Having the right information and resources is essential for a successful real estate transaction. At First Centennial Title Agency, Inc. of Mid-America, we strive to empower our clients to make the best possible decisions, whether they are buying or selling. Based in Livonia, MI, our team is available to our clients to address their questions and concerns so the closing process runs smoothly.
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Tips for Buyers
Deciding to buy a home is exciting! However, to make the process go smoothly, it is important to keep the following things in mind:
- Determine a budget for your home. Figure out how much you can comfortably spend on a down payment and mortgage.
- Select a real estate agent who will keep your best interests in mind. Find someone who knows the neighborhood market well, is highly experienced, and is a member of the Board of Realtors®.
- Find the right mortgage lender. There are many different options to choose from, including independent mortgage companies, savings institutions, commercial banks, mortgage brokers, credit unions, and employers. Your realtor can help you navigate these options.
- Select the right mortgage. Different types of mortgages include fixed-rate, adjustable-rate, convertible, growing equity, biweekly, and Federal Housing Administration insured loans.
- Find your dream home! Make a list of your wants and needs for your new home to guide you in your search.
- Make an offer and close the deal. Once you find the house you can call home, your realtor will help you make an offer and go through the closing procedures.
Tips for Sellers
Ready to sell your house and move on to a home you truly love? Follow these tips to make the process proceed smoothly.
- Remove any excess clutter from your home.
- Make any needed repairs to plumbing and fixtures.
- Replace carpeting, flooring, windows, and doors if needed.
- Add a fresh coat of paint to the walls.
- Paint the exterior of your home to add curb appeal.
- Take care of your home’s landscaping.
- Hire a real estate agent who can market your home, set the right price, show your house, and help you negotiate the closing contract so you get the best possible results from your sale.
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- Checklist of Items Needed for a Successful Closing
- Eagle Owners Policy Coverages
- FIRPTA – How It May Apply to Real Estate Transactions
- First Time Home Buyer FAQs
- If Only They Had Known – Title Insurance Story
- Key Professionals Involved in a Real Estate Transaction
- The ABCs of Title Commitments
- Tips for a Timely Closing
- Benefits of the ALTA Homeowners Extend Coverage Policy
- ALTA Standard Policy vs. Homeowner’s Policy
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The Basic Steps at Closing
Step 2: A title search and examination takes place to ensure that the seller has the legal right to sell the property to the buyer and that there are no outstanding debts against the property. Deeds, mortgages, paving assessments, liens, wills, divorce settlements and other documents affecting the property title will be analyzed.
Step 3: The closing agent prepares closing statements and schedules the closing.
Step 4: The transaction is settled when the seller signs the deed and closing affidavit and the buyer signs the new note and mortgage.
Step 5: After the closing, the escrow agent takes care of forwarding payment to all parties involved in the closing. Title insurance policies are prepared, and transaction documents are sent to the county of the property.
Why Title Insurance is Important
Title insurance comes in two different forms: lender (mortgagee) coverage and owner’s coverage. Most lenders will require homebuyers to have lender coverage. Owner’s coverage will last for as long as you have interest in the insured property.
Title insurance helps protect you from flaws in the property’s title. These flaws could include:
- Deeds, wills, or trusts containing improper wording or incorrect names
- Outstanding mortgages and judgments, or a lien against the property because the seller has not paid taxes
- Easements that allow construction of a road or utility line
- Pending legal action against the property
- Incorrect notary acknowledgements.
A title search can help detect some of these areas of concern, but it is not foolproof. Errors not caught during a title search could include:
- A forged signature on the deed
- An unknown heir of a previous owner who is claiming ownership of the property
- Instruments executed under an expired or a fabricated power of attorney
- Mistakes in the public records
Title insurance provides financial protection from these risks. A home is a large investment, and title insurance helps you protect that investment and provides peace of mind.
What other types of coverage does First Centennial Title Agency offer homebuyers or home sellers?
Besides title insurance, First Centennial can also provide homebuyers or sellers with home warranty, property and casualty, errors and omissions, bonds, and other personal insurance coverage.
What is First Centennial Title Agency doing to facilitate homeownership in traditionally underserved homebuyer segments?
First Centennial Title Agency Multicultural Markets is committed to working with title agent offices, real estate professionals, lenders, and consumers, and through our partnership with national trade organizations, we serve homebuyers in traditionally underserved segments.
Does First Centennial Title Agency offer title insurance for timeshares?
Yes. First Centennial Title Agency Vacation Ownership provides solutions to the unique and complex challenges of timeshare development — solutions forged from superior industry acumen, unequaled market experience, and state-of-the-art technology and systems.