We Are Here To Help You

For more than 20 years Title One has been in the business of providing unmatched customer service and excellent value. Throughout our history we have handled billions of dollars in assets.

Title One, Inc. BBB Business Review

FAQs for Closing

What should buyers bring to closing?

It is extremely important that the buyer pay close attention to their specific requirements for closing. Follows is a list of common items a buyer will need to bring to closing:

  1. Government issued Photo Identification (passport, driver’s license, or federal/state-issued picture identification card) and Social Security Numbers. It is against the law for us to close without first obtaining these.
  2. Method of payment (if applicable) in the form of Cashiers Check or Wire Transfer. This is a requirement for which we are not permitted to make exceptions. We make use of an escrow account, which has other people’s money in it, and it is our responsibility to ensure that funds deposited in that account consist of what are considered to be “good funds.”
  3. Homeowner’s Insurance and Paid Receipt. Lenders will also require a “loss payee clause” on your policy and they will not allow us to close without these items proving that the home is properly insured to protect their security interest in your home.
  4. List of Minnesota Residences for Last 10 years.

What should sellers bring to closing?

It is extremely important that the seller pay close attention to their specific requirements for closing. Follows is a list of common items a seller will need to bring to closing:

  1. Government issued Photo Identification (passport, driver’s license, or federal/state-issued picture identification card) and Social Security Numbers. It is against the law for us to close without first obtaining these.
  2. Keys and Garage Door Openers.
  3. List of Minnesota Residences for Last 10 years.

Sellers may also be required to bring other items such as Sworn Construction Statements, Code Compliance Forms, Truth-In-Housing depending upon the situation and where the property is located.

Who should attend closing?

Everyone who has an ownership interest in the property and his or her spouse should attend closing. Some limited exceptions will likely require the approval of the lender and the title company.

Why are you asking for my e-mail address?

Communicating with you by e-mail allows us to quickly and conveniently communicate with you about your closing and provides an easier method to schedule your closing as well as deliver important documents for your review and approval.

FAQs for real estate professionals

Why do you want to see my Representation Contract?

Our job as a title company is to follow all the available written closing instructions. Those instructions consist of all documents that inform us how to fill-out forms, such as the HUD-1 Settlement Statement. The signed Buyer Representation or Listing Agreement is also a fee agreement and it instructs us how to calculate your fee for inclusion on the HUD-1.

Why do you want to see a copy of my customer’s credit report?

Sometimes credit reports will indicate the existence of mortgages that do not show up on the public record. The credit report is a useful tool to avoid instances of mortgage fraud or some of the most serious title defects.

General FAQs

What is title? Do I need to bring it to closing?

In order to transfer the seller’s interest in title to the buyer, the seller needs to sign a document called a Deed. The Deed is a legal document that is drafted for the closing stating that the seller is transferring their interests in the property to the buyer. A common misconception is that the seller needs to bring their title to closing and then give it to the buyer. There is no such thing as a “title.” Another misconception is that the seller’s abstract of title is their title.

Do I need an attorney to help with my real estate transaction?

It would be the unauthorized practice of law for anyone to tell you that you do not need an attorney. We have seen good real estate attorneys play vital roles in the entire real estate process. A good real estate attorney can improve everyone’s chances for a successful and legal closing. However, it is important to make sure that your attorney is free of conflicts of interests and does not represent your title company, mortgage company, Realtor, real estate firm or any other conflicting industry interests.

Whom does my title company represent?

Unlike a Realtor or an attorney, the title company does not represent you. Their role is to determine the insurability of the title to the property and follow the written instructions provided to close the transaction. Those written instructions can take the form of a purchase agreement, lender instructions and underwriter and legal guidelines. It is very important that documents are properly drafted, otherwise it can cause delays or the cancellation of a closing.

Is it ok to have a side agreement with the seller of the property that I am buying?

When financing is involved, all agreements must be approved by the lender. Side agreements not officially approved by the lender could lead to allegations of mortgage fraud.

What is my Realtor’s role at the closing?

Realtors may help you with some last minute negotiating items or help you prepare for last minute move-in tasks. However, it is against the law for them to provide you with legal advice and it is best not to ask them legal questions.

What is my loan officer’s role at the closing?

Loan officers are there to help if any last minute issues occur regarding the financing of your home. Some loan officers attend closing and some feel they can best serve you from their office. Your loan officer is prohibited from providing you with legal advice.

Should I care if my title company has attorneys on staff?

Even though the best title companies have attorneys on staff it is important to recognize that they do not represent you and are prohibited from giving you legal advice. Many title companies do not have attorneys on staff. We question how those companies can properly supervise their title examiners who are making legal determinations as to the insurability of the legal title or how they can properly handle the multitude of legal issues that routinely arise.