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Frequently Asked Questions
What is title insurance and whom does it protect?
It insures title to real property from title defects and forgeries to protect the purchaser(s).
Does the seller get credit for an old policy?
Yes, the Greco Title Agency, LLC will give you credit for an old policy issued by us or another title insurance company.
What is the term of the title policy?
As long as the insured owns the property, the policy insures against any defect prior to the date of the policy. At the time property is sold a new policy is issued and the prior policy is surrendered for credit.
Who prepares closing papers for the seller?
a. The real estate broker or their designee, i.e. (Greco Title Agency, LLC).
b. An attorney or the Greco Title Agency, LLC if authorized or directed by an attorney or real estate broker.
Who is responsible for setting up a closing?
Typically the listing broker is the person responsible for setting up the closing with the Greco Title Agency, LLC.
What are the purchaser(s) responsibilities and costs?
The purchaser(s) is responsible for delivering to the closing a cashiers or certified check and policy for homeowners insurance. The costs associated with the buyer include the recording of closing documents, mortgage closing costs and the balance of sale between buyer and seller. The balance of sale costs are itemized in the Closing Statement prepared by the Greco Title Agency, LLC. The mortgage costs must be obtained from the purchaser(s) mortgage company.
What are the seller(s) responsibilities and costs?
The costs to the seller(s) are deducted from the proceeds of the sale. Examples of the costs are a title insurance policy, based on the purchase agreement, transfer tax, commission, mortgage payoffs, etc.
How many days in advance do I set up my closing?
By submitting all of the necessary information for closing, the Greco Title Agency, LLC can close your transaction at your convenience.
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