1 America s Title Group Title Resource Guide Service is our Commitment
2 America s Title Group is a full service title insurance agency providing title and closing services throughout the United States. Our staff brings a diverse background that includes extensive experience not only within the title industry, but also as Loan Officer and lenders Account Executive. This experience makes us uniquely qualified to understand and service the needs of today s mortgage and real estate professionals. Our Courteous and Professional staff will: Confirm by phone, fax or that we have received your order Return Title Commitments promptly, usually within 24 hours Obtain payoffs of all liens Assist in clearing most title issues Conduct closings professionally at your customer s convenience: Í Weekends, evenings, any day of the week Í Home or office Deliver your proceeds to your office Provide additional customized services upon request Service is our Commitment
3 Title Order Form Fax completed form to Ordered By: Company: Phone: Property Address: City: County: State: Zip: Purchase Price: Seller Information: Married Sellers: Single Seller #1: SSN: Seller #2: SSN: Contact #: H: W: H: W: C: Fax: C: Fax: Listing Broker: Listing Agent: Commission: Agent Contact #: Office: Cell: Fax: Borrower/Buyer Information: Buyers: Married Single Buyer #1: SSN: Buyer #2: SSN: Contact #:: H: W: H: W: C: Fax: C: Fax: Selling Broker: Selling Agent: Commission: Agent Contact #: Office: Cell: Fax: Lender Name and Address: Loan Officer: Processor: Contact #:: Office: Cell: Office: Fax: Hazard Insurance Info: Payoff Info: 1st Mort.: Acct. #: Phone: 2nd Mort.: Acct. #: Phone: Other Items/Instructions: Service Provided By: Cost: Phone: Pest Inspection: Home inspection: Gas Line Warranty: Home Warranty: 2600 Oakstone Drive Columbus, Ohio Office: fax: toll free:
4 Price Schedule for Purchases TYPICAL COSTS Buyer Seller Settlement /Closing $175 $50 Title Exam $185 Title Commitment / Binder $50 $50 Shipping & Handling $50 $25 Wire Administration $15 Deed Preparation $75 Title Insurance HomeOwner s Policy (Extended Coverage) $6.62/Thousand Owner s Policy $5.75/Thousand Lender s Policy $100 (If issued simultaneously with HomeOwner s or Owner s Policy) Endorsements Rates vary per type of Endorsement. Please call for quote. ADDITIONAL COSTS Other Legal Documents Survey Charged at Cost Charged at Cost 2600 Oakstone Drive Columbus, Ohio office: fax: toll free:
5 Price Schedule for Refinances TYPICAL COSTS Settlement /Closing $225 Title Exam $185 Title Commitment / Binder $50 Shipping & Handling $50 Wire Administration $15 Title Insurance Lender s Policy Endorsements $4.00/Thousand Rates vary per type of Endorsement. Please call for quote. ADDITIONAL COSTS Deed Preparation $75 Other Legal Documents Charged at Cost Survey Charged at Cost (Usually $160) 2600 Oakstone Drive Columbus, Ohio office: fax: toll free:
7 Frequently Asked Questions Q. What is title insurance? Title insurance is an insurance policy that protects your legal rights to own, possess, use, control, and dispose of land. Q. Why is transferring the title to real estate different from transferring the title to other items such as a car? Transferring a real estate title can be complicated because land is permanent and the usage of land and the rights to use it can change over the years. Q. What is a title search? A title search is a detailed examination of the historical public records concerning a property. These records include deeds, court records, property and name indexes, and many other public documents. Q. Why do I need title insurance? There are two types of title insurance policies: a lender s policy and an owner s policy. The lender s policy is required for a mortgage, financially covers the amount of the loan, and provides protection to the lender. An owner s policy protects the land owner against any title loss, which ensures the value of the property. With title insurance, if a claim is made against the title, the underwriter must pay any and all costs associated with defense against the challenge, and if unsuccessful in that defense, reimburse the land owner for any reduction in the value of the land. Q. Is title insurance as important as homeowner s insurance? Homeowner s insurance typically provides protection against theft or damage. If a fire destroys your home, you can rebuild and buy new possessions. If the title to the land fails, you could lose the right to inhabit your home, as well as the land it occupies. Q. How much does title insurance cost? Title insurance charges vary in different parts of the country. However, you pay for a [owner s policy of] title insurance only once; there are no monthly premiums. Q. How long does title insurance coverage last? The lender s policy of title insurance lasts until the mortgage is paid in full. An owner s policy of title insurance lasts for as long as you or your heirs retain an interest in the property. Q. Where can I get title insurance? You can obtain title insurance from America s Title Group. If you have further questions about title insurance or any other questions related to Real Estate Transactions, please contact us at
