Posted 9.11.12 @ 9:15
Taxes and titles are all part of buying and selling Oakville real estate… but what does a title company actually do? Once you’re ready to close your home, a title company can be your best friend. They’ll be the ones that will make sure that you’re buying the home from someone who actually owns it and that everything is on the up and up. They’re going to look through the history of the title on the property, to look for unpaid taxes, liens or debts on the property that would obstruct the transaction. While paying the title company can seem a bit like highway robbery, this is one of those situations where you’re better safe than sorry.
Set Up Closing
Setting up closing usually happens at the title company’s office and they’re the ones that will schedule it. They’re also known as title insurance companies, and they’ll be going over all of your information to make sure that when you buy a piece of Oakville real estate it’s actually yours for good. Know that your GFE or “good faith estimate” isn’t ever going to be an absolute, but your closing costs should come close to what was estimated.
If there is a large deviation, you’re going to want to speak with your lender and your lawyer. They’ll be able to help explain anything that’s weird or out of the ordinary so you can know what’s going on with your closing costs.
You Won’t Have Much Time
The first thing you need to know about title companies for your Oakville real estate is that you won’t have much time to review and ensure that your good faith estimate matches up with the actual closing costs you can expect to encounter at closing. This is why you will want your real estate lawyer hired BEFORE you begin the closing process; you’ll be able to get all of the documents over to them and they can review them for accuracy and help you understand the agreement that you’re entering into.
The title company will only accept a cashier’s cheque, so make sure that you have this for the amount that the title company said you’ll owe. Your closing costs will be a package deal; whatever you owe for your down payment, title, taxes, everything will be included in that cost. Have these funds where you can get to them ahead of time; if you have them in an interest bearing account you’ll need to move them back to your checking account ahead of time.
After you’re all prepared, it’s time to close your house! You’ll be able to go down to the title company’s office and get everything signed, and then the home is yours. While a title company may seem a bit anachronistic, it’s important to know what you’re buying and that it’s yours. If the title company makes an error the fees will cover it and you’ll still be protected.