Impact Title
Frequently Asked Questions
In Texas, a title company acts like a fair referee in a home sale. They make sure the home's ownership history is good, provide insurance for any possible problems, and handle the money and paperwork in a safe way during the sale. They also make sure everything is signed correctly, meet legal rules, and record the important documents with the government. The title company is like a neutral helper to make sure everything is fair and square in buying or selling a home.
Who should I reach out to with questions about my closing?
- Impact Closing Coordinator – Closing date, time, and location
- Your Lender – Cash to close amount, terms and conditions of loan, loan payment schedule, etc.
CASH TO CLOSE
Your lender will have to provide you with your final cash to close. Impact Title will work closely with your lender to verify what is owed, but ultimately due to financial privacy your lender must provide this amount.
Cashier’s Check made out to Impact Title. A bank wire is also possible, but wiring instructions must be requested by the homebuyer and the wire must be completed the day before closing.
Your Cashier’s Check should be made out to Impact Title.
Steps to follow to protect your interests:
- Pick up the phone
- If you have any questions or concerns, do not hesitate to call Impact Title using the verified phone number from the Impact Title website or business card.
- Do not call the phone number referenced on any suspicious mail.
- Be suspicious of unfamiliar requests
- Random email or text? Follow your instincts; do not respond. All Impact Title domain names will end with the following: janedoe@impacttitle.com and/or janedoe@betenbough.com
- Confirm the facts
- Ask your bank to confirm the account number and name before sending a wire. Impact Title does not change the wiring instructions and will send via our secure Qualia portal only.
- Validate immediately
- Contact your Impact Title team to confirm funds were received.
- Victim of fraud?
- Immediately call your bank to cancel all transactions regarding this matter. Report an internet crime to: http://ic3.gov or call your regional FBI and/or local police.
CLOSING DAY
- Cashier’s Check made out to Impact Title with your final cash to close amount provide by the lender.
- Valid and current government issued ID with picture and signature (cannot be expired or a copy).
- If you are married, your spouse must be present with a valid ID to sign as well, even if they are a “non-purchasing spouse.” This is due to Texas being a community property state.
We will be excited to hand you your keys at your closing as soon as all closing documents have been signed and cash to close has been verified.
- Do promptly provide legible copies of all documents requested by your lender.
- Do continue to pay all financial obligations on time and stay current on existing accounts.
- Do provide your lender with the contact information of the agent from which you are attaining homeowners insurance.
- Do communicate openly and honestly and do not hesitate to contact your lender with any questions throughout the process.
- Don’t change jobs or quit your job or become self-employed if you are not already.
- Don’t make any large purchases, cash advances, or incur significant charges on your credit card.
- Don’t make any deposits over $500 dollars except for customary payroll deposits into your bank accounts.
- Don’t allow anyone else to check your credit prior to closing besides your insurance company.
- Don’t provide tax returns that have not been filed with the IRS.
ESCROW
"In escrow" is a type of legal holding account for items, which can't be released until predetermined conditions are satisfied. Typically, items are held in escrow until the process involving a financial transaction has been completed.
When you are told your transaction is “in escrow” it usually means you are nearing your closing date, but that financial details are still being settled by all parties.
TITLE INSURANCE
Title insurance is a policy that protects property owners and lenders from financial losses and legal issues related to the ownership of real property.
Most lenders require title insurance in order to qualify for a home loan, but there are so many more reason title insurance is a wise purchase!
Purchasing title insurance for a home is crucial because it protects you from unforeseen ownership disputes or legal issues that may arise after the purchase. It provides financial coverage for legal expenses and potential financial losses due to undiscovered problems with the property's title. Essentially, title insurance offers peace of mind by ensuring that you have a clear and uncontested ownership claim to your new home.
A title commitment is a preliminary document that outlines the conditions for issuing a title insurance policy, providing information on potential issues that need to be resolved before the closing.
On the other hand, a title policy is the final insurance document that is issued after the closing, offering protection against any covered title defects or claims that may arise in the future.
