Title and closing

Title documents and closing your new home

The title to a property in the USA refers to the legal proof of ownership of the property. Title can be taken in many different ways. It can be a single person, it can be multiple persons, or it can be in the name of a company or institution. There are many factors that may affect how title is taken, not least of which may be the wishes of the owner(s) as to what should happen to the ownership of the property following their death. Before taking title to a property, it is advisable to speak to a qualified professional to discuss the options and the eventualities with regards to this important aspect of home buying, your VillaDirect Real Estate Team will arrange an appointment if you need advise.

Closing is the point at which ownership of a property actually switches from the seller to the buyer. In most cases this is handled by a Closing Agent whose job is to ensure all the papers are correctly signed and recorded.

If all parties (buyer and seller) are in the US at the time of closing, then this activity usually takes place at the office of the Closing Agent. However, when overseas buyers (or sellers) are involved, there is often a method used which is referred to as ‘mail-away’ closing. In these circumstances, the paperwork is packaged by the Closing Agent and sent via international courier to the overseas party. The overseas party then needs to get the documents signed in the presence of an official in their country (usually a Notary Public). Once signed, the papers must be couriered back to the Closing agent within a short timeframe in order to complete and record the change of ownership. This is a well established method and is tried and tested. In many cases, the overseas buyer is requested to sign the papers at their local US Embassy.