What You Should Know About Concurrent Closing

August 24, 2017

When two or more properties are dependent on each other to close, thus concurrent closing is initiated.

Homes that rely on each other to close is a unique, but not rare, situation. A Concurrent Closing is when these two (or more) properties are dependent on each other to close. For example, the first property funds and records and the proceeds from that transaction are used to fund or partially fund the second transaction so it can then record. In some cases, recordings exist in which the second transaction is not dependent on funds from the first transaction. In this case, the two record back to back without any delay. Read More

What is Payoff / Sub-Escrow?

August 17, 2017

You may know that an escrow company is responsible for the purchase and sale of a property. What you might not know is sub-escrow may be required.

A sub-escrow is a requirement of the funding lender (new lender). In some cases, the lender may be processing their escrow with a private company. This is so that the lender can be confident that the company receiving the funds has adequate Errors and Omission coverage in the event that there is any insolvency. Typically, the full escrow agent will be notified last minute that the lender requires a sub-escrow. From here, the sub-escrow is set up with the title company that is issuing the title insurance policy. Read More

Why Lenders Require Title Insurance When Refinancing

August 10, 2017

You may have noticed that a lender requires title insurance when refinancing. Here’s why.

Lower interest rates have motivated you to refinance your home loan. The lower rate may save you a huge amount of money over the life of a loan, but you should also expect to pay the lender the typical closing costs associated with any new loan, including service fees, title insurance protection, and additional expenses. Read More

The Life of a Title Search

August 1, 2017

You leave the title search to the professionals, and rightly so. However, it’s helpful to understand the process of what happens so that you can better understand the title process and how it works to protect you, the homebuyer. Read More