8 What you can expect to sign at the closing table During the Real Estate closing, both buyer and seller are required to sign important documents. The following list contains brief explanations of many of the common documents: HUD Statement: This is the detailed financial itemization of the real estate transaction. It contains real estate and loan closing costs as well as tax pro-rations, homeowner dues, insurance, and title related charges. Warranty Deed: Transfers title of the real property from the seller to the buyer. Note: This document outlines the borrowing terms and is the agreement between the borrower and the lender. In effect it is an I.O.U. Mortgage: This is the document filed with the County Recorder placing a lien on the property in the amount of the note. Truth in Lending Statement (Regulation Z): Discloses the amount financed, interest rate, the annual interest rate and the total cost of the loan over its life. Itemization of Amount Financed: Explains the prepaid financed costs that are subtracted from the total loan amount which are on the Truth in Lending Statement. Payment Letter: Details the monthly payment. Location Survey: Assures the Lender and Buyers that the buildings are located within the building setback lines and the buildings do not encroach into easements. Anti-coercion Form: Buyers acknowledge that they have not been pressured to buy hazard insurance from a particular company. Tax Pro-ration Agreements: Buyer and Seller may choose to re-prorate the taxes and any homeowner association dues if there is a future adjustment in those amounts. Buyer s Affidavit: Information on the loan application is still true and correct. Seller s Affidavit: Sellers state that they have not altered the property in any way that might cloud the title and affirm that all liens have been addressed. Payoff Confirmation: An accounting of disbursements made to payoff lenders for all liens against the real property. Errors and Omissions/ Compliance Agreement: This mutual agreement requires Buyers and Sellers to cooperate, sign, and correct any unintentional typographical errors or mistakes on the closing documents. Initial Escrow Account Disclosure: Summary of expected deposits and disbursements from the loan s escrow account during the first year. W-9 and 4506: Federally proscribed documents where the borrower certifies their SSN (W-9) and authorize the IRS to release a transcript of the borrower s tax return to the lender (4506).
9 Prorating Real Estate Taxes Questions often arise from the issue of proration of real estate taxes. For example, all too often, Realtors, lenders and title company representatives hear questions like this one: "I just received a real estate tax bill for the second half of last year. I just bought this house. Should I have to pay these taxes even though I did not live in the house at that time?" The short answer is: Yes. Property taxes are paid in arrears. Taxes owed for the first six months of the year are not due until January of the following year. Several counties do not require payment until late February. In rare cases the taxes are not due until even later. Everyone will agree that these taxes are the responsibility of the party who owned the property during that tax period. However, there is no incentive for a former owner to pay taxes on a property they no longer own. And if the taxes remain unpaid the current owner will face penalties that could include a tax foreclosure. To prevent the new owner from getting stuck with the former owner s tax bill the taxes owed by the prior owner are prorated and given to the buyer as a credit at the closing. Here is how it works: Let s imagine a property is sold on February 15 th. The seller is responsible for all unpaid taxes through the closing date. Assuming the first half of the prior year s taxes was due and paid in January, the seller still owes for July 1 st through February 15 th or 230 days. The annual tax bill is divided by 365 and then multiplied by the days the seller is responsible to pay. For example, if the annual taxes due on the property are $3,650, the daily tax is equal to $10. Our seller s proration, or credit to the buyer is then $2,300 ($3,650 / 365=$10. $10 X 230 days = $2,300). The buyer, having already received from the seller the portion of taxes the seller will owe, is now responsible for any taxes coming due. IMPORTANT: For newly built homes the current taxes due are based on LAND ONLY, meaning the value for the house has not yet been assessed by the county. If you plan on escrowing taxes with your lender, please verify they are escrowing the correct estimated amount to cover the increased amount of taxes that will become due once the property is re-assessed.
