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Seller Frequently Asked Questions:

Who chooses the title company/closing agent?
Traditionally the seller selects the title company/closing agent. The title evidence section of the Purchase and Sale Agreement indicates whether the seller or the buyer is incurring the title insurance expense. Whoever incurs the expense selects the title company/closing agent.

What is a "Title?"
It bestows the legal right to possess a particular property and to use it within the restrictions imposed by authorities.

What is Title Insurance?
Title insurance is a contract to indemnify against losses arising through defects in the title. The insurance company guarantees against loss due to any defects in title not specifically set forth in the policy. It pays all expenses in defense of any lawsuit attacking the title as insured.

What is a Title Search?
An examination of the historical records concerning a property. This search verifies the seller's right to transfer ownership and also reveals any claims, defects and other rights or burdens on the property.

What services are provided by Integrity Title Group?

Title searches
Title examination
Escrow services
Online order system
Continuous updates via phone, fax and e-mail
After Hours Help Line
Rush service available
Mobile closings
Mail Away closings
Preparation of closing cost estimates
Recording services
Tax assessment information
Distribution of closing funds
Quick return of loan documents and title policy
Judgment and Lien searches

Once Integrity Title Group receives a "title order" from a real estate agent, loan officer, seller, or a refinancing owner, we will order a title search, payoff statements, and real estate tax information in preparation for closing. The closing agent will keep in constant communication with each party involved in the transaction and provide detailed information and status reports on a regular basis. The closing agent will schedule a closing date a few weeks prior to the closing with the lender and the parties involved, as well as, clear title and issue title insurance commitments to the respective parties. The lender will provide final loan instructions to the closing agent along with the lender documentation. Once received, the closing agent will prepare the final HUD-I Closing Statement and conduct the closing with the parties.

What does Title Insurance cost?
The one-time premium is directly related to the value of your property. It is paid when you purchase or refinance your property. It provides complete coverage for as long as you, or your heirs, own the property. For a schedule of the rates for title insurance click here.

Why do I need Title Insurance?
Title insurance protects you from financial loss in the event that problems arise regarding the rights to ownership of a property. Title insurance protects you from financial loss, as well as, the cost of defending against all covered claims.

Does Integrity Title Group handle the entire closing?
Yes. We work with you throughout the entire transaction to ensure that everything is completed accurately and that your closing is smooth and flawless.

Who pays for the closing?
Closing costs are typically divided between the seller and buyer as negotiated in the sales contract. Below is an example of typical/standard seller/buyer cost obligations.

Seller:

Owner's Title Insurance Policy - Based on the sale price
Taxes - Current year's real estate taxes are prorated at closing
Title Search, Exam and Closing Fee
State Documentary Stamp Tax for Deed of Conveyance

Buyer:

State Documentary Stamp Tax
Intangible Tax
Recording Fees for the Mortgage
Termite Inspection
Survey
Endorsements to Lender's Policy - If required by Lender
Lender's Title Insurance Policy

What do I need to do to be ready for closing?
Seller:

Bring a valid picture I.D. (e.g.: driver's license, State of Florida I.D. card or passport).
Review all settlement and title insurance documents with the closing agent.
Bring bills for any unpaid taxes, utilities or assessments.
Advise all appropriate utility companies of the sale (electric, water, telephone, cable, etc.)
If your property has any liens, judgments or mortgages, provide evidence of the release of such liens, judgments or mortgages that were paid prior to closing or verify the payoff statement with the closing agent for all liens to be paid off out of closing funds.
Obtain and bring evidence of all inspection repairs made in accordance with your real estate contract.

Residential Sellers:

Bring all current warranties on home equipment and appliances.
Bring keys, garage door openers and information on the alarm system, as applicable.
Home Owner's Association By-Laws and Fees.
Advise your homeowner's insurance company of the closing and request a pro rated refund of the paid premiums.

Commercial Sellers:

Bring keys and any information on the alarm system, as applicable.
Notify your insurance provider of the sale and closing date.
If currently leasing the property, and leases will remain in effect after the closing date, coordinate with the buyer the transition of landlord rights and duties, including the collection of rent.
Bring copies of all current leases that will be effective after the closing date.
Bring a copy of the correspondence notifying all tenants of the new ownership and the new address for the submission of rent, as applicable.

Buyer:

Bring a valid picture I.D. (e.g.: driver's license, State of Florida I.D. card or passport).
Review all settlement and title insurance documents with the closing agent.
Review the title deed to ensure properly prepared.
If using a Lender, make sure you understand your financing package.
Contact all utilities and have all future bills sent to you (electric, water, gas, telephone, cable and others).

Residential Buyers:

Bring all applicable insurance policies (homeowner's, flood and windstorm) and provide a receipt showing you have paid the premiums.
Request the keys, garage door opener and information on the alarm system, as applicable
Request all current warranties on home equipment and appliances.

Commercial Buyers:

Bring a business check in case the closing charges are more than anticipated.
Bring all applicable insurance policies (commercial property/liability).
Request the keys and the information on the alarm system, as applicable.
Review and obtain copies of any current tenant leases, as applicable.
Coordinate with the seller the transition of landlord rights and duties, including the collection of rent.
Review and obtain copies of the seller’s correspondence to current tenants notifying them of the new ownership and new address for the submission of rent, as applicable.