We offer a full range of Residential and Commercial Title Services. And we take great pride in providing world-class service to our customers. Your satisfaction truly is our number one priority. There are numerous title insurance agencies serving the metropolitan Cleveland market; unfortunately, some have forgotten that they must satisfy their customers. At Northern Title Agency, our work is not finished until our customers are satisfied.
When buying or selling your house — or even refinancing — you have a choice when it comes to title insurance and settlement service providers. Choose Northern Title Agency. We realize that buying or selling a house can be stressful, and our courteous staff will guide you through the entire transfer process. We even have complete “FSBO” (For Sale By Owner) packages at your disposal with all necessary disclosures. Most disbursements are same day or next business day. Please contact us (link) today. We welcome the opportunity to earn your business.
The Closing Process
It’s probably one of the most important days of your life, the day you purchase your new home, one of the largest assets a person will usually own. You signed the purchase agreement to buy the home; you have hired a home inspector to inspect the house and then met with the mortgage lender to get approved for your loan. Now you need to sign ALL of the documents to close the transaction.
You will be signing numerous documents, some from the title agency and many from the mortgage lender. The mortgage loan documents are predetermined non-negotiable legalese spelling out the terms of the note with the lender. Simply stated, the lender will lend you money at a stated amount and stated term and you will make monthly payments to them to repay the loan. If you fail to make these payments, it provides the lender recourse to what it can and cannot do.
You will also need to bring in your down payment, closing costs and prepaid items (taxes, insurance, PMI) in the form of a cashier’s check or have the funds wired. Ohio is a “good funds” state and we cannot take a personal check.
We will then physically take the deed and mortgage to the county recorder’s office for proper recordation and then you own your house! We will then contact Realtors and/or Buyer and Seller and you get your keys!
What is Closing Protection Coverage?
A Closing Protection Letter is a document issued by First American Title and other underwriters that sets forth its responsibilities for negligence, fraud and errors in closings performed by its agents. It indemnifies the covered party against actual loss or damage arising from a breach of fiduciary duties owed by the closing agent to the parties of the transaction. If a problem arises out of closing through error or fraud and no closing protection letter exists, the parties would normally be able to look only to the closing agent for recovery.
When First American Title or other underwriter issues a Closing Protection Letter, it is affirmatively taking responsibility for certain problems that may arise within the escrow process when the closing is performed. First American Title or other underwriter agrees to reimburse for actual loss caused by these covered events when they arise in connection with the closing.
Ohio law (O.R.C. 3953.32) states that all title insurance agents are required to offer closing protection to the lender, buyer/borrower, seller or any other applicant for title insurance when title insurance is to be issued during the real estate closing. The coverage must be explained and offered to all covered parties. Each party must affirmatively accept or decline coverage either prior to or at closing.
What is Title Insurance?
Prior to the invention of title insurance, buyers in real estate transactions bore sole responsibility for ensuring the validity of the land title held by the seller. If the title was later deemed invalid or found to be fraudulent, the buyer lost his investment. Generally speaking, two forms of title insurance exist today, they are:
An Owner’s Policy assures a purchase that the title to the property is vested in that purchaser and that it is free from all defects, liens and encumbrances except those listed as exceptions in the policy or are excluded from the scope of the policy’s coverage. It also provides coverage losses and damages suffered if the title is unmarketable. The policy also provides coverage for loss if there is no right of access to the land. The liability limit of the owner’s policy is typically the purchase price paid for the property.
There are many forms of standard endorsements to cover a variety of standard issues. Generally speaking, the cost of title insurance is split equally between buyer and seller in Northeastern Ohio. An owner’s policy coverage lasts as long as the insured retains an interest in the land insured and no additional premium is paid after the policy is issued.
This is also called a loan policy and is generally issued to mortgage lenders. It protects the lender for its interest in the collateral secured by real estate. Generally speaking, it follows the assignment of the mortgage loan meaning that the policy benefits the purchaser of the loan if it is sold. The Borrower has to pay for it even though it directly benefits the lender.
Commercial transactions have their own complexities and intricacies. In today’s dynamic real estate market, you need an experienced commercial title insurance agency to protect your real estate investment and coordinate your title needs. Northern Tittle Agency is the clear choice to meet your commercial real estate title needs. Please contact us today. We welcome the opportunity to earn your business.
|Title Exam – Purchase||$325.00|
|Title Exam – Refinance||$225.00|
|TITLE INSURANCE CHARGES note: charges are graduated|
|Owners Policy of Title Insurance||$5.75/ per thousand sales price|
|Title Guaranty||$3.50/ per thousand sales price|
|ALTA Loan Policy**||$4.00/ per thousand of loan amount|
|Simultaneous Issue of Loan Policy||$100.00|
|ESCROW AND SETTLEMENT FEES|
|MISCELLANEOUS TITLE CHARGES|
|Endorsements (EPA, ARM)||$75.00 per item|
|Special Tax Search||$50.00|
|Title Processing Fee||$25.00|
|Release Tracking Fee||$25.00|
|Filing Fees||$28.00 / 1st two pages|
|Additional page||$8.00 each|
** Reissue rates will be given provided the company receives a copy of previous title insurance policy.
Additional fees may be added to reflect costs for court work (divorce, probate, etc.). The above fees do not apply to commercial transactions due to the complexity of such a transaction. Consult our office for a commercial transaction fee quote.
Please Contact our office should you have any questions regarding the above quoted fees or questions regarding a certain transaction. Our friendly and knowledgeable staff will be glad to assist you and/or your clients!