10 Aggregate Adjustment An Aggregate Adjustment is a credit on the settlement statement made to a borrower by the lender to keep a loan in compliance with the federal lending laws that govern the maximum amount a lender may maintain in a customer s escrow account. Federal law allows a lender to maintain a cushion in a borrower s escrow account equal to 2 months of the escrow accounts annual expenses. This cushion is to help protect the lender from shortages in the account due to rising insurance and property tax rates or a borrower s failure to make the monthly payments. At closing the lender instructs the title agency to place funds into an escrow account that, along with additional deposits from the borrower s monthly mortgage payments, will cover the annual expenses for property taxes and hazard insurance. Occasionally, the escrow account will also be used for mortgage insurance, flood insurance, and condo or homeowner s association dues. The escrow account is held and administered by the lender. The amount initially deposited is equal to the next billed expense of each escrowed item minus 1/12 of the annual expense of that item times the number of monthly payments to be received before that item s payment is due, plus two additional months. For example, in Franklin County property taxes are due in January and June. If the sale closes in November on a home with a $1200 annual tax bill the lender will require that $700 be placed into the account for property taxes ($600 for the next half that is due in January minus $100 collected in the January payment plus $200 for the two month cushion = $700.) Once the total initial deposit into the escrow account is determined, the lender conducts an Initial Escrow Account Analysis. In this analysis the lender will project for the next twelve months the expected deposits into and expenses out of the escrow account and track the projected cash balance of the account at the end of each month. If the analysis reveals that the lowest projected balance during the coming year exceeds 2/12 of the annual expenses, the allowable cushion under federal law, the lender will reduce the initial deposit by the amount the escrow account is expected to exceed the allowable cushion. This reduction is shown as a credit on the settlement statement and is labeled Aggregate Adjustment.
11 Dower Interest in Ohio (or, "explain to me again why my spouse has to sign") By Christopher C. Pfendler, Esq. If you own real property in the State of Ohio and are married, you most probably have encountered the term dower when either purchasing, selling or refinancing that real property. "What is your marital status" will be one of the questions you are asked when listing a property for sale, having a deed prepared by an attorney, or borrowing money from a lender where you intend to secure your repayment by placing a mortgage on your home. Why should this matter? The answer relates back to a time when real property defined who had the power both economically and politically. It was a time when land was the chief form of wealth and its acquisition and transfer was limited mostly to rich, powerful males. Because of this, the law developed ways to protect the widow upon the death of her husband. The wife by law had a "dower interest" in any real property that the husband brought to the marriage or acquired during the marriage. But this interest did not actually materialize until the death of the husband. It kept the wife from being left penniless and specifically provided that she have a one third interest for the rest of her natural life in any real estate owned by her husband during their marriage. As time passed, many changes took place, including recognizing a woman's right to own real property. The law also found different ways to provide for a surviving spouse such as the intestate succession laws that provided for widows and widowers even when their spouse had failed to make a will or other provisions during their lifetime. As a result of these changes, at least forty-six States have abolished dower. Of course, Ohio wasn't one of these. Ohio Revised Code Section still provides that either spouse is entitled to a one-third dower interest (life estate) in real property that was acquired by their deceased spouse during their marriage. At this point you may find this all very interesting but may also be asking yourself the question... so what? The simple answer is if one spouse holds title to any real property, the other spouse must sign away, or "release dower" any time any interest in that property is transferred or encumbered. Although the interest is not perfected until the title owning spouse dies, it is real and must be released. Ohio law provides that a final divorce decree
