Serivces - Buyers
Buyers, Consider the following:
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ASI Title, Inc. will handle most of the details of your closing.
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Check with your new lender about their requirements for proof of hazard insurance, master insurance certificate and termite inspections. (*If your purchase is a condominium these items may apply). In some contracts, the seller will agree to pay for a termite inspection as well as for repairs for any damage prior to closing. Your real estate agent in communication with the seller's agent will assist with securing a prompt termite inspection.
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Florida no longer has antiquated Dower laws; a married person may now mortgage and sell property in their sole name without the consent of their spouse (provided the property is not homestead property).
However, if you are buying property with another person (married or otherwise) but only one of you is borrowing the funds (e.g. one person is on the Note), each person to be vested on the Deed must attend the closing in order to sign the Deed, encumbering the property for the lien to be perfected. Please let us know ASAP if title is to be vested in the names of persons other than the borrower.
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Make sure that you have provided both ASI Title, Inc. and your lender with your complete legal name for title purposes. For example, if you use your middle initial, as opposed to your middle name, make sure both your lender and our office know about it. We also need to know how the buyers will take title (Tenants in Common, Joint Tenants, or Tenants by the Entirety). We can explain the benefits of each method to you.
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If your purchase is not a condominium, we will require a survey. Please note that there are many kinds of surveys. You can save up to $100 if the seller of your property can provide us with a copy of his/her old survey.
Be aware that the survey we will otherwise order is cursory and will not verify boundary lines; your owner's title insurance policy will take exception to boundary disputes. If you want a more thorough "boundary" survey the cost is roughly $1,500.00 and it takes approximately 1 week to obtain. Please notify us in advance if you wish to receive this type of survey.
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If you are the subject of any tax liens, court judgments, bankruptcy proceedings, or mental competency proceedings, please let us know. Our research will revel any of the above items. By notifying us beforehand we can help you explain these items to your lender in a better light.
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If the buyer is a corporation, a limited partnership, or a limited liability company please produce a Certificate of Good Standing at settlement that is no more than thirty (30) days old. In the case of a corporation, we also need certified copies of corporate resolutions authorizing the purchase and encumbrance of the property. Call us and we will explain how to order the Certificate.
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How much do I bring to settlement? Sometimes we will not be able to give you an accurate answer until the day of settlement. You can check web closer to view the HUD-1 prior to closing for an approximation. You must bring a certified check to settlement in the amount of the Borrowers total.
You should also bring a personal check for any additional payment due, which we will calculate at the table. If you must send us a wire, the wire must be received and acknowledged by our bank on the morning of the day of settlement. Please call us for wire instructions. All funds and checks should be made payable to "ASI Title Inc.."
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There are two types of title insurance policies. Your lender will require a "Mortgagee's Policy" that does not afford you, the buyer, any coverage. You should also obtain an "Owner's Policy" of title insurance which provides title insurance coverage to you for a small additional cost.
If you are uncertain as to whether you should obtain an Owner's Policy of title insurance, you are urged to seek independent advice. Because of the poor state of the land records maintained by Florida, all buyers are strongly advised to purchase an owner’s policy.
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You should ask your lender to send you a copy of the appraisal for which you paid. You should tell them to include it with the loan documents. We in turn will include it with your settlement documents distributed at closing.
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