What is a HUD-1 Settlement Statement?
A HUD-1 is the closing form used in settlements. It includes an itemized list of all applicable closing costs and specifies the extent to which each party is responsible for those costs. If you are a buyer and are getting a loan to purchase residential property, your lender must provide you with a Good Faith Estimate of your loan costs and information explaining the settlement process.

How does Northwest Missouri Land Title, LLC conduct their research?
When the contract is received and the order is placed to request preliminary title work, your order goes to the research plant where the chain of title is examined. The information compiled in research is typed into a title commitment which is sent to your closer, real estate agent, lender, attorney, or others as you instruct.

The title commitment is reviewed again by the closing agent and compared with the contract and loan closing instructions to assure that all information is consistent. The closer makes note of any requirements which must be satisfied prior to closing.

What does Northwest Missouri Land Title, LLC do?
We issue title insurance and help expedite the real estate transaction process.


Title Insurance

What will happen if there is a lien or judgement against the property?
If the title commitment shows a mortgage to be paid off, the closer will order payoff figures from the existing lender. If there are liens or judgements against the property, the closer will assess the situation and make sure everything is taken care of by closing.

What is a Mortgage Policy?
A Mortgage Policy protects the lender’s interest and guarantees the priority of the loan. It is usually sent to the lender with copies of the deed of trust and any assignments.

What is an Owner’s Policy?
An Owner’s Policy protects the interest of the owner of a property and is usually sent to the owner of record with the recorded Warranty Deed which established ownership.

Why do I need Title Insurance?
Title Insurance provides coverage guaranteeing ownership of your home and the validity and enforceability of the lender’s lien. Unlike most forms of insurance, title insurance is an assurance to the insured of the current status of ownership.

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What document(s) or information do I need if I am selling / buying?
First and foremost you will need your contract signed and dated. Other documents of relevance are surveys, termite reports, inspections, title insurance and abstracts, and commission agreements.

How do I protect myself?
Hiring a lawyer is a surefire way to help protect your real estate transaction and meet your real estate needs. An attorney can assist in a variety of matters and protect you from costly mistakes, errors in the documents, and other problems that could lead to litigation or other expensive legal action.

I’m selling / buying, how do I get started?
The most efficient way to sell or buy property is by hiring a real estate agent. Though it is not required to hire an agent, the tasks an agent performs can be extremely time-consuming and complex. Plus, chances are that the agent will understand the real estate market and the particular neighborhood you’re looking to move into or out of better than you do. Therefore, even though agents can charge you a 3 percent to 6 percent sales fee, their expertise and assistance can save you so much time and money that, in many times, they are well worth the investment.

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What is a Real Estate Closing?
In a real estate transaction, the closing is the final exchange in the sale and purchase of real estate in which the deed of title is delivered to the buyer, the title is transferred, title insurance policies are exchanged, and the agreed-on costs are paid. Some of the final documents, including the deed and mortgage or deed of trust, are then delivered to the county recorder to be recorded. Depending on local practice, the closing is handled by a title company, escrow holder or attorney.

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