotected without the issuance of a separate owner's title insurance policy.
For a one-time premium, paid during the closing process, an owner's title insurance policy protects against future losses arising out of events that may have happened in the past. Your policy serves as a written guarantee that your underwriter will undertake, at its own expense, the defense of your title in all legal actions or proceedings alleging title to be other than as insured.
What does title insurance cover?
* Forged deeds, releases or wills
* Fraud in connection with execution of documents
* Clerical errors in recording legal documents
* Wills not properly probated
* Undisclosed or missing heirs
* Dower or curtsey rights of ex−spouses of former owners
* Unsatisfied claims not shown on record
* Deeds executed under expired or false powers of attorney
* Liens for unpaid taxes
What is a title search?
A search made by a title company to determine whether or not the seller actually owns the property. The search will also provide information such as the history of ownership to the property, and determines if any liens, open permits or illegal extensions exist on the property.