- What is title insurance and whom does it protect?
It
insures title to real property from title defects and forgeries to protect the
purchaser(s).
- Does the seller get credit for an old policy?
Yes,
where a "re-issue credit" is available, Legacy Title Services will give
you credit for an old policy issued by us or another title insurance company.
- What is the term of the title policy?
As
long as the insured owns the property, it, the policy, insures against any defect prior to
the date of the policy. At the time property is sold a new policy is issued and the prior
policy is surrendered for credit.
- Who prepares closing papers for the seller?
a.
The Real Estate Broker or their designee, i.e.(Legacy Title Services).
b. An Attorney or Legacy Title Services if authorized or directed by an Attorney or Real
Estate Broker.
- Who is responsible for setting up a closing?
Typically
the listing broker is the person responsible for setting up the closing with Legacy Title
Services.
- When should you call Legacy Title Services to schedule a
closing?
The closing should be scheduled when all of the necessary data
has been received to satisfy the requirements of the Title Insurance Commitment and
Purchase/Sale Agreement (Contract).
- What are the purchaser(s)responsibilities and costs?
The
purchaser(s)is responsible for delivering to the closing a cashiers or certified check and
policy for homeowners insurance. The costs associated with the buyer may include the title
insurance policy, recording of closing documents, mortgage closing costs and the balance
of sale between buyer and seller. The balance of sale costs are itemized in the Closing
Statement prepared by Legacy Title Services. The mortgage costs may differ depending on
the lender the purchaser(s) chooses. Estimates of all costs can be provided by both
Legacy Title Services and the lender upon request. Always keep in mind that the
Purchase/Sale Agreement (Contract) is a determining factor in calculating closing costs as
the Contract generally dictates which charges are the Seller's, and which are the Buyer's.
- What are the seller’s responsibilities and costs?
The
costs to the seller(s) are deducted from the proceeds of the sale. Examples of the costs
are a title insurance policy, based on the purchase agreement, transfer tax, commission,
mortgage payoffs, etc.
- How many days in advance do I set up my closing?
By
submitting all of the necessary information for closing, Legacy Title Services can close
your transaction at your convenience.
- What should you do if you have uncertainties or questions
regarding your real estate transaction(s)?
Contact Legacy Title Services
atarr@legacyts.com for all of your Title
Insurance questions. We have a staff of employees that are trained in assorted areas of
the title insurance business. These trained professionals can answer your questions or
direct you to the appropriate source for the information you need. The staff of Legacy
Title Services is dedicated to servicing their customers. Our goal is to provide you with
quality, confidence and satisfaction in protecting your real estate investments.
Legacy Title Services, Inc.
The 1250 East Building - Suite # 710
1250 East Hallandale Beach Boulevard
Hallandale, Florida 33009
TEL (954) 455-0123 FAX (954) 455-8484
atarr@LegacyTS.com
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