Here at Premier Title, we are starting the year smart by talking about how you can protect your investments! Considering that a home is probably one of the largest investments you’ll make in your lifetime, we highly recommend you protect it. One of the best ways you could protect your financial future, and that of your family, is through purchasing title insurance for your home.
Title insurance is a type of indemnity insurance that serves to protect you from financial losses that may result from defects in the title to the property you purchase. A title insurance policy will help pay for legal fees in defense of claims against property covered under the policy you purchase. Without title insurance, you are at risk to any liens, encumbrances, and defects affecting the title to your new property. You are also vulnerable to inheriting any existing debts and other legal problems that may be tied to the property.
Fortunately, these risks can be mitigated or avoided all together with the purchase of title insurance. You only pay for title insurance once at the close of escrow and it requires no further fees to be paid for as long as you own the property. In addition to it only being a one-time fee, it’s also relatively low in cost in comparison to the value it provides for you. Typically, owner’s title insurance only costs about 0.5% of your home’s purchase price. With an owner’s title insurance policy, you can protect yourself from unforeseen legal, financial title discrepancies and enjoy your new home!
For more information on title insurance and all of our services please contact us. We’re ready to protect your property and show you the Premier difference!
For many homebuyers, especially those buying for the first time, the closing process can be intimidating. They’ve finally found the home they love, the seller agreed to their offer and the last thing they would want is for anything to go wrong! As soon as the seller accepts their offer, their closing can begin and will happen within 30 to 90 days.
Selecting a Closing Agent
Let’s say this is you currently or in the future — what should you expect? Well, the first thing you’re going to want to do is make sure you partner up with an experienced closing agent, like those from the PTA team, to help you ensure all the details of your closing come together nicely. If you are working with a real estate agent, they may place an order with a closing agent with your permission as soon as your sales contract is accepted. The closing agent can be a title and escrow company or a settlement company.
Most homebuyers rely on their real estate agent to select a closing agent—someone they work with regularly and know to be professional, reliable, and efficient. However, you can choose your own closing agent if you’d like. Your closing agent will oversee the closing process and make sure everything happens in the right order and on time, without unnecessary delays or glitches, so make sure you’re choosing someone you trust.
Escrow Agreement and Title Search
After selecting a closing agent, a contract or escrow agreement is drafted, which the closing agent reviews for completeness and accuracy. The agent will also put your deposit into an escrow account, where the funds will remain until closing. Then a title search will be conducted on the property you want to buy. Your title company searches the public records, which will identify any issues with the title such as liens against the property, utility easements, and so on. If a problem is discovered, most often the title professional will take care of it without you even knowing about it. After the title search is complete, the title company can provide a title insurance policy.
There are two kinds of title insurance coverage: a Lender’s policy, which covers the lender for the mortgage loan, and an Owner’s policy, which covers the homebuyer for the purchase price. If you are obtaining a loan, the bank or lender will typically require that you purchase a Lender’s policy. However, this policy only protects the lender, so it’s always recommended that you obtain an Owner’s policy to protect your investment. The party that pays for the Owner’s policy varies from state to state, so ask your agent for guidance before closing.
Obtaining a Closing Disclosure
Your lender must provide a Closing Disclosure to you at least three days prior to closing. If you or your lender make certain significant changes between the time the Closing Disclosure form is given to you and the closing, you must be provided with a new form and an additional three-business-day waiting period after receipt of the new form. If the changes are less significant, they can be shown on a revised Closing Disclosure form provided to you at or before closing, without delaying anything.
The Finish Line: Closing
As closing day approaches, your closing agent will order any updated information that may be required. Once they confirm with the lender and the seller, your closing agent sets a final date, time, and location of the closing.
On closing day, all the behind-the-scenes work is complete. While you’ve been busy packing, ordering utilities and coordinating the movers, your closing agent has been managing the closing process so that you can rest assured, knowing all the paperwork is in order.
All that’s left to do is celebrate closing on your new home — congrats! Get in touch with PTA today for your care-free closing by giving us a call at (602) 491-9660. We know you’ll see the Premier difference!
If you’ve been watching the news lately, it’s difficult to miss the dreary headlines about the housing market across the country. Recently, with interest and mortgage rates rising, we’ve seen many potential buyers pushed out of the market. Fortunately, Arizona has deviated from the norm in the downturn of the housing market so far. Many housing analysts have attributed the state’s perseverance in the market to its rapid population growth. A study done by the Weldon Cooper Center for Public Service at the University of Virginia predicts that Arizona’s population is going to increase by 26%, or nearly two million people, within the next 20 years. The Phoenix metro-area is already the twelfth largest in the country and Zillow predicts that the home values here are going to grow by almost 2% from now until this time next year in 2023.
With this is mind, we can see how both Scottsdale and Paradise Valley have been so popular lately! Scottsdale actually has a track record of being one of the best long-term real estate investments in the nation. With a vibrant night life, golf courses galore, and lots to explore, Scottsdale is attracting folks from all over. Paradise Valley has got its fair share of attractions as well with scenic views, fine dining, and plenty of luxury resorts. And, while both Scottsdale and Paradise Valley are close in proximity, these two communities have their own distinct charm with lots to choose from.
PTA is Ready to Support You
So, regardless of whatever the current market is looking like, the PTA Team is well-equipped to assist you with all your title and escrow needs throughout Arizona. We’ve got a skilled, knowledgeable team and a culture that promotes taking care of our clients and one another. We are also supported by the strength of Mother Lode Holding Company, which has serviced the nation’s real estate industry with title and escrow for nearly 50 years now. The tenure of our team and our supporters in the industry has resulted in an abundance of knowledge that is indispensable to our buyers, sellers, and agents alike.
