Title, Escrow and Closing on Your Home in San Diego
What is Title Insurance and Why is it Important?
Title insurance makes sure your rights and interests to the property are clear, that the transfer of title takes place efficiently and correctly and that your interests as a homebuyer are protected to the maximum degree.
What does it cover?
Title insurance protects against claims from defects. Such title defects include: dispute in ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the actual policy.
Who needs it?
Purchasers and lenders need title insurance in order to be insured against various possible title defects. The buyer, seller and lender all benefit from the issuance of title insurance.
What are the policy types?
A standard policy (ALTA Policy) insures the new owner/homebuyer, and a lender's policy insures the priority of the lender's security interest.
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What is Escrow and Why is it Important?
Escrow is the actual transaction assisted by a neutral 3rd party. The escrow officer's role is to facilitate and help the parties meet the terms of the agreements in the agreed upon timeline. Part of the responsibilities include: central depository for funds & documents, obtaining the title insurance, fulfill lender requirements, pro-rate insurance & taxes, allocates funds for closing costs & loan payoffs, and setting up the transaction to close upon having met all conditions. No real estate transaction can close without the role of the escrow company.
What Else Should I Know About Closings in San Diego?
Overall, Los Angeles real estate transactions all require title and escrow. A transaction does not typically close unless the title and escrow company feel confident that the transaction is legal and legitimate.
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