Frequently Asked Questions

 

Q: What is Pacy Title & Closing's role?

We'll handle the title search on your new property, identifying title issues and defects.  We'll also prepare your title insurance policy (lender's and owner's).  We'll handle the closing, which means preparing and processing the loan documents, and serving as the settlement agent and disbursing the loan proceeds.  We also make sure your documents are recorded at the county registry of deeds to finalize your purchase, and file the required NH Tax forms on your behalf.

Q: What is title?

Contrary to what many people assume, the “title” to your home is not just the Deed you receive at closing.  Title is a legal status comprised of all of the facts surrounding a given property, particularly facts documented on public record. The seller’s mortgage, the easement to the phone company letting them install and maintain phone lines, and the part of the seller’s property the town took to build a sidewalk 30 years ago could all be part of your title.

It is our job to make sure that the title you are getting is “marketable,” which means the title is free from restrictions that would cause you problems during your use of the property, or would cause you any problems selling the property to someone else in the future.  At your closing, you will receive a certification of title.

 

 

Q: Okay, so do I need title insurance?

Your lender will, 100% of the time, get a title insurance policy to protect their investment in your property.  In the event of a total title-related loss, this policy could only pay the lender up to the amount of the loan.  The vast majority of buyers purchase an owner’s title insurance policy as well, taking advantage of the steep discount you get when you get your policy simultaneously with the lender.

The coverage of owner’s title insurance is pretty broad, but the short version is that it covers you against anything that might not have come up in your attorney’s title work and protects the full value of the property.

Owner’s title insurance is recommended for almost all buyers, as it is a relatively inexpensive one-time premium that can be invaluable to protect what is in most cases your biggest investment.  

Q: What do I owe you?

Our fee is part of your closing costs, and in many cases is determined by your lender.  However, it generally costs between $500 and $900, plus certain transaction-specific costs.  The costs are the price of the title search, the fee for the surveyor to make a plot plan, the fee the town charges to generate a municipal lien certificate, and other costs that are transaction-specific.  In the case of a cash-only transaction, the fee is $1,500, inclusive of our expenses.  If you are a U.S. Armed Forces Veteran, make sure you let us know and we will apply a discount to your settlement fee as thanks for your service to our country.

Q: Is there anything else I need to know?

We'll keep you informed every step of the way, and you'll receive an introductory letter from our office through DocuSign shortly. When we get to closing it's important to keep in mind that all buyers must be physically present at the closing.  If this will be an issue, please let us know as soon as possible.  If you are not getting a mortgage, we require you to obtain owner's title insurance. At closing, make sure you have a valid photo ID, your closing funds (in the form of a certified check payable to Pacy Title & Closing), and your checkbook, just in case of any late changes.