Buyer & Seller Info
Buyers & Sellers
Why Title Insurance
When you purchase a home, how can you be sure that there are no problems with the home's title and that the seller actually owns the property? That is what a title search and title insurance are for.
What to bring
To avoid delays and set backs at the closing table, buyers and sellers will need to bring the following items to their closing.
• Government-Issued ID
• Lenders typically ask for a 2nd form of ID (like a SS Card or Credit Card)
• The Seller typically brings house keys and garage door openers
• All Certified funds should be payable to Transnation Title
• Copy of their Homeowners Insurance and Paid Receipt
7 Reasons Why Title Insurance
FAQs of Title Insurance
10 Steps to Buying a Home
7 Reasons for a Realtor
additional Resources for buyers & sellers
Frequently Asked Questions
Question: What is title insurance, and why do I need it?
Title insurance is an insurance policy that protects you against loss that could result from defects in the title of the property you are buying. The premium is paid only once and is good until the property’s ownership changes. Unlike most types of insurance which protect policyholders from future events, title insurance protects you against defects that could already exist.
Question: What steps are involved in buying a home?
After you make the decision to buy a home, you’ll want to plan a budget and contact a real estate professional to guide you through the entire process. You’ll also need to research and compare available lenders to finance your home beyond your down payment. Your real estate professional will likely be able to suggest prospective lenders if you need assistance in choosing one. A lender will pre-qualify you for a loan in the amount it determines you to be able to afford, so that sellers will consider you a serious and capable buyer. Once you’re pre-qualified, your real estate professional will begin showing you possible homes. When you decide on a particular home, your real estate professional will make an offer on your behalf to the home’s seller — usually for a price slightly less than the asking price. This may lead to a counter offer, meaning that the seller tries to negotiate your purchase price closer to his or her original asking price. Once both parties agree on an amount, your real estate professional will work with a title insurance agent and/or escrow officer to draft all necessary paperwork. He or she will then schedule a date for you and the seller to meet for the closing, where the transaction is completed and ownership is officially transferred from seller to buyer.
Question: What steps are involved in selling a home?
The steps involved in the home selling process are very similar to those involved in the home buying process. Once you have made the decision to sell your home, you will need to establish an asking price for it. While some sellers successfully sell their homes on their own, a for-sale-by-owner arrangement can be complicated and will require a great deal more of your personal time throughout the process. For this reason, most people consider the commission paid to a real estate professional well worth the investment, for the convenience, time savings and overall guidance provided. Real estate professionals will also be able to tell you if your asking price is appropriate for your property or home. In addition, they will manage the marketing of your home — from front-yard sign to MLS listing — while guiding you in preparing the home to be shown to potential buyers. Once a prospect makes you an offer, you can either accept the proposed purchase price or make a counter offer. When both parties agree on a price, your real estate professional will work with a title insurance agent and/or escrow officer to draft all necessary paperwork. He or she will then schedule a date for you and the buyer to meet for the closing, where the transaction is completed and ownership is officially transferred from seller to buyer.
Question: What are Flood Zone Determinations?
Simply put, flood zone determinations define geographic areas, or zones, according to their flood history using a classification system that assesses the potential for rainfall to be converted to storm water runoff. This information is very important to a buyer because it will likely affect insurance availability and cost. Likewise, it is important to a seller to know how the flood zone determination for his or her home may affect the sale of the home.