12 terminates the dower interest as does the death of the spouse who is not in title. But, if the divorce or dissolution is still pending and final decree has not been issued by the court, the spouse must release their dower interest on any document transferring any interest in real property owned by the other spouse. Likewise, if the parties "have been separated for years" but there has been no court ordered decree of separation, the spouse must release dower on any document transferring any interest in real property owned by the other spouse. It makes no difference if the document conveying the interest is a warranty deed" or a "quit claim deed", the non-titled spouse must release dower. There is no blanket instrument that allows a spouse to sign away "all my dower interest". The signature must be on the document transferring the real property. Upon examination, this makes sense since the amount of real estate owned by the other spouse can increase at any time. Another confusing result of a spouse's dower interest is the effect it has when a spouse places a mortgage on real estate that they already own or have just purchased. We need to remember the actual purpose of that mortgage document. The person who owns or is purchasing real property is borrowing money to supply some of the purchase price or in the case of a refinance, to spend on repairs or some other worthy project. The bank has them sign the note, which is the promise to pay the money back to the bank. The bank also wants some way of getting their money back if their customer either cannot or will not pay them back. The mortgage secures the person's promise to pay the bank back, and if necessary, the bank will foreclose, take the house back and resell it to hopefully recover their loss. During that foreclosure process, the terms of the actual mortgage document act to, in effect, deed the property from the debtor back to the bank. If the debtor is married, the spouse must release dower on the mortgage because the mortgage document could be used in the future to transfer the real property back to the bank and therefore the non-titled spouse must sign off dower. Many times a spouse is concerned that they are somehow being obligated to pay part or all of the money borrowed by signing the mortgage. Again, it is important to remember that the note is the promise to pay the lender back the money. The mortgage document only secures that promise by giving the lender the ability to "cut their losses" in the event their customer fails to make good on the promise. Releasing dower on the mortgage only allows the lender to proceed with a foreclosure free from any claim by the non-titled spouse due to their dower interest in the property.
13 Good Funds Law The Ohio Revised Code prohibits a title agent or closing officer from accepting any monies other than "good funds." Ohio s Good Funds law, at its simplest, prohibits a title agent from disbursing a transaction until the agent knows that all funds are in hand. Further, Ohio s law states that any funds that are brought to the closing are required to be Guaranteed funds. Guaranteed funds are those monies delivered to the closing by: Cashiers' checks; Certified checks; Money orders; A bank check drawn upon a federally insured bank, saving and loan, or credit union; Checks from a government agency or municipality; A reciprocal title insurance agency check from a previous closing; or A wire transfer where verification of receipt has been established. A personal check in the amount of $1,000 or less may be used, but any amount in excess of this figure would result in the closing officer being unable to disburse the transaction until the check clears or guaranteed funds were provided to the agency. Examples of funds that are not guaranteed include personal checks, ACH transfers, and certain types of drafts from credit unions. Be aware that that Ohio s Good Funds law does not prohibit title agencies from adopting policies that are more strict than what is required by the law. For example, an agency may require that any funds over $500 or even $100 (or less) be brought as guaranteed funds. It is important to keep in mind that this requirement is applicable to every buyer in every transaction, even very large corporations or established partnerships.
