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Frequent Asked Questions : PARK TITLE

Concierge Real Estate Settlement for the Park Living Lifestyle


Whether you are buying or selling a home we want you to stay focused on the big picture. To help you do that we are dedicated to focusing on the details.


At Park Title we scrutinize the critical details of your deal. Our settlement will meticulously vet your new home's title, get your legal documents in order, and protect the future you've pictured.


Our dedicated transaction concierge, paralegals and closers will integrate into your real estate team, working with you, your lender, and your agent to ensure a successful transaction. Communication and coordination are critical not just to prepare for closing day, but to make sure you and your ownership rights are protected long-term.


We are with you every step of the way and will provide a clear road map from contract to close.


Some of the ways we guide the process are:


Title Search & Status – Our team will pore over local court records and make sure there are no unresolved claims or liens on the home's title and work to resolve any issues or inconsistencies. We will order a survey, if the previous one is out of date to ensure all information is accurate and understood.


Title Insurance - Even the most detailed title investigation isn't infallible and title insurance will give you piece of mind. We work with several underwriters and tailor your insurance to best fit your property. At close you will know we have protected you and your lender against unexpected title issues and the financial devastation they could bring.


Document Prep – We integrate with your home buying team, working with you, your lender, and your agent to prep the closing paperwork. We pride ourselves in being the experts in your neighborhood, and constantly stay up on changes in local real estate laws to make sure all of your documents comply.


Closing Coordination – Once all of your questions are answered and paperwork ready, we'll synchronize the buyer, seller, and agents to schedule the final closing. Our team handles every detail and ensures all checks, deeds, affidavits, and authorization letters are perfect for the big day.


Final Closing – Your settlement concierge and the whole Park Title team works as a neutral third-party to oversee the transaction. We make sure the i's are dotted and t's are crossed, collect funds, hold them in escrow, and disburse them on time.


Filing & Recording – You have your keys and you have toasted your successful transaction with whatever custom closing experience you choose. You head to your new house and we head to the courthouse. As you start the next chapter in your new home, we file the deed and documents with the appropriate municipality.



Why do I need Title Insurance?


Protection. Protection. Protection. Title insurance protects you and your lender. A former owner's long-lost heir, ex-spouse, or unpaid contractor could materialize and stake a claim on your home. With title insurance you can rest assured you will be protected from the claims of third-parties. Banks and lenders know that even the most exhaustive title search can still allow for title issues to come up down the line. As a result, you need a lender's policy, covering the amount of the loan to qualify for a mortgage. The owner's policy protects your investment and covers your purchase price.


Who we are:


At Park Title and Champion Closing and Title our concierge team is committed to providing unparalleled real estate closing services to every customer. We pledge to provide the highest quality service to ensure your satisfaction with each transaction whether you are a consumer or a real estate professional who recommends our services.


We offer the added piece of mind that comes with knowing your settlement provider is Attorney Owned and Managed and that each and every deal includes a full legal review. This sets us apart from the competition. The combination of our knowledge and personalized professional service makes Park Title and Champion Title the pinnacle of service and professionalism for all your real estate transactions.


We provide an array of real estate-related services to agents, lenders and consumers.


FREE ONLINE RESOURCES:


  • Closing Cost Rate Calculator to ensure accurate fee estimates

  • Home Buying & Selling Guide

  • Settlement Statement Guides


SERVICES WE PROVIDE INCLUDE:


  • Full Residential Closings

  • Commercial Settlements

  • Mortgage Refinances

  • For Sale by Owner (FSBO)

  • Secure Client Portal

  • Enhanced Cyber Protection


Security & Compliance


Choosing a settlement services provider should go beyond just convenience and cost. In today’s world, security and compliance are critical. The closing process exists in a highly regulated industry and the Park Title (and Champion) team is committed to exceeding compliance requirements under Federal Laws. We take every available measure to protect and safeguard the confidentiality of your personal information. The compliance and protection efforts we take on the behalf of our clients’ interests include:


  • Passing annual audits by some of the largest underwriters in the industry

  • Staffing a full-time compliance and title manager responsible for continual self-audits

  • Implementation of all ALTA recommended best practices

  • All locations fully vetted by third party compliance company

  • E-mail encryption

  • Wire Transfer Protection

  • Cyber Insurance

  • Industry leading secure client portal used on every transaction


Processing - You can be confident that your contract will be handled by Licensed Title Agents throughout every step of the transaction. We stand behind our company’s professionalism and consistently deliver positive and compliant real estate settlement experiences on every deal.


Role of the Settlement Provider - The terms “closing” and “settlement” both describe the process of transferring title of real property from the seller to the buyer. Title companies, closing agents, settlement services companies and real estate attorneys generally oversee this process. At Park Title and Champion Title and closing we pride ourselves as being all of these.


The title company does not exclusively represent the interests of the buyer or seller but serves the role of the:

1) escrow agent (responsible for proper disbursement of all funds);

2) settlement agent (the party conducting the actual settlement); and

3) title insurance agent (responsible for issuing the lender and owner’s title insurance policy). We have a fiduciary duty to all parties involved in the transaction, including, but not limited to, the buyer, the seller and the buyer’s mortgage lender.


When we receive the executed contract from your real estate agent, we go to work. We:


  1. Order a title abstract.

  2. Coordinate to order a survey. Typically this is a “boundary (or staked) survey”—where the surveyor actually places stakes at the corners of the property lines.

  3. Review the title abstract and survey to determine the marketability and insurability of the title to the property.

  4. Contact the mortgage lender (if applicable) to schedule settlement and prepare any required documents.

  5. Contact the seller’s mortgage lender to obtain the amount needed to pay off the seller’s existing loan(s).

  6. Prepare the title insurance commitment/ binder according to the lender’s requirements.

  7. Contact the local taxing authority to verify the payment and amount of property taxes and determine allocations between the buyer and seller.

  8. Contact the homeowner’s and/or condominium Association to verify the amount of homeowner’s dues and determine the allocations between the buyer and seller.

  9. Obtain the loan documents and loan funding check or wire from the lender.

  10. Prepare the deed and all other required documents, including the ALTA Closing Statement and Closing Disclosure Statement.

  11. Contact all parties and schedule a time and place to conduct settlement


Understanding the Settlement Statement and Closing Disclosure


On closing day, the documents that we review with include the ALTA Closing Statement and Closing Disclosure Statements. Both documents detail all of the costs and credits of the transaction.


Aside from an exchange of paperwork and title to real property in the form of a deed, a real estate transaction involves a series of monetary exchanges, between the buyer and seller, with lenders, real estate brokers, and state and local governments. Both the ALTA Closing Statement and Closing Disclosure Statement detail these in a written “ledger” format, accounting for all the credits and debits to buyer and seller. The ALTA Closing Statement and Closing Disclosure Statement itemize all the charges and credits to the buyer and seller in a simple, easy to understand format to remove much of the mystery of the financial terms of the real estate transaction.


What happens after I close?

The papers are signed, and you have the keys to your new home. Upon conclusion of settlement, the title company will continue its efforts on behalf of the parties for another three to six months before completing all of its work. In order to finalize the transaction, our team undertakes all of the steps needed to conclude the transfer of the property:


  • Record the deed or any assumption documents in the land records office of the courthouse.

  • Audit the disbursement sheet.

  • Disburse all funds and proceeds.

  • Send the Lender the required package of all signed and copied documents.

  • Pay off outstanding loans of the seller, if any, and obtain, prepare and record any releases.

  • Disburse any funds held in escrow at closing; and

  • Issue the title insurance policies to the lender and new home-owner—often immediately upon completion of settlement.





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