5731 Lyons View Pike Suite 224
Knoxville, TN 37919
phone:: 865-584-0441
fax:: 865-584-0451
email:: tgibb@stonebridgeknox.com

Stonebridge Title Blog


What is The role of a Title company in a closing?

A Title company acts as the escrow agent during the closing. This experienced neutral party is in possession of the legal documents and funds. Buyers, Sellers and Lenders can safely interact with each other assuring no legal documents will be released until all conditions of the purchased agreement have been met.

One To Buy… Two to sell

Its true if a married individual owns a property and his/her spouse is not in title, the signature of both spouses is still required on the deed when selling.

The Closing day Is not the day to forget your wallet.

The buyer,borrower and sometimes the seller are expected to hand over money at closing. If you are required to bring funds you should bring a cashiers check made payable to yourself or to your title company, if your check is made out for too much your title company will refund the overage, if not enough write a check for the difference.

What is the owners title insurance?

title insurance is obtained by paying a one-time premium at closing. It protects the owner should title issues arise that were not discovered in original title search. An owners title policy last as long as you own the property. There is also lenders title insurance that ensures that your lender has a valid mortgage.

What can a buyer expect to pay at closing?

The buyer brings the down payment minus any deposits. Often at closing the lender requires the buyer to pay interest from the date of the loan closing to the end of the month. An escrow reserve may be established at closing if the lender is paying the buyers insurance and property taxes. The buyer will also pay for his or her portion of closing costs including lenders fees, Title fees, closing fees, county fees and taxes.

How long does a closing lost?

What can you expect once you arrive at the closing, other than writers cramp? most well -run closing lost about an hour. However unexpected issues may arise, so be sure that your schedule for the day is flexible, be prepared, organized and ready to close.

You have the right to cancel your loan!

There is a three day right of rescission whenever you refinance your primary residence. The law entitles you three days ( excluding Sunday) to mull things over after you signed. You have the right to cancel the loan during this time. Once midnight of the third day your loan documents becomes official. There is no right of rescission when  you take a loan for the purchase of a property.