- Coming in 2015
CFPB (Consumer Finance Protection Bureau) Regulations changes are comming. We will keep you updated on these changes and how they can affect your home purchase.
- June 10, 2013
We are now HUD approved! Reference HUD # ATTA0001 Ask us about what this could mean to you!
- 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.
- June 10, 2013
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
How much can you afford
- 1) Your down payment
- 2) Your job stability
- 3) Existing debts
- 4) Credit references
- 5) Payment history