Title > Seller: Frequently Asked Questions
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I’m selling my property – how do I know if the title to my house is clear?
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Answer: Ask your REALTOR® about L.I.S.T. NOW or learn more by clicking on Unique Products. |
How do I schedule an appointment for closing?
| Answer: Contact your REALTOR® and he or she will be in touch with the title company closer to schedule the appointment. You will receive a notification of your scheduled closing time. |
What do I need to do prior to my closing?
| Answer: 1) Fulfill requirements as listed in the purchase agreement 2)Provide REALTOR® with prior owner’s title insurance policy or abstract 3) Contact your current mortgage company to cancel automatic mortgage payment withdrawals 4)Contact current utility companies to arrange for disconnection. 5)Schedule final inspections as required by the city 6)Contact the closer if any recent repairs or improvements have been made to the home |
Why should I turn in a copy of my owner’s title insurance policy?
| Answer: If you have a copy of your owner’s policy, you may be able to save money by turning it in. Using a prior owner’s policy is often cheaper than updating an abstract. In fact, many states have done away with abstracts altogether, and most title companies prefer to go from policy to policy instead of using abstracts. |
How long will my closing appointment be?
| Answer: Closings generally take about an hour. |
What can I expect during my appointment?
| Answer: 1)Final settlement statement will be reviewed and signed 2)Closing documents will be reviewed, signed and authorized 3)Funds are collected and disbursed 4)Keys, garage door opener(s) and other property information will be exchanged |
What do I need to bring to my closing appointment?
| Answer: The Closing |
Why is my social security number needed for closing?
| Answer: Title companies use the social security number to order payoff statements. Many lenders do not release the information to the title company unless the title company has a loan number and social security number. At Edina Realty Title, closing processors know which lenders require social security numbers and which ones don’t, so they will not request that information from the seller if it isn’t necessary. However, all title companies will need the social security numbers at closing for the Minnesota Department of Revenue’s Certificate of Real Estate Value and the 1099 Certification for IRS reporting purposes. If you are apprehensive about giving social security numbers, the last 4 digits will usually suffice. |
What do I need to do if I have to bring money to close?
| Answer: Cashier’s or certified check payable to you for the amount due. A wire transfer can also be sent from your bank into our account. For wiring instructions, click here |
What do I do if I can’t attend the scheduled closing?
| Answer: Contact your REALTOR® title closer and ask them about pre-signing your documents ahead of the scheduled date and they will explain to you about our Closing ExpressSM program. To find out more, click on Unique Products. |
I am not sure of the location of closing or how to get there?
| Answer: Closing Centers |
What do I do if I need a copy of my settlement statement after closing?
| Answer: Obtain a copy of your settlement statement through HomeDocs or contact your REALTOR®. |
I am selling my house and have been asked for a copy of my owner’s title insurance policy
that I purchased at the time of closing. Where do I locate this?
| Answer: If you purchased an owner’s policy at the time of purchase, it would have been mailed to you after closing and may be among your records. If you cannot locate it among your records, you can contact the title company that closed the purchase of your property for a copy. If Edina Realty Title was your title company, you may contact our Customer Service Department for assistance at 952-928-5200 – or you may be able to access on HomeDocs if your purchase occurred after 2005. |
I received a title commitment from Edina Realty Title in the mail and
I am not sure what I need to take care of or what I need to do with it?
| Answer: The commitment for title insurance that you received is a"promise to insure title". Your closer or real estate agent will satisfy the requirements listed, or will work with you if necessary. |
I have a problem with the title to my property. Does my title insurance protect me?
| Answer: If you purchased an owner’s title insurance policy you may be covered. The policy identifies covered title matters and matters that are not covered. If you closed with another title company, please contact their customer service department for instructions, or follow the steps as shown in your policy. If you closed with Edina Realty Title, please call 952-928-5200 and ask to be directed to our Claims Department for information. If you think you have a covered title claim, you may also complete the New Claim Transmittal Form and follow the directions therein. All policy coverage determinations will be made by the underwriter as outlined by your title insurance policy. |
At closing we set up an escrow. How do I get the money?
How long does it take to get the money?
| Answer: Please call 952-928-5200 and ask to be directed to our Escrow Release Department. You may be directed to provide the following information as it relates to the type of escrow you have. |
*IF Work Completion Escrow:
| Please provide Edina Realty Title a copy of all invoices paid receipts and Authorization and Request for the Release of Escrow Funds Form . Authorization from all parties to the escrow agreement (possibly including the lender) may be necessary to release the funds. |
*IF Title Defect Escrow:
| Please provide our office all documentation and evidence of the resolution. |
*IF for Pending Assessment Escrow:
| Please provide our office with evidence from the assessing authority (typically the City) with the amount due and payable. Upon receipt we will request the funds. Authorization from al parties to the escrow agreement may be necessary to release the funds. |
What is the difference between joint tenants and tenants in common?
| Answer: Black’s Law Dictionary includes language in its definition of Joint Tenancy as follows:
“Type of ownership of real or personal property by two or more persons in which each owns an undivided interest in the whole and attached to which is the right of survivorship.” Thismeans that because the whole of the property is already owned by all of the joint tenants, that title does not need to pass through probate in the event of the death of one of the joint tenants. Tenancy in common is defined by Black’s Law Dictionary as“A form of ownership whereby each tenant (i.e. owner) holds an undivided interest in the property. Unlike a joint tenancy … the interest of a tenant in common does not terminate upon his or her prior death (i.e. there is no right of survivorship.)” Upon the death of a tenant in common, the interest of the owner passes to the estate or the heirs of the owner and the probate process is required to determine the ownership after death. It is recom me nded that you consult with a lawyer for any advice as to which form of ownership is best for your situation. |
I have a prior owner’s mortgage showing up on the title to my property. What do I do?
Answer: Contact our claims staff at 952-928-5200 to obtain a Letter of Indemnity or Satisfaction of Mortgage.
