Closing Costs

4 Replies

Does the title company have a payment plan if your short a couple hundred at closing for closing costs?

No, your deal will fall through and you will lose any earnest money if you cannot bring the funds to closing.  

I deposited the escrow to the title company and not yet received a closing date. Is there any way they can change the closing date after they schedule it?

The title company makes sure a property title is legitimate, so that the buyer may be confident that once he buys a property, he is the rightful owner of the property. To ensure that the title is valid, the title company will do a title search, which is a thorough examination of property records to make sure that the person or company claiming to own the property does, in fact, legally own the property and that no one else could claim full or partial ownership of the property. During the title search, the title company also looks for any outstanding mortgages, liens, judgments or unpaid taxes associated with the property, as well as any restrictions, easements, leases or other issues that might impact ownership. The title company may also require a property survey, which determines the boundaries of the plot of land that a home sits on, whether the home sits within those boundaries, whether there are any encroachments on the property by neighbors and any easements that may impact an ownership claim.

Before a title company issues title insurance, it will prepare an abstract of title, which is a short summary of what it found during the title search (basically, this is the history of the ownership of the property). Then, it will issue a title opinion letter, which is a legal document that speaks to the validity of the title. 

The closing date is between you and the seller according to your contract If you want to change the date you must ask the sellers permission. Your agent should be the one you are asking these questions to since you are under contract and in escrow.

Heed the words of @MickiMcNie you can lose your deposit and be sued for non-performance 

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