After you pick a lender and lock in a mortgage rate, the lender will call in the order to our title company and request a mortgage policy for the amount of the refinance.
Our title company will research the property and borrowers names for liens and emcumbrances. A title report will be given to the lender and he/she will schedule a closing. All loan documents will be sent to the title company and the closing/signing of documents will take place there.
With a refinance, there is a three-business day rescission period during which you may cancel the transaction. Once the rescission period has expired, and the lender confirms the funding of the new loan, the documents will be recorded with the county register of deeds. Money will be dispersed and the transaction is complete.
There is a short time span between the signing of the contract and the closing date. Inspections are ordered on the house, a loan application will be processed, (except for cash transactions), an appraisal, survey, and title work are ordered. Legal papers will be prepared for the buyer/seller, including a deed, note, and a mortgage. The title of the property will be thoroughly examined for any defects, liens, or encumbrances.
A closing or settlement will take place, usually at the title company office. All documents will be signed, monies dispersed, and bills paid. Certain documents will be recorded with the county, and policies will be issued to the lender and homeowner via mail.
At RCAT, Inc. we search, examine, close, and insure land titles. Title insurance policies are issued to the homeowner and the lender, assuring them financial protection against adverse title claims or risks. Equally important are any potential title claims that surfaced in the search/examination process that can be resolved by parties prior to closing their transaction.
Title insurance is a contract to indemnify against losses arising through defects in the real estate title.
When you buy a home or parcel of land, it is necessary to know whether the former owner is married, single, or divorced. You must know if the property taxes are paid, or if there are lawsuits, liens, encroachments, or judgements against the owner/property. Whenever you consider the purchase of real estate, you should be aware that there may be others, in addition to the owner that may have rights to that property. There may be a contractor, government agency, ex spouse, heirs, or others who have proper claims against the property. A deed is not proof that the seller actually is the owner. Most of the records searched are accessible to the public. However, a careful investigation by a competent individual/company can disclose all items required to properly insure that real estate.