Visit Home Closing 101 and you will find the information you need to prepare yourself for closing day. By becoming familiar with topics such as title insurance, escrow fees and closing costs — when the time comes to sign on the dotted line, there won’t be any unwelcome surprises. Instead of worrying, you can focus on the more important things . . . like who to invite to your house warming party.

Title insurance protects you from losses arising from claims against the rights of ownership of property. Protection differs according to the type of title insurance you have and whose interests are being covered. Some of the things title insurance can protect you from are forgery, improper transfers of property (for example, after death or divorce), recording mistakes by government employees, fraud, and missing heirs.

In central Ohio it is customary for the seller to pay for an owner’s title insurance policy, providing the buyer with evidence that there is a marketable title in the subject property. This is in accordance with the current Columbus Board of Realtors’ purchase contract. Owner’s title insurance provides the buyer with complete assurance as to the validity of the title, thereby relieving the buyer and seller of liability for title problems. If there are problems with the title, a title search reveals them and permits resolution of the problems prior to closing.

The owner’s title insurance policy you receive from the seller only covers your interest in the property as the owner. The mortgage company also needs protection as an inducement to make the loan to the borrower. This is why it becomes the buyer’s responsibility to pay for this portion of the coverage.

Your original mortgage title insurance policy only provides coverage for the original first loan. When that mortgage is paid in full, the title insurance covering it no longer exists.

1. Find the owners title insurance policy you received when you purchased your home. Having this policy in hand can save you 30% of the premium rate you will have to pay to provide title insurance for your buyer.
2. Fax a copy of the real estate purchase contract and a copy of your owners title insurance policy to the Northwest Title office near you. Call or e-mail us to schedule your closing.
3. Fill out a copy of our title insurance order form. Or call the nearest Northwest Title office and place your order over the phone. We’ll need your name and loan number of the present loan or loans you will be paying off when you sell your home.

1. We’ll call your present mortgage holder and order your payoff.
2. We’ll call the buyer or his representative and schedule the closing, then notify all parties of the time and place.
3. We’ll perform the title search and prepare the title insurance commitment, sending copies to the buyer’s lender and representatives. We’ll also perform all the work necessary to prepare the title to be transferred.
4. We’ll work with the buyer’s lender to prepare all closing documents to their specifications in order to ensure execution in a timely manner.
5. After closing, we’ll make sure that:
   1. all escrowed monies are disbursed according to the agreement
   2. all documents are returned to the lender
   3. all final policies are prepared and delivered within 30 days
   4. recording takes place with the proper county office

1. Find the owners title insurance policy you received when you purchased your home. Having this policy in hand can save you 30% of the premium rate you will have to pay to satisfy your lender’s requirement for title insurance. Fax a copy of it to us.
2. Your lender will ask you to choose a title company. Once you have chosen Northwest Title, call the Northwest Title office near you to schedule a convenient time and date for your closing.
3. Give us the name and loan number of the present loan or loans you will be paying off in this transaction.
4. Give us the name and phone number of your homeowners insurance agent.

1. We’ll call your present mortgage holder and order your payoff.
2. We’ll perform a title search and prepare the mortgagee title insurance.
3. We’ll order a survey (if required by your lender).
4. We’ll make sure that, after closing:
   1. escrowed monies are disbursed according to the agreement
   2. all documents are returned to the lender
   3. final policies are prepared and delivered within 30 days
   4. recording takes place with each proper county office