Title & Closings Explained
Ownership of a property being conveyed is transferred at closing. Title insurance coverage begins at closing. Depending on the state and local laws, purchasers/sellers may have to pay title costs, settlement fees, loan charges, taxes/government fees, etc.
If the transaction is not a purchase and rather a refinance, the borrower may have to pay title costs, settlement fees, loan charges, etc.
Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions.
Purchasing real estate is an exciting endeavor and The Security Title Guarantee Corporation and the American Land Title Association are here to help you. Learn what it takes to obtain the title to your property and why you should purchase an owner’s title insurance policy to protect your property rights by visiting this web page.