PTA has a wealth of resources you can conveniently access from home too! You can learn more about the specific services we offer here. Our team understands that ultimately everyone’s timing to get involved in the housing market is different, but we are always here to help in any way you need. We offer exceptional title insurance and escrow services throughout the state of Arizona. Whether you’re just browsing or currently in the market looking for supportive title and escrow officers, feel free to get in touch with us!
The Premier Title Agency team understands how valuable an investment a home can be. That’s why we work so hard to protect your property rights. But did you know that buying a home not only has an impact on your finances but is a boost for the entire community as well?
We recently came across some research completed by our friends at NAR, which found that each home purchase in the country had more than $113,000 of economic impact on the local community. Now, that’s a number worth celebrating! And here in Arizona, every average home sale yielded more than $127,000 of economic impact. So, every time you (or your customers) buy a home, you’re helping to add the equivalent of two jobs to your community!
Here’s how the money you or your clients use to purchase your home reverberates throughout the community and improves our economy.
Income Generated From Real Estate Industries
This part of your purchase goes directly to the people who help you buy and move into your new home. Realtor commissions, closing fees and moving expenses go toward small businesses that are the backbone of our economy.
Expenditures Related to Home Purchase
Picture this: You just closed on a new home with that home office you’ve always wanted. So, what’s one of the first things you’ll buy? A new desk, of course! These new furnishings, appliances or remodeling expenses are necessities for new homebuyers and make up a sizable part of the economy.
Multiplier of Housing Related Expenditures
In both previous examples, the money spent doesn’t just go into people’s pockets and stay there. The moving company may use it to hire another employee, and the furniture store may use it to buy more supplies. These additional purchases make waves throughout the economy, multiplying the effect of your home purchase.
New Home Construction
This has the most significant impact of all, and yes, even if you’re buying a home from a seller, this still applies to you. Typically, one new home is built for every six existing home sales. So, when you buy a house, you’re encouraging developers to build even more homes, boosting our economy even more.
We know that a new home is a cause for celebration for the buyer and everyone else involved in the transaction – but this data shows how much every home sale should be a true community celebration. Premier Title Agency has the skilled and knowledgeable title and closing experts you need to get your transaction to the finish line. If you want to boost your finances as well as the community’s, reach out to us today!
As we celebrate National Homeownership month, it has us thinking about how all of us can continue to provide exceptional service to those buying or selling a home in Arizona this year.
Your buyers depend on your expertise to find their dream home, and your sellers count on your knowledge to help them maximize their return on investment. Expertise is critical to your success as a Realtor, especially in the hot market we’ve seen over the past two years.
However, gaining and keeping your clients’ trust is just as important. We know we work with some of the best, most honest real estate professionals in Arizona, but do you talk about that dedication to win more business?
Your buyers and sellers need to trust you with what might be the largest financial transaction of their lives. According to this article contributor Kate Vitasek, the most important way to cultivate that is something Realtors sometimes overlook: transparency.
Keep reading on how talking about your commitment to transparency can help your clients – and ensure they remain your clients for years to come.
Getting on the Same Page
Many of your clients, especially first-time homebuyers, can be overwhelmed by the homebuying process. A transparent and open communication strategy means sharing exactly what information you need from them and exactly how you can use that information. This sets clear expectations and ensures you have alignment on a common goal.
Closing the Information Gap
Vitasek shares how some people exploit information gaps to gain power over their clients. While this may work once, it leads to failure in the long run. You may close a better deal with unequal information, but if your client doesn’t feel they were treated as equals, they’ll spread the word to their friends and family. With the viral reach that one bad experience can have, that one person may have more friends than you could ever imagine.
Why is this value so important? If you operate transparently, 85% of Americans say they are more likely to give your business a second chance even after a bad experience.
It’s All About Trust
Trust is a two-way street. You’re probably more than familiar with the concept of “trust but verify.” You trust the information you gather from a client, but you do the due diligence to verify that the information is correct. When clients see the effort you put in to build this trust, they will return it ten-fold.
The Premier Title team works hard to earn your trust by honoring our commitments to you and your customers. Our word is everything! Reach out to us today, and let’s discuss what you need from us to make your next transaction a successful one.
Title insurance is often a misunderstood topic when it comes to your closing, but the Premier Title Agency team is here to help you with an explanation. After all, we’re all about educating our Arizona customers and partners.
As your trusted title company, we’re often asked about title and title insurance. That’s why we wanted to point you toward this piece from Diane Tomb, who is the CEO of the American Land Title Association (ALTA), on why title insurance is essential for today’s buyers.
We are proud ALTA members and love talking about title insurance, so we were very glad to see this piece. Our COO Lisa Steele was even featured in this 2020 ALTA video talking about how title professionals help defend our customers and their transactions.
Think about it this way – your property rights need protecting into the future, and an owner’s title insurance policy is how you get that security. As you’ll see, a title search will be part of your closing process, but it’s possible that issues have not been uncovered or brought forward yet. That possibility is slim, but not zero.
In addition to explaining what title insurance is and what goes into a title search by the PTA team, here are two other points to take away from Diane’s recent op-ed.
It’s only a one-time fee
Paying for title insurance doesn’t work the same way as other insurance policies Instead, you are only responsible for a one-time fee. The cost of the owner’s and lender’s policies are included in the closing transaction. However, it’s important to know that a new lender policy is required if a buyer refinances a mortgage. Why? The original mortgage is actually paid off during refinancing, and a new loan is put in place…thus the reason for a new lender policy.
Provides security for years to come
Title insurance is the best way to protect the present and future of your home. It’s valid until the property deed legally changes hands and can even follow the property if it’s passed down to an heir. The bottom line is that title insurance helps you protect your present and future.
If you have any questions or confusion regarding title insurance or the entire closing process, call your local PTA office today.