In the spirit of Halloween, we thought we’d share some of the scary closing stories our team has heard over the years. But, with Monarch, we have LOTs of stories with happy endings, so we will feature those too. Thankfully, having title insurance can prevent most of the horrors of these stories. Learn more about purchasing title insurance with Monarch Title Company.
Closing Story 1: The Buyer Or The Seller Is Unavailable on Closing Day
In the past, there have been issues if you cannot find a time that both buyer and seller can be at the closing physically. Anything from last minute family emergencies to the buyer or seller living out of town can cause delays in the closing process. One Realtor told us they had moved the closing date over 7 times due to conflicting schedules! That wastes so much time and money for both parties.
Thanks to Remote Online Notarization, buyers and sellers do not have to be physically present in order to sign the final closing documents.
Closing Story 2: You Find Out About A Previous Owner’s Property Loan AFTER Closing
A lovely Missouri couple purchased a home, however the seller had taken out a separate loan on the property totaling over $400,000! This was not discovered during the closing process. Because of that, the family’s lender paid the seller directly instead of paying off the existing loan.
The new homebuyers were facing foreclosure because of this loan. However, since they had title insurance, the title company paid the debt and the couple was able to keep their new home. Without title insurance, the family could have faced serious costs and possibly lost their home!
Closing Story 3: Builder Sells Homes With Liens
Our closers once heard a story about a builder who sold first-time homebuyers homes that had undisclosed liens. When the builder failed to pay the undisclosed debt, the trouble fell to the new homeowners. The creditors that the builder owed the money to initiated the foreclosure process and filed lawsuits against the homeowners. In normal circumstances, the homeowners would have purchased title insurance and would have avoided this whole scenario. However, because the deals were seller-financed, the builder didn’t require the buyers to purchase title insurance.
That is why we always recommend title insurance – even with a new build!
Avoid Closing Horror Stories When You Pick Monarch Title
When you pick Monarch Title Company, you have an entire team dedicated to you. Monarch has been a pioneer in using cutting edge technology to help you with your closing. Learn more about why people pick Monarch by reading our reviews. Contact one of our closers today to get started on closing on your dream home!