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Latest News

  • March 11, 2010
    Housing Tax Credt Entension in Doubt
    The 2010 Federal Housing Tax Credit has reached it’s expiration, and some economists are concerned about what that will mean for home prices around the country. Ask us about what this could mean to you!
  • January 22, 2009
    Energy Efficient Mortgage (EEM)
    A Federally recognized program that can be applied to most home mortgages. EEMs provide the borrower with special benefits when purchasing a home that is energy efficient, or can be made efficient through the installation of energy-saving improvements.
  • October 1, 2008
    AmeriDream - AmeriDream is a non-profit organization that offers down payment gift assistance programs to buyers of single family homes.
News Archive

We can help make your goal of home ownership come true! Call and talk to us or stop by our office! We'll be happy to assist you fulfill your dreams!

Welcome to US Title of Tennessee!

Buying or selling a home is, for most people, the largest financial endeavor they will ever undertake. You need to secure the professional services of a title company to efficiently and accurately handle this complex and time consuming transaction. Our job, our passion...is to help you navigate this complex road and help you to achieve your goals.

US Title TN will do an “abstract of title” which means searching the real estate records in the county where that particular piece of property is located. An abstract will (1) determine who the legal owner of the property is; (2) it will reveal any mortgages, liens, judgments, or any unpaid taxes that will have to be satisfied before the property is transferred; and (3) it will detail any existing easements, restrictions, or leases that affect the property as a whole.

After our abstract is completed, US Title TN will issue a “title opinion letter”, or if a title insurance policy is to be issued on the property, it will prepare a “Commitment of Title Insurance” to the lender and/or the prospective buyer. The title opinion letter and the title insurance commitment will each set forth all the things that need to be addressed, completed and any problems that need to be corrected before the purchaser can receive a “good title”. The title insurance company will complete all the necessary documents and will undertake correcting any problems. Once these things are done the parties are ready to exchange paperwork and “close” the deal on the property.

The purpose of the closing is to sign and exchange all the documents necessary to convey title, secure the lender, and deal with collateral issues such as leases, rights-of-way, etc., and to explain in an orderly manner the costs to each party. This is done by preparing a closing statement or what is referred to in the industry as a “HUD 1”. The closing statement will include the mortgage lender’s charges, charges for preparing documents, the title company’s fees, recording costs, and the amount of the payoffs to release any existing mortgages, pro-ration of city and county taxes, real estate commission fees, survey fees, and any other costs associated with the deal.

At closing, US Title TN will collect the purchase money funds from the buyer and lender as well as the settlement costs from each party. With these funds, the title company then pays all of the expenses of the transaction, pays off any existing mortgages, and pays the seller the net proceeds of sale. All of this is done in accordance with the HUD 1 settlement statement.

After the closing, US Title TN will record the legal documents (deed, mortgage, assignments, etc.) at the county courthouse and then return the original documents to the correct party. New owners receive their deed which should be stored in a bank lock box or other secure location. The lender receives the original mortgage documents which they hold until the loan is paid in full. Once the loan is paid, the lender will “release” their lien against the property at the courthouse and will forward the original mortgage documents to the home owner. This is when the homeowner can enjoy the traditional “burning of the mortgage” ceremony.

Things to consider

Do you know your Score
Knowing your credit status and how credit agencies rate your credit may be a deciding factor, especially when you begin talking to lenders. There are three main credit-reporting agencies.
How much can you afford
Before you begin the search for your dream home, decide how much you can comfortably spend. Mortgage lenders most often will take into consideration all of the following:

  • 1) Your down payment
  • 2) Your job stability
  • 3) Existing debts
  • 4) Credit references
  • 5) Payment history

 

Offers and Negotiating

How you write a winning offer depends on your marketplace and whether it is a seller's or buyer's market. Find out what needs to be listed in your offer to give you the edge. As a buyer, how do you write contingencies that will let you cancel the deal and get your deposit back? As a seller, learn how to give up the battle and win the war through counter offers.