Fidelity National Title

INSURANCE COMPANY

Title Tips

Power of Attorney

There are times when your client may not be able to make it to the closing. If they wish to use a Power of Attorney, the following guidelines must be followed:

  • The Power of Attorney must be reviewed and approved by the title company and the lender before closing.
  • The Power of Attorney must contain a description of the property in the transaction unless it is a Statutory Durable POA.
  • The original Power of Attorney must be provided at closing for recording.
  • We must be able to make contact with the person granting the powers unless they are incapacitated.

Acceptable Identification for Closing

The HUD has been reviewed and the numbers are perfect! Your borrower/buyer is not bringing more money to the table than what had been estimated. All parties have arrived for closing and the Escrow Officer asks for the borrower's driver's license. It is EXPIRED! What now?

We can accept other forms of ID besides a driver's license. The following criteria must apply for an ID to be acceptable for closing:

  • It is issued by the United States Federal Government or a United States' State Governmental Agency. A passport or ID card issued by a foreign country is not sufficient.
  • It contains the person's photograph.
  • It contains the person's signature.

Can you do a Mail Away?

The answer is YES! We have a mobile notary service that is available 24 hours a day, 7 days a week in the U.S. If you have a client who lives out of town, please let us know when you open title so we can arrange for this service. The cost is dependent on the location. Home Equity Loans, however, must close in our office.

Do We Need a New Survey?

A survey for a standard lot and block property usually runs about $375. You can save your client money if the seller is able to provide a survey that is acceptable to both the title company and the lender. Here are some things the title company will look for:

  • The survey is less than 10 years old.
  • The survey was made by a Registered Professional Land Surveyor.
  • The survey is dated and signed by the surveyor.
  • The survey is stamped with a seal by the surveyor.
  • The survey locates all improvements, easements, property lines, driveways, fences, and roadways.
Ultimately the use of an older survey is at the discretion of the title company and the lender. Be sure to provide a copy when opening title so it can be quickly determined whether a new survey will be required.

Quitclaim Deeds

Quitclaim Deeds, commonly mispronounced as “Quick Claim Deeds,” are usually used by individuals to transfer title to property. The problem comes about when the new owner tries to sell or refinance the property. It is the title company who has to deliver the news that the Quitclaim Deed is of little value because of the language it contains. A title company generally will not insure based on a Quitclaim Deed because its language does not indicate what interest in the property is actually being given to the new owner.

Have a title question?

If you have a title question you would like answered, contact us and we would be happy to answer it for you.

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