Guaranty Title Company
Who We Are
Founded in 1925, our goal at Guaranty Title is to make your experience as easy and hassle-free as possible. We accomplish this all while retaining a professional customer service experience.
At Guaranty Title Company of Palatka, our mission is to be the industry's leading title company by providing unmatched title insurance solutions, the leading customer service in the industry, along with competitive rates.
We will continually strive to set new standards of customer service, turn around time, and focus our commitment toward our clients and the community in which we do business.
There are generally 2 types of title policies that are issued to insure ownership of your home. The information below will help you understand the coverage variations. The American Land Title Association (ALTA) Homeowner’s Policy has the most coverage available, but not all policy types may be available in each state. Discuss your selection with your local title provider.
What Is Settlement?
Also known as “closing,” closing is part of the process by which ownership of a property is transferred from one party to another. Completing all of the steps necessary for the final contract to be signed takes about a month, but in some cases, closing can take from 30 to 90 days.
Outside Vendor Costs
Appraisal, credit report, flood determination fee.
Government Fees
Title recording and transfer tax fees.
At closing, you'll also face the cost for "pre-paid items," which cost another 1% to 2% of the purchase price. The pre-paid items usually cover upfront payment of typical "year one" costs of home ownership, such as homeowner's insurance premiums and real estate taxes
Do I Need Owner's Title Insurance?
Buying a home is one of the biggest decisions and financial investments you'll ever make. To the extent of the matters set forth in the policy, an owner's title insurance policy provides certain protections in connection with title mistakes and irregularities that occurred prior to the issuance of the policy. Dollar for dollar, it's one of the most cost-efficient forms of insurance for homeowners. The relatively low, one-time title insurance premium covers you against pre-policy title defects that could otherwise cost tens of thousands of dollars and even the loss of your home, for as long as you own your home.
What is Escrow?
An escrow is an arrangement in which a neutral third party, called a settlement agent, holds legal documents and funds on behalf of a buyer and seller. The settlement agent distributes funds and documents according to the buyer's and seller's instructions. By acting as a neutral third party on behalf of the buyer and seller, the settlement agent can save time and facilitate the real estate closing.
What Are Closing Costs?
Closing costs cover the services required for a property to change hands. Services required to process the property transaction include title work, appraisals, inspections, document preparation, recording fees and other expenses.
Mortgage Costs
Loan origination fee, document preparation, points, commitment fee, underwriting fee.
Title Costs
“Closing” Settlement fee, title/abstract search, title insurance premium (for the lender’s and owner’s policies).
Title Costs
“Closing” Settlement fee, title/abstract search, title insurance premium (for the lender’s and owner’s policies).
What Do I Need to Bring to Settlement/Closing?
Buyers and sellers need to bring approved photo identification, such as a valid driver's license. Confirm with your settlement agent about the form in which any money you owe should be submitted.
Falling in love with the right home, making an accepted offer, getting prepared to become the new owner. All that stands between you and the front-door keys is the closing.
Take the final steps to realizing your dream by discovering what you need to know about your real estate settlement. A settlement agent will act as a neutral third party and carry out the mutually-agreed instructions of the parties.
The settlement agent will assist you throughout your real estate transaction to bring it to a successful closing.
Guaranty Title Company of Palatka
213 N 4th Street, Palatka, FL 32177
Travis Thomas
386-325-4576 | info@closewithgtc.com
www.closewithgtc.com
BUYING A HOME IS AN EXCITING AND EMOTIONAL TIME FOR MANY PEOPLE. TO HELP YOU BUY YOUR HOME WITH MORE CONFIDENCE, MAKE SURE YOU GET OWNER'S TITLE INSURANCE. HERE'S WHY IT'S SO IMPORTANT FOR YOU:
PROTECTS YOUR LARGEST INVESTMENT
A home is probably the single largest investment you will make in your life. You insure everything else that's valuable to you—your life, car, health, pets, etc., so why not your largest investment? For a one-time fee, owner's title insurance protects your property rights for as long as you or your heirs own your home
YOU CAN'T BEAT THE VALUE
Owner's title insurance is a one-time fee that's very low relative to the value it provides. It typically costs around 0.05% of the home's purchase price.
COVERS YOUR HEIRS
As long as you or your heirs own the home, owner's title insurance protects your property rights.
8 IN 10 HOMEBUYERS AGREE
Each year, more than 80% of America's homebuyers choose to get owner's title insurance.
REDUCES YOUR RISK
If you're buying a home, there are many hidden issues that may pop up only after you purchase your home. Getting an owner's title insurance policy is the best way to protect yourself from unforeseen legal and financial title discrepancies. Don't think it will happen to you? Think again.
Unexpected title claims include:
* outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes
* pending legal action against the property that could affect you
* an unknown heir of a previous owner who is claiming ownership of the property
NOTHING COMPARES
Homeowners insurance and warranties protect only the structure and belongings of your home. Getting owner's title insurance ensures your family's property rights stay protected.
PEACE OF MIND
If you're buying a home, owner's title insurance lets you rest assured, knowing that you're protected from inheriting any existing debts or legal problems, once you've closed on your new home.
What is Title Insurance?
Owner's Title Insurance protects your rights to your home.
By searching, clearing and insuring the title to your home before you buy it, your owner's title policy offers protection for your property rights for as long as you and your heirs own the home.
If ownership of your property ever comes into question, an owner's title insurance policy protects you from expensive legal problems that could result in the loss of your home.
How Title Insurance Works
As properties change hands, mistakes, irregularities - often made long before you expressed interest in the property - can place your ownership in dispute. The seller may have...
Avoided disclosure of using the property as collateral for an unpaid item.
Fraudulently claimed to be the sole owner.
Failed to repay real estate taxes.
Even a simple mistake in the recording of legal documents, improper execution of legal instruments or the reappearance of undisclosed or missing heirs can result in the loss of your home.
Title Insurance: The Ultimate Property Protection
If ownership of your property is ever challenged, title insurance will defend your possession of the property - and assume the legal costs for that defense - for as long as you and your heirs own the property. What's more, if any challenge to your property's title proves to be legitimate, title insurance will pay for your losses, just as your title insurance policy provides.
