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Frequently Asked Questions


What do I need to bring to my closing?

Each person that will be signing the closing documents will need to bring a photo ID. You will also need to provide any funds required for your closing. The funds will need to be sent by wire transfer prior to your closing. Please check with our office prior to the closing to confirm the exact amount of funds needed. If you are the seller, you may also need to bring the house keys, garage door openers, etc. if they have not been given to the buyer previously.


What is the “Good Funds” act?

The Residential Closing Funds Distribution Act of 2005 took effect September 1, 2005. It ensures that checks disbursed are backed by good funds at the time of closing. This means the closing transaction cannot be completed and final documents recorded until the closing company has verification that they have the necessary good funds to disburse. Therefore, we require funds needed for closing a transaction be sent by a wire transfer.


Am I required to be present at my closing?

Whether you are buying, selling or refinancing, there are some documents that will need to be signed in front of a notary. This is typically done at the closing conducted by one of our closing agents at our office. However, we can also conduct closings at a lender's office, real estate agent's office, or we can come to the borrower. We can also conduct mail-away closings.


How long does a closing take?

A purchase or refinance closing with the buyer using traditional mortgage lender typically only takes 15-30 minutes. A cash closing can typically be done in about 10 minutes.


Can one closing attorney or title company agent represent both the buyer and seller in a a closing transaction?

Yes, they can represent both parties. One company representing both parties is very common for residential real estate closings. When one company does represent both buyer and seller, the company is prohibited from withholding information from either party, and the company must maintain fiduciary duties to both parties. Having both parties represented at the same company often makes the process more time efficient and cost effective.


How much will it cost to close on my purchase or refinance?

The closing costs are based on the purchase price or loan amount of the transaction. Therefore, the cost varies because of recording fees, transfer and indebtedness taxes, and title insurance premiums all increase as the purchase or loan amounts increase. Please call our office to request an estimate on the closing costs for your transaction.


What is Title Insurance and why do I need it?

Title Insurance is an insurance policy that protects the buyer and mortgage lender against loss from defects in the title to real property. Title insurance protects the buyer and lender from debts or obligations not created or agreed to by the buyer. It also enables you to freely sell or pledge your property as a security for a loan. The lender will obtain a policy to cover the amount of the mortgage loan. An owner's policy for the buyer is a small additional expense that would protect the buyer from claims against the property title such as prior liens, unpaid property taxes, or against others who may claim an interest in the property.

Please contact us with any questions.

EDCO Title & Closing Services, Inc.
6510 Stage Road, Suite 1
Bartlett, TN 38134
901-382-0470 (phone)
901-382-2226 (fax)
www.edcotitle.com

Craig Martin, General Manager
craigm@edcotitle.com


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EDCO Title & Closing Services, Inc. • 6510 Stage Road, Suite 1 • Bartlett, TN 38134
ph: 901-382-0470 • fax: 901-382-2226
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