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Old 07-07-2005, 02:56 PM
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Join Date: Jul 2005
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House Sold - Do we need closing agent?

What is the name of your state? TN

Hi,
We sold our house by owner to a colleague. Closing date is set by his mortgage company to July 27th.

Do we need to get our own title company agent or is it sufficient that the mortgage company has their title company hired?

The mortgage title company already did the appraisal, we have the home inspection report and tomorrow we will get the termite bond...

Any advise appreciated....
  #2  
Old 07-07-2005, 04:32 PM
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Join Date: Jun 2005
Posts: 77
Quote:
Originally Posted by FULMNTE
What is the name of your state? TN
Hi,
We sold our house by owner to a colleague. Closing date is set by his mortgage company to July 27th.
Do we need to get our own title company agent or is it sufficient that the mortgage company has their title company hired?
The mortgage title company already did the appraisal, we have the home inspection report and tomorrow we will get the termite bond...

Any advise appreciated....
Usually your purchase agreement will require you to provide to the buyer an "owner's policy of title insurance" to protect their interests and for buyer to provide a "lender's policy" to the mortgage company for the loan amount. Read your agreement for this wording. Call the title company that is involved and just confirm with them they are issuing both owners and lenders coverage. Ask for a copy of the preliminary committment of title insurance showing who is on record holding title, any current encumbrances (loans) etc...

This probably is what is being done but you better check for sure.

Chas
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