Title Services – Summit Credit Union

Three jobs, one file, one phone number

Title insurance

What the policy actually covers

A house can look perfectly ordinary and still carry a claim recorded twenty years ago.

Liens the seller left behind Unpaid second mortgages, tax liens, and contractor liens follow the property rather than the person. If one surfaces after closing and the search missed it, the policy pays to clear it rather than leaving you to negotiate with a stranger's creditor.

Deed and record errors Misspelled names, a legal description that describes the wrong parcel, an improperly witnessed signature in 1994. These are the most common defects we find, and they are exactly what an insurer is paid to stand behind.

Undisclosed heirs and forged signatures An estate that never closed properly, an ex-spouse who never signed off, or a forged release recorded by someone who had no authority. Rare, expensive, and the reason the owner's policy exists.

Easements and boundary conflicts A recorded right of way across the back of the lot, or a neighbour's fence sitting three feet inside the line. Coverage depends on whether the matter was recorded and whether you took the survey exception, which your closer will explain before you sign.

Legal defence costs If someone brings a covered claim against your ownership, the insurer pays the attorney as well as the loss. Defence costs are often the larger number, and they do not reduce the policy amount.

What it does not cover Title insurance is backward looking. It does not cover a roof that fails, zoning that changes, a lien you take on yourself after closing, or anything you knew about and accepted. That is what a home inspection and a homeowner's policy are for.

Closing costs

The title lines on your settlement statement

Illustrative figures for a $350,000 purchase with a $280,000 loan; who pays what varies by contract and by state.

Line item Usually paid by Illustrative amount

Title search and examination Buyer $185, ordered the day the file opens.

Lender's title policy Buyer About $560, required by every mortgage lender.

Owner's title policy Negotiable; often the seller About $1,080 once, covering you for as long as you own it.

Settlement or closing fee Split by contract $525 for preparing the statement and hosting the signing.

Recording fees Buyer $145 for the deed and the mortgage, set by the county.

Transfer tax or stamps Seller in most states Varies widely; some states charge nothing at all.

Lien release tracking Seller $60 per payoff, to confirm the old mortgage is actually released.

Wire transfer fee Whoever sends the wire $25 outgoing; incoming wires to escrow are free.

Mobile or after-hours signing Requesting party $150 if you need a notary to come to you.

Courier and overnight delivery Buyer $35 when documents must reach the recorder same day.

The timeline, from accepted offer to keys

The file opens the day your offer is accepted, and the search is ordered within 24 hours. Most searches come back in three to five business days as a title commitment, which is sent to you and to your loan officer at the same time. Anything needing to be cleared, an old lien, a missing release, a name that changed at marriage, gets worked immediately rather than being discovered in the final week. Roughly two weeks out we confirm the payoff figures and the survey position, and your closer's direct line goes on the commitment letter.

Three business days before signing you receive the Closing Disclosure with the final cash figure; read it against your loan estimate and call about any line you do not recognise. Wire your funds the business day before and bring a government photo ID. We never send changed wire instructions by email, and any message that appears to do so is fraud, so ring 800.555.7846 and confirm. Signing takes about 45 minutes at any branch, the deed goes to the county recorder that afternoon, and your owner's policy arrives by post in three to four weeks. Refinances skip the earnest money and the owner's policy, so they typically run a week faster; see today's mortgage rates if that is the reason you are here.

Common questions

Before you schedule a closing

Do I have to use Summit Title if I borrow from Summit?

No. You may choose any title agency licensed in your state and your loan terms will not change. Title Services is a wholly owned subsidiary of the credit union, which means Summit has a financial interest in the referral; that is why we publish the fees above so you can compare a competing quote line by line.

Is the owner's policy really worth it?

The lender's policy protects the loan balance, not your equity, and it shrinks as you pay the mortgage down. The owner's policy is a one-time premium that covers your stake for as long as you own the property, including legal defence costs. Most buyers take it; it is optional and never required by us.

What if the search finds a problem?

Most findings are paperwork and clear within a few days. A payoff letter gets requested, a release gets recorded, a name gets corrected by affidavit. Genuine ownership disputes are rare, and we tell you the same day we find one rather than sitting on it until closing week.

Can we close remotely?

In most of our service area, yes. A hybrid closing lets you sign the bulk of the package electronically and handle only the notarised documents in person, which usually takes fifteen minutes. Ask when you schedule, since availability depends on state law and on your lender.

Who holds the earnest money?

It sits in a segregated escrow account, separate from the credit union's own funds, and is applied to your closing costs at settlement. If the deal falls through, release follows the terms of your purchase contract, not our preference.

Open the title file early

Bring the accepted offer and the closing date. Everything after that is our job to chase. Call 800.555.7846.

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This is a demonstration website; rates, products, and figures shown are illustrative only.