Title companies generally conduct a title examination, looking at public real estate records for information relating to the property being purchased. This includes, but is not limited to:

• Deed chain review to identify the legal owner of the property, easements, etc.

• A mortgage, lien and/or judgment search

• A review of any outstanding taxes

After the search is complete, the title company may complete a "Commitment of title insurance" on behalf of either the lender or the buyer which will be come a policy of title insurance if requested and purchased.

The title company also schedules a closing and prepares the necessary paperwork to ensure the property is properly transferred and any parties owed money are paid off.

Real estate title is a right to ownership of specific real estate property. This includes any related rights that are a matter of public record such as mortgages, leases, land contracts, and other interests.

The buyer typically selects the title company of their choice, but this can be a matter of negotiation and contract.

The title report/exam is prepared by the title company after receipt of an examination of title which discloses any information about ownership, mortgages, easements, restrictions, ownership, and liens on the home.

The settlement or closing is the completion and finalization of a real estate transaction where the title passes from the seller to the buyer and any outstanding liens are paid.

Rents must be prorated between the buyer or seller, i.e. divided fairly based upon the closing date. In addition, any security deposit should be transferred from the seller to the buyer. The title company should be provided the rent and deposit records to ensure they are properly credited. Any leases should be assigned from the seller to the buyer.

Many times closings can be handled remotely, either by email/mail/courier or even with an online notary. Please contact us in advance if you cannot attend a closing and we will make arrangements as convenient as possible.

After closing, the title company records the deed or other instruments, pays off any outstanding liens, and issues a title insurance policy (if purchased). Copy packets will be sent out to the parties soon after closing.

Most counties charge a conveyance fee, which is a tax based upon the purchase price of property. Commonly, counties in Ohio charge between $2 and $4 per $1,000 on purchase price. The seller typically pays this fee.

Having title insurance protects the lender and/or the buyer from financial loss due to title defects. The insurance policy may pay for any legal defense costs and reimburse you for any mortgage payments you are unable to make due to losing the house to someone else's claim on it, or the loss in value due to any issue with title.

No. An Owner’s Policy of Title insurance, unlike other insurance policies, is not billed as a monthly premium. It's a one-time cost you pay at the time you purchase your home. The policy lasts essentially forever and pay protect you from being sued many years after you have sold a property. A Loan Policy remains in force until the loan is paid off.

Many real estate agents will have a thorough understanding of what a title is, the nuances of title insurance, and should recommend a trusted title company. That being said, it is always recommended that you discuss title insurance with an attorney familiar with it.

Rates vary depending on how much you paid for the home. The policy usually totals less than 1% of your purchase price. These rates are set by the state in Ohio and do not vary from company to company.

Calculate your rates here!

We will need to reach out to the lien holder and obtain a current payoff prior to closing. We will need you to sign an authorization to provide to the lienholder.

We will pay this from closing, deducting all sums due from your sale proceeds.

These are matters to be negotiated between the parties but typically, in Southern Ohio, the seller pays for the conveyance fee, deed preparation, and any corrective instruments. The buyer pays the balance of the closing costs which include title fees, recording fees, courier costs, and fees for the new lender.

The seller will usually be given a check at closing, but we can arrange for wired proceeds upon request and with minimal additional fees.

Contact one of our attorneys immediately to reduce the terms to a written contract, as oral contracts for the sale of real estate in Ohio are not enforceable.