14 Rescission or Right-to-Cancel If you re considering applying for a mortgage loan and using your home to guarantee repayment, you should know that a federal credit law gives you three days to reconsider a signed credit agreement and cancel the deal without penalty. Your "right to rescind" or "right to cancel" is guaranteed by the Truth In Lending Act. You can rescind for any reason but only if you are using your principal residence whether it is a condominium, mobile home, or house boat as collateral, not a vacation, investment or second home. Under the right to rescind, you have until midnight of the third business day to cancel the credit transaction. Day one begins after all three of the following occur: you sign the credit contract; you receive a Truth in Lending disclosure form containing certain key information about the credit contract, including the annual percentage rate; finance charge; amount financed; and payment schedule; and you receive two copies of a Truth in Lending notice explaining your right to rescind. For rescission purposes, business days include Saturdays but not Sundays or legal public holidays. For example, if the events listed above take place on a Friday, you have until midnight on the next Tuesday to rescind. If you decide to rescind, you must notify the creditor in writing. You may not rescind by telephone or in a face-to-face conversation with the creditor. Your written notice must be mailed, faxed, or delivered if by other written means, before midnight of the third business day. At closing you will be asked to sign a form titled Notice of Right to Cancel. This notice will clearly explain your right to cancel. It will also inform you of the date when your right to cancel expires and how to contact your lender if you decide to cancel. The notice will have two signature lines. You will be asked to sign the form at closing indicating that you have been informed of your right to cancel. The second signature line is where you will sign if you choose to cancel the loan.
15 Example of Notice of Right to Cancel Form Date of Closing Deadline to Cancel is midnight of the third business day after closing. Note: Some Lenders include Saturday as a business day. Borrower must sign here to cancel the loan. Sign to Acknowledge disclosure of the right to cancel. This form must be executed by all borrowers and their spouses (see Dower) at the closing of all owner occupied residential refinances.
16 How to Read a HUD-1 Settlement Statement Line 103: Buyers Column from Page 2 Line Section: Charges to Buyer Line 201: Deposit Returned to Buyer per Contract Line 202: Buyer s Loan Amount from Note and Mortgage 200 Section: Credits to Buyer Line 209 and 509: Money from Seller to Buyer for Closing Costs per Contract Line 211 and 511: Taxes in Ohio run 1 year in arrears. The Seller credits Buyer for the time they owned the property during the current year. Line 303: Amount Buyer needs at closing. Amounts larger than $ will need to be in the form of a Cashier s Check. Line 101 and 401: Contract Sales Price 400 Section: Credits to Seller Line 502: Sellers Column from Page 2 Line 1400 Line 504: Sellers Mortgage Payoff 500 Section: Charges to Seller Line 209 and 509: Money from Seller to Buyer for Closing Costs Line 211 and 511: Taxes in Ohio run 1 year in arrears. The Seller credits Buyer for the time they owned the property during the current year. Line 603: Seller s Proceeds
17 How to Read a HUD-1 Settlement Statement 700 Section: Real Estate Broker Fees 800 Section: Lender Charges Section 900: Prepaid Items Section 1000: Escrow Account Taxes and Insurance 1100 Section: Title Company Fees Total Real Estate Commission Interest on mortgages run 1 month in arrears. Buyer pays interest through end of month and makes 1st payment after the 1st full month has passed. Homeowner s Insurance paid outside of closing, or POC Money pre-paid into your lender s escrow account to pay taxes and insurance. Loan Policy Endorsements vary and are dictated by the lender Section: Recording and Transfer Fees 1300 Section: Survey, Inspections and Warranties Recording Fees vary based on the number of pages. Total of each column are carried over to Page 1. Page 2
18 How to Read a HUD-1 Settlement Statement GFE Comparison: Broker Fees that can not increase. Charges that cannot increase More than 10%. These fees must be less than or equal to the GFE. These fees cannot increase more than 10% from the quoted fees on your GFE Charges that can change. Loan Terms. These items can change and you are able to shop around for the best price on these services. These are your loan terms. Your total monthly payment is listed here. Mortgages with adjustable rates will be listed here. Any additional terms of your loan will be listed here. Page 3
