LET US BE YOUR GUIDE TO A SMOOTH CLOSING
The Consumer Finance Protection Bureau’s implementation of TRID dramatically changed the industry. Navigating through the closing process in the wake of such significant changes in the industry can be much more burdensome for realtors. At ABCT, we are the elite source for information and expertise on TRID compliance for real estate agents. We are committed to working alongside realtors to facilitate a seamless transaction by minimizing inconveniences and costs to the homebuyer and avoiding unduly delays that happen now more often due to TRID. ABCT aims to ensure success for our realtors and the satisfaction of their clients.
What We Offer that Other Firms Don’t:
- Our seasoned attorneys and staff offer reliable, responsive service.
- We know our realtors will benefit the most from open, honest, and frequent communication.
- Our staff goes above and beyond to make sure they are accessible to our realtors. Not only is our staff available, we also provide a variety real estate tools and resources to help our agents.
YOU DON’T HAVE TO WORRY – WE ARE ALTA BEST PRACTICES CERTIFIED!!!
In June 2012, the Consumer Protection Financial Bureau (CFPB) issued a bulletin that increased the liability of lending institutions beyond their own actions. Now, lending institutions are held responsible for the actions of their vendors in addition to their own. It’s no surprise that since the release of CFPB’s requirements, lenders are under significant pressure to monitor their title agents’ compliance with federal consumer financial laws, including securing nonpublic customer data and maintaining legal and regulatory compliance. In fact, lenders must document their process for monitoring each respective title agents’ compliance with applicable laws and regulations and the results of their ongoing monitoring, or face fines and other enforcement actions. The American Land Title Association (ALTA) came out with its best practices statement in June 2013 in response to the heavier burden placed on lenders. As a title company certified by ALTA in compliance with their Best Practices policies, we can provide a level of assurance and security to other lenders others simply can’t.
THERE’S NO PLACE LIKE HOME
Buying a home is one of the biggest investments of your and your family’s life. In fact, for many the purchase of a home is the biggest investment they will ever make. Picture this – you buy your dream home, you move in, and then you find out that you do not actually own the very property your dream house sits atop.
KNOWLEDGE IS POWER – CHOOSE WISELY
When you borrow money to finance the purchase of a home or property, a lender typically requires the purchase of a title insurance policy to protect its interest. Because of unfamiliarity with title insurance, home buyers tend to defer such decisions to lenders and/or real estate professionals who are parties to the home buying transaction. As a consumer, it is in your best interest to be well-informed about title insurance, how title insurance works, and key areas to be addressed when purchasing title insurance.
WHAT IS TITLE INSURANCE? – NEVER SAY “IF ONLY I HAD KNOWN”
Most first-time homebuyers know what auto and life insurance are, but are unfamiliar with title insurance and the important role it plays in real estate transactions. You see, when purchasing a home, instead of purchasing the actual building or land, you are really purchasing title to the property – the right to occupy and use the space. That title may be limited by rights and claims asserted by others, which may limit your use and enjoyment of the property and even could bring financial loss. Title insurance protects against that happening to you.
Title insurance offers financial protection against these and other covered title hazards. The title insurer will pay for defending against an attack on title as insured, and will either perfect the title or pay valid claims. All for a one-time charge at closing.
WHAT IS THE DIFFERENCE BETWEEN AN OWNER’S POLICY AND A LENDER’S POLICY?
Most lenders require a Loan Policy when a loan is made, and the fee is usually based on the dollar amount of your loan. It only protects the lender’s interests in the property. It does not protect the buyer. With all the uncertainty in today’s real estate market, homebuyers can be certain that purchasing an Owner’s Title Policy is a solid investment that will provide vital protection against losses should a problem with the title arise. Owner’s title insurance lasts as long as you, the policyholder – or your heirs – have an interest in the insured property. This may even be after you have sold the property.
WHAT HAPPENS DURING A CLOSING? THE ABCT APPROACH
Closing is the final step in a real estate transaction. At the closing, ownership of the home or property is formally transferred to the buyer. Because this process involves a rather thick stack of papers and numerous signatures, closing may be stressful. However, at ABCT, we believe the purchase of a home should be one of the happiest days of your life. We promise to provide a stress-free environment for each party at the table throughout the process. Additionally, we welcome questions and are happy to provide answers so that our clients can sign each document confidently.