Monarch Title Services is a trusted partner within the real estate community. The purchase/sale of Real Estate is most times the largest investment a person will ever make! We understand that though you may own a home, you might not know and understand every step that is necessary to complete a Real Estate Closing. Our staff enjoys educating, explaining and even “holding the hand” of real estate owners and/or buyers through the closing process which can often be a confusing and sometimes emotional course to navigate. We believe the following information will be helpful for you to understand more about Title Insurance and our Services. However, please do not hesitate to call our office to discuss your concerns.
WHAT IS TITLE INSURANCE?
HOW DOES TITLE INSURANCE PROTECT A HOMEOWNER?
HOW DOES TITLE INSURANCE PROTECT THE LENDER?
CAN I GET A DISCOUNT ON TITLE INSURANCE?
- Owner’s Policy of Title Insurance from the purchase of your home
- Full copy of HUD-1 Settlement Statement or Closing Disclosure Form from the purchase of your home.
- Full copy of HUD-1 Settlement Statement or Closing Disclosure Form from the last refinance of your home. (Refinance Only – if you’ve owned your home more than 10 years)
Unfortunately, the Ohio Department of Insurance mandates that we can not honor reissue rates without a copy of the previous POLICY (not Commitment) or Settlement Statement. Further, the rule requires that the prior policy MUST be less than 10 years old. CLICK HERE FOR PDF – “REISSUE RATE DISCOUNT HANDOUT”
WHAT IS CLOSING PROTECTION COVERAGE?
The Closing or settlement of a real estate and/or mortgage loan transaction can be characterized as having two components. One component pertains to the title to the Premises and the title insurance policy. The other component pertains to the handling of funds and documents by the Licensed Agent. A title insurance policy does not cover losses due to the mishandling of funds or documents by the Licensed Agent. However, Closing Protection Coverage, as outlined below, does provide such protection. The Closing Protection Coverage indemnifies you against the loss of settlement funds resulting from any of the following acts of the Licensed Agent, or anyone acting on behalf of the Licensed Agent, subject to certain conditions and exclusions specified in the Closing Protection Coverage Form:
- Theft, misappropriation, fraud, bank failure, or any other failure to properly disburse settlement, closing or escrow funds; and
- Failure to comply with any applicable written closing instructions, when agreed to by the Licensed Agent.
CAN YOU SELECT A TITLE COMPANY OF YOUR CHOICE?
I’VE LISTED MY HOME FOR SALE WHAT’S NEXT?
- Owner’s Policy of Title Insurance or Settlement Statement/Closing Disclosure Form from the purchase of your home. (See Reissue Rate Discount for Title Insurance attached)
- Location Survey identifying the boundary lines of your property, where the home and outbuildings sit within the property lines, as well as any fences, easements, etc. that are located on/under your property.
- Mortgage Information:
- Loan Number
- Social Security Numbers
- Seller’s Written Authorization to obtain payoffs, etc. (if needed)
- Homeowner’s or Condo Association Information (if applicable)
- Water and Sewer Service providers (if applicable)
As time allows, please gather these items and keep them in an easily accessible location so they are ready to forward on when it is appropriate for us to request this documentation. CLICK HERE for “Letter to Seller for Realtor Listing Packet”