19 How to Read a Title Commitment Effective Date of the Commitment. Needs to be dated within 30 days of closing. Buyer s names as they will appear when taking title to the property and on the Mortgage. Lender s name Current Title holder to the property, usually the seller in a purchase transaction. In a refinance transaction, this name must match the loan documents. Amount of Owner s Policy Coverage. Coverage Amount is based on Home Sales Price. Amount of Loan Policy Coverage. Amount of Coverage is specified by lender and usually in the amount of the loan. Schedule A
20 How to Read a Title Commitment Section 1: Items the title company will require before the loan can close. Payoff any current mortgages. Deed transferring the property in a purchase transaction. Mortgage to the new lender from the buyer/borrower. Section 2: Items not covered by title policy unless removed by endorsement, affidavit or lien release. Items A-E & G: Standard exceptions that will be cleared through endorsement or affidavit. Tax information Current Mortgage information. Any other items affecting title including Liens, Mortgages, Judgments, Suits, Foreclosure, Easements and Restrictions will be listed here. Schedule B
21 How to Read a Title Commitment Legal Description of property. This is the land that will be transferred and/or secured by the mortgage. Schedule C
1 Your Guide to the Settlement Statement A real estate transaction involves a series of exchanges, not only between the buyer and seller, but also with the lenders, brokers, and state and local governments.
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C3_2182 TradSSApprLtr_ND 17281 12/26/2013 Mail Stop TX2-982-03-02 7105 Corporate Dr. Plano, TX 75024 Notice Date: August 28, 2014 Loan No.: Property Address: Sacramento, CA 95826 IMPORTANT MESSAGE ABOUT
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Glossary of Title Insurance Terms abstract of title The condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances
A good faith estimate is a document that estimates the total costs to get a loan when you are buying or refinancing a home. The good faith estimate details costs you will incur on all loan related fees
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Shopping for your home loan Settlement cost booklet January 2014 This booklet was initially prepared by the U.S. Department of Housing and Urban Development. The Consumer Financial Protection Bureau (CFPB)
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The Reverse Mortgage Opportunity Today s Solution to your Peace of Mind The 2009 Retirement Environment 2008 Market downturn Net worth losses portfolio restrictions Age restrictions on employment Travel
A Primer on the New CFPB Regulations Governing Residential Closings. Navigating the New Forms (Loan Estimate and Closing Disclosure.) For loan applications received beginning October 3, 2015. Disclaimer:
USER GUIDE FOR HOME EQUITY LENDING EML487 USER GUIDE FOR HOME EQUITY LENDING COPYRIGHT CUNA MUTUAL INSURANCE SOCIETY, 1989, 1992, 98, 2003, 04, 06, 07, ALL RIGHTS RESERVED. REPRODUCTION WITHOUT WRITTEN
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BORROWER'S SIGNATURE AUTHORIZATION (s) Name and Address Lender Name and Address Subject Property Address Lender Contact Lender Phone No. Loan Number Authorization I hereby authorize the Lender to verify
Scott County Collector Mark Hensley Delinquent Tax Certificate Sale Revised 7-27-15 7/27/2015 1:40 PM Dear Potential Delinquent Tax Certificate Sale Participant: THANK YOU for your interest in the 2015
Mortgage Loans Understand the Terms of Your Loan before You Sign This brochure can help you determine what is best for your situation, become familiar with mortgage loan terms, and learn what is involved
Table of Contents I. Introduction Purchasing Time-line II. Before You Buy Are You Ready to be a Homeowner? III. Determining What You Can Afford IV. Shopping for a House Role of the Real Estate Broker Selecting
Reverse Mortgages in Texas: New Uses and Limitations Paul McNutt, Jr. General Counsel Title Resources Guaranty Company Our mission is to provide knowledgeable and responsive underwriting solutions to support
Short Sale Processing Document Check List Letter of Authorization & Release Client Information Form Hardship Letter (must be signed and dated) Financial Statement (Profit & Loss Statement or Budget must