Ewbank Land Title, Inc., is a full service title company. Whether you are buying a property with cash, financing a purchase of property, or refinancing your current mortgage, we strive to make sure that we communicate with you every step of the way, and you can walk into a closing with minimal stress. A home is one of the biggest purchases you will ever have in your life. Let us help you through the process.
The first step in the process after you find the property you want to buy is to prepare a contract. If you are working with a real estate agent, they will usually write up their standard contract for you. If you are not working with a real estate agent, an attorney can affordably prepare a purchase contract for you. Your contract will need to have all of the pertinent information needed for the sale:
- Date of the agreement, date agreement expires, and the date by which the purchase must be closed.
- The purchase price of the property.
- Identifying characteristics for the property, such as parcel numbers or legal descriptions. If you only have an address, our title searcher will help determine the legal description of the property.
- The names and signatures of both the buyers and the sellers.
- Choice of title company to perform the title work and the closing (don’t forget: use Ewbank Land Title, Inc.!)
- Details regarding who will pay the closing costs such as property taxes, title company fees, recording fees.
We will go through your contract and check to make sure everything is correct, and help you with any issues.
If you are working with a lender to finance your purchase, they will give you a Lender’s Estimate of fees involved with your closing within three business days of your loan application. We then use the contract, lender’s estimate, and the title search to prepare your closing disclosure, which is a statement of final loan terms and closing costs given to you three business days before your closing. If you are not financing your purchase, we will still prepare a closing disclosure for you. The closing disclosure will have a clear breakdown of all the costs involved in transferring a property:
- Purchase price.
- Loan amount.
- Length of loan, Interest rate, type of loan, and loan number.
- Monthly principal and interest, estimated taxes, insurance, and assessments (your monthly mortgage payment).
- Closing costs.
- Cash necessary to close.
- Appraisal fee and credit report.
- Loan fees.
- Realtor commissions.
- Title company fees and title insurance.
- Government fees: recording fees, property transfer fees, and sales disclosure fees.
You will receive this disclosure three business days prior to your closing date so you can review it and ensure all of the fees are what you expect and you will know exactly how much you will need to bring to your closing.
We will coordinate with the buyer, seller, real estate agents, and loan officers to make sure everyone that needs to be at the closing will be able to make a date and time at your convenience.
Effective July 1, 2009, the Indiana “good funds law” requires that any funds presented at closing over $10,000 MUST be in the form of a wire transfer. This ensures security for all concerned. We will work with you and the banks involved and give you specific instructions on how this will happen and what you need to do.
On the day of your closing, you bring any documents you feel that you may need in case of a problem, a photo ID, and be ready to sign a lot of legal documents. Our closers will explain the documents you are signing, and are able to answer any questions you may have.
You will leave the closing with paperwork and the keys to your new home. We will take care of disbursing checks for fees involved in the purchase, as well as recording any legal documents with the County of the property. Once these are recorded, we will mail you the final title insurance policy and the recorded original legal documents you signed at closing. Keep this paperwork in a safe place.
We will help you every step of the way, and ensure that we alleviate as much stress as possible in this life change of becoming a homeowner. Call us today to get the ball rolling or with any questions at (812) 537-2535!