Resources for Sellers

Title Insurance protects you from problems with an Owner’s Policy when you buy real estate.  Casualty insurance looks for future risks, Title Insurance looks to the past to confirm the property is unencumbered. There may be problems that existed before the purchase, such as: (1) delinquent or unpaid property taxes, (2) fraudulent transactions, or (3) someone from the past claims to own the property.

Prior to your real estate closing, the title company performs an extensive search of all recorded documents related to the property. These records are examined by experienced title examiners to determine their effect on the status of ownership. This thorough examination generally allows any pending title flaws to be identified and cleared prior to the sale of the property. A Title Insurance Commitment is then issued for your review.

Protection against these flaws is covered under the Title Insurance Policy. This Policy is issued when the transaction has been fully funded. There are two types of policies issued, an Owner’s Title Insurance Policy and a Lender’s Title Insurance Policy. The Owner’s Policy covers the buyer and the Lender’s Policy covers the lending institution should the buyer purchase with a loan. There are no renewal premiums or expiration dates. The protection continues even after you sell the property with a Warranty Deed.

To facilitate the closing process, the Seller is asked to provide the following information and documentation:

1. Existing Owners Title Insurance Policy—this expedites the title search and may provide rate discounts.
2. Home Owners Association/Condominium Association contact information.
3. Current Lender Information—account numbers, contact information and written authorization allowing Mason Title to obtain payoff information from all existing mortgage holders.
4. Termite Service Provider—contact information
5. The last 4 digits of your social security number may be needed to distinguish between matters such as bankruptcy or judgments against parties with similar names.
6. If the property is owned in the name of a Trust, LLC or Corporation, appropriate documentation will need to be provided.
7. Existing survey.

• Identification – Two forms of identification: a driver’s license, passport or state ID card. Additional identification: birth certificate, social security card, permanent resident card, work ID card.

• Voided check if proceeds are to be wired to your account

• Forwarding address

• Original Powers-of-Attorney to be used at closing, if one is needed
• Collected funds for any money due in the form of a cashiers check, certified check, or wire
• Any Invoices to be paid at closing
• House keys, garage door openers, etc.
• Spouse will need to sign at closing if the owner is married, holds title without the spouse, and the property is homestead.
• Any other documentation that might be requested by title company or lender.

Closing, or settlement, is the completion of the real estate transaction. The parties gather at the title company office, or before a notary if closed remotely, to execute all required documents and deliver all required funds. The settlement agent disburses funds as set out on the Closing Statement.

This is a list of the documents that a seller might sign at closing:

• Deed conveying title to buyer
• IRS form 1099: reports the sale to the IRS.
• Affidavits: Where applicable, seller executes sworn statements relating to:
  • Owner’s affidavit, certifying about recent construction or improvements on the  property, no recent bankruptcy, continuous marriage if applicable, etc.
  • same name affidavit–name variations or “aliases”
  • knowledge of matters relating to the title
  • other matters specific to the particular transaction

Should you choose to sell your property without the assistance of a real estate agent, the experienced professionals at Mason Title & Escrow Company will help with the process. We have the experience to guide you through the transaction in a smooth and professional manner.

We will:

Prepare and issue a Commitment for Title Insurance on the property. This Commitment to Insure will disclose liens and encumbrances that might exist and the requirements necessary to properly convey title to the purchaser as required by the contract.

Prepare all the documents necessary, including the deed and closing statement.

Co-ordinate the settlement and arrange for closing, whether all parties attend locally or anywhere in the world.

Receive, hold and disburse all money according to the instructions of the parties, expressed in the real estate contract or otherwise, including Earnest Money Deposits, and the funds at settlement. This disbursement includes mortgage payoffs, sale proceeds, etc.

Record all documents necessary to transfer title, paying recording charges and transfer taxes.

Mason Title & Escrow is here to provide you the assistance you need.

Mason Title & Escrow Company uses one of the most advanced, sophisticated, title & escrow file management systems available–ResWare.

ResWare manages the entire transaction through a single interface, and puts the power in the users hands, and in the hands of the customers. We count on ResWare for:

• Workflow and Automation Management
• Vendor Management
• Document and Template Management
• Communications Management
• Title Production
• Settlement
• Accounting

Why does this matter to Realtors, Seller, Buyers, Lenders and Brokers?

• Parties to the transaction, when assigned access codes, can log into a customized Web site to view their files, download documents, enter orders online, and correspond with employees. Access continues after the closing, so documents needed later–title policies, settlement statements, surveys–can be retrieved at any time.
• Customizable workflow ensures staff consistency, reduces missing information or documentation, improves communication internally and externally, making for smoother and error free closings.
• Communication Management shares information about files across the employee base, making it possible for multiple persons to assist with files if assigned staff are not readily available.
• ResWare turns all documents and communications into electronic files, reducing paper and document misplacement, and making those documents readily accessible to all authorized parties.
• Employees communicate quickly and effectively through e-mail, faxes and the ResWare interface directly from a customer file, and all such communications are logged and preserved.
• Incoming e-mail messages and attachments are automatically locked to a customer file when a valid file number is found in the e-mail’s subject line, making ResWare the central repository for all communications.