How long does closing take?
You should expect closing to take about an hour. We do our very best to move closings along efficiently, while making sure all of our client’s questions get answered.
What do I need to bring to closing?
You’ll want to bring identification, any closing funds, and any additional items your realtor or lender may have asked you to bring to closing.
Generally, only one form of identification is needed at closing, but there are some lenders that require two forms of identification (with at least one being a current government issued photo ID); good forms of identification include:
- Drivers License
- Insurance Cards
- Work ID
- Automobile Registration Card
If you’re bringing funds to closing, it’s important that you bring closing funds in the proper form. Here is our policy for closing funds:
- Personal checks are acceptable for amounts below $1,000.
- Cashier’s checks or certified closing funds are required for any amount due over $1,000. Checks should be made payable to Nittany Settlement Company.
- If you’re closing on another home prior to closing with us, you’ll want to contact us about having that title company wire us your proceeds.
What is a Title?
Title is the evidence of a person’s right to the ownership and possession of land. It is possible that someone other than the purchaser has a legal right to the property. If that right can be established, this person can claim the property outright or make demands on the owner as to its use.
What can make a Title Defective?
Any number of problems that remain undisclosed after even the most meticulous search of public records can make a title defective. These hidden “defects” can be particularly dangerous, because you may not learn of them for many months or years after you aquire title. Certain defects can force you to spend substantial sums on a legal defense and may still result in the loss of your property.
How much does owner's title insurance cost?
The cost of title insurance depends on the value of the home you are purchasing. It is a one-time premium that you pay when you purchase a home. Owner’s title insurance protects you and your heirs as long as you own the home.
Do I need owner's title insurance?
Absolutely! A home is a huge investment. It’s important that you protect yourself from financial loss if problems should arise that call your ownership interest into question. Even with a thorough title search, issues can still arise. You want to protect yourself from the unknown. Title insurance will also pay for the cost of defending you against any covered claim.