In areas where it's common for neither party to work with an attorney, the title company often is the closer, and you'll likely have already been alerted if there is a problem with the title that could delay closing. Even when it's not customary to work with an attorney, if you have any questions or concerns about closing or title, consider hiring a local real estate attorney to review the Commitment and other title documents.
The title company will ask you to sign its standard closing documents. This will include an ALTA statement, which is a one-page affidavit very similar to the seller's affidavit of title; a judgment affidavit, where you list your recent judgments, divorces, or bankruptcies; a compliance agreement, in which you agree to cooperate with the title company to correct any closing mistakes; and a disbursement agreement, allowing the title company, as escrowee, to disburse the loan proceeds.
There may be additional disclosures informing you that an attorney is involved in the transaction, or that the lender has an affiliated businesses arrangement with the title company, or that the loan title insurance policy will not cover your interest as the buyer. Conveniently, most closing agents provide digital copies of your entire closing packet. You'll also want to keep the original documents in a safe place, as you might need to provide them when you later sell the house, have to make an insurance claim , or are in another situation where you need to prove ownership.
The most important originals are the purchase agreement, deed, and deed of trust or mortgage. In the event originals are destroyed, you might be able to get certified copies of these documents from the lender or closing company, but you don't want to rely on others' recordkeeping systems unless you have to.
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Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Grow Your Legal Practice. Meet the Editors. Before you're knee-deep in paperwork, orient yourself to what you'll be reviewing or signing. Real Estate Transfer Documents Most of the documents related to transfer of ownership of the property must be signed by the seller and delivered to you, the buyer.
With many state and local variations, the main purchase documents in your home purchase are likely to include: The deed. This document transfers the property from the seller to the buyer. State law dictates its form and language, but you can choose the form of ownership in which you take title: individually, in trust, in joint tenancy or in other tenancies. The deed is given to the county recorder of deeds to record, and made public.
Recording your deed puts you in the property's chain of title so that anyone looking at the county records can see that you took your title from the prior rightful owner, and therefore own the property.
The affidavit of title or seller's affidavit. Although the actual name of this document varies by state, it is a sworn, notarized statement by the seller confirming ownership of the property and describing any known title defects such as leases, liens, or work on the property that could potentially create liens, boundary line disputes, or outstanding contracts for the sale of the property.
Make things easier on yourself by reviewing the documents in advance. By law, you must receive a copy of your Closing Disclosure three business days prior to closing.
Our interactive sample Closing Disclosure form helps you double-check the details on your form and get definitions for terms used on the form. In addition to the Closing Disclosure, there are other important documents to review. Ask the lender or closing agent to send these documents to you in advance, at the same time as the Closing Disclosure.
Key documents include:. This step-by-step guide has tips for what to do and what to look out for before, at, and after closing. Use your three days wisely. Now is the time to review your documents, ask questions, and ensure you understand what you are signing up for.
Sign up for our 2-week Get Homebuyer Ready boot camp. They make take up space in your desk drawer, but they will save you from potential problems later. It sure was nice that you mentioned the importance of ensuring that you have the affidavit of the title during the closing process of buying a house because it's an assurance that there should be no other documents that can cause problems.
My husband and I are in the process of finding a house that we can buy. We'd like to make sure that the closing process is going to be done smoothly and legally. Since we know that we need to be guided, we'll get the help of a title settlement company.
Ellen, really nice of you to take the time and leave a comment. Glad to hear you found the article useful. The lender will pay your premium upon renewal if your loan is impounded. The title insurance policy lays out your vesting, the dollar amount of your title insurance, and any exceptions to coverage.
It includes the name of the title company, the date of issuance, and the policy number. It can come into play as a defense if anyone asserts a previous lien against your property.
You can obtain a certified copy of these documents from the closing agent or from your real estate agent if you lose the originals. The closing disclosure contains all the official charges and credits of your home purchase. You'll need this for filing your personal taxes for that calendar year because some items might also be tax-deductible. Your closing statement will probably also be certified by the closer. The deed is the title transfer document returned by the county recorder's office after it's placed in public records.
It cites how you hold a title, the name of the sellers who gave you the title, and the property's legal description.
The deed will be mailed to you after recording, and it may well be the only copy. No one else is required to retain it in their records. Freddie Mac. County of San Mateo.
California Association of Homeowner's Association. Consumer Financial Protection Bureau. American Family Insurance. Stewart Title Guaranty Company.
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