We understand you have the choice of companies you work with and we want you to choose Union Title Company. We care about you as our customer and we work hard to earn your trust. We will ensure that you receive superior title and escrow services.

Top 10 Things Consumers Should Know:

We have compiled a list of the top 10 things we think every consumer should know about the title insurance and escrow closing process. We understand it can be confusing, so here is our simplified list.

1. Time is of the Essence:

To avoid delays or a postponement in your closing, be sure to respond to lender and settlement company requests immediately.

2. You Have a Choice:

When it comes to service providers associated with your closing, you have a choice. This includes the company that will close your transaction.

3. Protect Your Information:

As an additional security measure to protect your personal information, you may receive secured emails from your lender and settlement agent.

4. Loan Estimate (LE):

The LE will be sent to you within three business days of your loan application. You may receive multiple copies. Lenders are required to explain charges and fees on the LE.

5. Preparing for Closing:

Prior to closing, you will be contacted by your lender and settlement agent to set up an appointment to sign all of the documents necessary for closing on the property.

6. Closing Disclosure (CD):

The CD is a document that is sent directly to you. It is used for most loan applications. The CD discloses all the fees associated with the closing.

7. Three-Day Review Period:

The CD must be delivered to the buyer at least three business days prior to the signing of the documents. You will need to acknowledge it as soon as possible upon delivery. This time allows you to review and ask questions if necessary.

8. Lenders Title Insurance Policy:

Lenders typically require their borrowers to purchase a Lender’s Policy of Title insurance for the purchase loan. This policy only covers the lender’s interest.

9. Owner’s Title Insurance Policy:

Owner’s Insurance protects the homebuyer’s interest in the property. It provides coverage in the event that an error or omission or other items are uncovered. Cost is based on the purchase price, but the fee is a one-time fee for coverage of the life of your ownership in the property.

10. Ask Questions:

This is one of the most important purchases of your life. Do not be afraid to ask questions about the process.

 

Your best resources through the title insurance and escrow closing process will be your lender and settlement agent. Keeping in communication will ultimately make your experience as smooth as possible.