What do I need to bring to the closing?

- Official Photo Identification: i.e. Driver's License, Passport, State Issued Identification Card. Photo ID must be brought to the closing by all parties.

- If you are required to bring funds to the closing, payment must be in these forms:

- Less than $1,000 can be a personal check

-  $1,000--$9,999 must be a cashier's check

-  Anything over $10,000 must be wired

What is the cost of owner's title insurance?

Title insurance premiums are regulated by Ohio's Department of Insurance. Premiums are based upon the purchase price of the property. 

How is title insurance paid?

Title insurance is paid for when the property is purchased. It is a one-time payment. 

How can there be a title defect if the title has been searched and a loan policy has been issued? 

Title insurance is issued after a careful and thorough examination of public records by experienced and professional title examiners. However, even the most thorough search by the most knowledgeable examiners can't absolutely assure that no title hazards are present. Title problems may exist that cannot be disclosed in a public search. 

How are property taxes handled at the closing?

Tax Proration: With real estate taxes being a year behind in their collection, purchase transactions require the SELLER to provide a proration to the BUYER towards future tax bills that will come due after closing, that will be the buyer's obligation to pay, but represent a period the seller owned the real estate. There are two basic proration types used in residential real estate transactions. These two types of proration methods are referred to as LONG and SHORT proration. The type of proration used in a transaction is predicted by the purchase contract provision regarding real estate taxes. 

If the closing takes place in the second 6 months of the year: 

SHORT: The seller pays the February tax bill and pays the July tax bill and pays the buyer a proration from July 1 of that year to the date of closing. Buyer is responsible for the tax bills that will come due the next year and all future bills.

LONG: The seller pays the February tax bill and pays the July tax bill and pays the buyer a proration from January 1 of that year to the date of closing. Buyer is responsible for the tax bills that will come due the next year and all future bills. 

If the closing takes place in the first 6 months of the year:

SHORT: The seller pays the February tax bill and pays the buyer a proration from January 1 of that year to the date of closing. Buyer is responsible for the July tax bill and all future bills.

LONG: The seller pays the February tax bill and pays the buyer a proration from July 1 of the previous year to the date of closing. Buyer is responsible for the July tax bill and all future bills. 

What can I expect from purchasing title insurance?

For a one-time premium, an owner's title insurance policy remains in effect for as long as the insured, or the insured's heirs, own the property. Title insurance will pay for defending against any lawsuit attacking the title as insured. It will clear up title issues or pay the insured's losses up to the policy limits.