frequently asked questions

1) WHAT DO I NEED FOR CLOSING?

The most important thing aside from you is a VALID, NON-EXPIRED, STATE OR FEDERAL ISSUED PHOTO I.D. (NO EXCEPTIONS). If you don't have one, get one at your local DMV. (They even issue Non-driver Photo I.D's.) It also is important to have one other validating I.D. such as a credit card, Sam's Club, employee I.D., etc.

BUYERS:
Will want to make sure they have certified funds or cashiers check. Wired funds are also accepted. The amount you need can be confirmed with us approximately 24 hours prior to closing and/or can be estimated by using the following calculations:

Sales Price - Mortgage Amount (if any) - Down Money - Seller Credit (if any) + Mortgage estimated closing costs = Certified check/Cashiers Check/Wire amount needed for closing.

Example: $200,000 Sales price - $160,000 Mortgage - $20,000 Down money - $6,000 Seller's Credit + $14,000 Closing Cost Estimate from lender = $28,000 needed for closing.

Buyers will want to bring a copy of their Home Owners Insurance Policy along with a paid receipt.

SELLERS:
Need I.D. as stated, copies of their current Tax Bills are a great thing to bring. Water and Sewer Bills are good to have but not necessary. Copies of current mortgage documentation are also a plus. KEYS to the house including the spare you gave to your sister, GARAGE DOOR OPENERS and any permanent documents useful to pass on to the new owners.

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2) WHY DO YOU NEED MY SOCIAL SECURITY NUMBER?

Two Words: PATRIOT ACT
The Federal Government requires a nationwide search based on this information to confirm monies aren't being used, transferred, etc., for terroristic purposes or to or from enemies of the state.

Two More Words: DOMESTIC RELATIONS
Those people paying child support may be required to bring that obligation up to date before buying or selling a property in PA.

What else: Permission to Obtain Payoffs
Graham Leach Bliley Right to Privacy Act prevents banks, lenders, etc., from distributing that information on your accounts without your permission and specific information. Sellers will be getting a request in the mail or a phone call to obtain permission and, along with all Lenders or Lien Holders, will require Social Security Numbers to confirm that information.

In certain instances, some liens filed under Social Security Numbers can be ascertained as to whether they apply to a particular closing if the people have the same or similar names, usually in the case of Jr.'s and Sr.'s. This information in our hands makes the process go smoother and faster.

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3) WILL WE SELL YOUR PRIVATE INFORMATION TO A TELEMARKETING COMPANY OR ANYONE ELSE?

NEVER! We are subject to the same rules as banks and lenders. Once we have your information we must secure it and prevent it from being stolen. We use internet security to prevent us from being hacked. Your records are kept under lock and key and once closing is completed your file is eventually scanned onto disk memory and the paper file, excluding required documents, is shredded.

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4) HOW LONG BEFORE I GET MY DEED?

Copies can be made at closing so you'll have it right away. The original will be returned after recordation. Depending on the county that your purchased property is in, it could take several days to several months. If you need a copy ASAP, ask your closing agent for a certified copy which can be returned in several days. It costs a few dollars more but you can get it quicker.

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5) WHAT IS TITLE INSURANCE?

The best way to explain it is that it's an ASSURANCE (piece of mind) that the largest purchase you probably have ever made will be yours as long as you or your heirs own it. It is the cheapest form of insurance money can buy on average.

A search of the property you are buying is done in the courthouse. If any potential problem or issue is discovered, we clear that issue prior to closing. Normally that's the seller's mortgage or tax lien. Other issues which may not be able to be cleared but don't necessarily adversely affect you as the owner will be listed as exceptions on your policy. Most of these are rights that others have regarding your property. (i.e. electric company having a right of way). You'll see these exceptions listed on your title commitment. If you have questions as to how these issues can affect your title, contact us or your attorney for a full explanation of these issues. If you would like, we can refer a practicing real estate attorney in your area. Some issues can be complicated and should be addressed by an attorney.

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6) WHAT'S THE DIFFERENCE BETWEEN A BASIC AND AN ENHANCED POLICY?

Cost wise about 15%. Coverage wise, a whole lot of reasons. The basic policy covers 4 main things. That you are the fee owner; that the title is good AND marketable; that you have access to the property; and there are no adverse liens against the property other than the mortgage you just signed.

For the extra 15% in cost, you get 24 additional coverages that protect you as the owner, even sometimes if you adversely affect your own title. Contact us for the other reasons that include fraud protection.

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