Frequently Asked Questions
Frequently Asked Questions
At Everest Land Title, we are here to make the process efficient and comfortable for YOU! Here are the most asked questions to put your mind at ease.
Let's Talk Title
Title is your ownership rights to your property.
Title insurance is a policy that protects your investment and property rights. There are two different types of title insurance: the owner’s policy and the lender’s policy. An owner’s policy is purchased by the home buyer. While it is your choice, purchasing an owner’s title insurance policy is the best way to protect your interests. Who does it protect? You, the home buyer, are covered as well as your trustees, inheritors, and beneficiaries. A lender’s policy is usually paid for by you or the seller. The lender's policy is almost always required by the lender and protects only the lender’s interest. Who does it protect? Only the lender is covered by the lender’s policy.
A title search is an early step in the home-buying process to uncover issues that could limit your rights to the property.
It is required that an interest in real property be formally recorded in the appropriate county office in order to be valid. The purchaser (or transferee) named on the last deed of record is recognized as the legal title owner of that property. Everest guarantees the recording of your deed.
Under the owner’s title insurance policy, you are protected against any unforeseeable errors in the title. Common errors include: 1. Forgery: making a false document; for example, the seller misrepresents the identity of the person who signed the title. 2. Fraud: deception to achieve unfair gain; for example, someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money. 3. Human error: inconsistent paperwork and historical records; for example, an unforeseeable discrepancy in the property or fence line can cause confusion in tracking the title history.
Your owner’s insurance policy lasts as long as you or your heirs own the property.
Let's Talk Escrow
Escrow is a term that describes a neutral third party, handling the disbursement of funds and documents in a real estate closing transaction
Closings costs are the fees incurred when you purchase, sell, or refinance real estate. These fees are collected at the time of closing through an escrow agent
It is recommended that an earnest money deposit is 3% of the purchase price, although in most cases, the deposit is between 1-2%
Closing deadlines are strictly adhered to, as directed by the purchase and sale aggreement and mortage loan documents. Most mortgage loan transactions can close within 30 days, while cash transactions can close within two weeks
A representative from Everest will conduct the closing at a time and location that is convenient for the customer
We give the customer as much time as they need to be comfortable with their closing documents. Typically about 30 minutes
Real estate transfer taxes are taxes imposed by states, counties, and municipalities on the transfer of the title of real property within the jurisdiction.
Property tax proration is a way to split property taxes fairly and ensure each side is paying evenly. An escrow agent will itemize the tax proration on the closing statement