{"id":6660,"date":"2023-01-26T13:49:55","date_gmt":"2023-01-26T13:49:55","guid":{"rendered":"https:\/\/cornerstoneonline.net\/?page_id=6660"},"modified":"2023-06-22T10:13:46","modified_gmt":"2023-06-22T10:13:46","slug":"title-closing-faqs","status":"publish","type":"page","link":"https:\/\/cornerstoneonline.net\/title-closing-faqs\/","title":{"rendered":"Title &#038; Closing FAQ&#8217;s"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"6660\" class=\"elementor elementor-6660\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-25fb2e30 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"25fb2e30\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-250e87eb\" data-id=\"250e87eb\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4139a06d elementor-widget elementor-widget-image\" data-id=\"4139a06d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 18-04-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/e2egkn22epp.exactdn.com\/wp-content\/uploads\/2023\/01\/portsmouth-nh-title-closing-3-min.jpg?strip=all&amp;lossy=1&amp;fit=1024%2C683&amp;ssl=1\" class=\"attachment-large size-large wp-image-5908\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-2b3e3ac2\" data-id=\"2b3e3ac2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-223f3e03 elementor-widget elementor-widget-tf-title-section\" data-id=\"223f3e03\" data-element_type=\"widget\" data-widget_type=\"tf-title-section.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div id=\"tf-title-section-223f3e03\" class=\"tf-title-section tf-title-section-style-02\" data-tabid=\"223f3e03\"> \r\n\t\t\t\t\r\n\t\t\t<div class=\"title-section\">\r\n\t\t\t\t<div class=\"before-heading\">Get Informed<\/div>\r\n\t\t\t\t<h2 class=\"heading\">frequently <mark>asked<\/mark> questions<\/h2>\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"sub-title\">Our staff is always available to assist with any questions you may have, before, during and after your transaction.  In the meantime, we have included a list of some of the questions we receive most often and the answers we provide.  We love titles, title insurance and real estate transactions and as such, we welcome you to contact us regardless of whether your question, or answer, is on this list.<\/div>\r\n\t\t\t<\/div>                \r\n            <\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b0f30aa elementor-widget elementor-widget-tfaccordion\" data-id=\"b0f30aa\" data-element_type=\"widget\" data-widget_type=\"tfaccordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"tf-accordion style1\"> \r\n\t\t\t\t<div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">What types of Policies are available and which one do I want?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p>There are essentially two types or levels of Owner Policies available to purchasers of real estate. The following will provide basic information regarding each type. Our Attorneys are available at any time to discuss the nuances of each Policy, in the event you have further questions. <\/p><p>The first type is commonly referred to as the \u201cStandard\u201d or \u201cBasic\u201d policy. The standard insurance policy provides coverage for many matters affecting the insured property, but has limitations. This type of policy is generally designed to insure owners of Raw Land, Mobile Homes, Commercial Properties and lenders providing construction financing.<\/p><p>The next type is commonly referred to as an \u201cEnhanced\u201d, \u201cExpanded\u201d or \u201cHomeowner\u201d policy. As you might expect, these policies include everything in the basic policies, and quite a bit more. Perhaps the two biggest additions to these policies is automatic continuation of coverage in the event title is transferred to a Trust, etc. for estate planning purposes and coverage for events which may occur after the date of Policy (during the insured\u2019s period of ownership). These policies are specifically designed for owner-occupied properties and second homes.<\/p><p>As a matter of course, if the enhanced policy is available for your particular transaction, it is advisable to obtain it as the increase in coverage far outweighs the increase in premium that accompanies it.<\/p><\/div><\/div><div class=\"tf-accordion-item \"><div class=\"accordion-title icon_after \"><span class=\"title-text\">How are Title Insurance Premiums Paid?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p>Title Insurance premiums are a one-time fee which is paid as the time of closing. The premium is charged to the buyer on the settlement statement and the coverage continues for as long as the insured owns the property and in certain circumstances, beyond.<\/p><\/div><\/div><div class=\"tf-accordion-item inactive\"><div class=\"accordion-title icon_after inactive\"><span class=\"title-text\">Who pays for the Title Insurance Policies?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p>New Hampshire, Maine and Massachusetts, it is customary for the Buyer to purchase their Owner title insurance policy as well as the Loan policy insuring any Lender who provides financing for the transaction.<\/p><\/div><\/div><div class=\"tf-accordion-item inactive\"><div class=\"accordion-title icon_after inactive\"><span class=\"title-text\">Why do I need to pay for the Lender\u2019s Policy if I am already purchasing an Owner Policy?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p>This is a very common question and the short answer is that these policies do very different things. The Lender Policy only provides coverage for the Lender itself, during the period in which the mortgage it insures is outstanding. Until such time as a loan is in default or a Lender forecloses and takes possession of the property, there are no obligations to provide coverage under the Policy. Likewise, each time a mortgage is paid in full during a sale or refinance, a new Lender Policy will need to be obtained insuring any new loans, even if the lender remains the same.<\/p><\/div><\/div><div class=\"tf-accordion-item inactive\"><div class=\"accordion-title icon_after inactive\"><span class=\"title-text\">Where will the closing take place?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p>Generally speaking, we love to invite our customers to close in our office in Portsmouth. However, we understand that at times circumstances make this more difficult, or impossible. In those instances, we are happy to coordinate with the parties to make the process as efficient and convenient as possible.<\/p><\/div><\/div><div class=\"tf-accordion-item inactive\"><div class=\"accordion-title icon_after inactive\"><span class=\"title-text\">What the heck is FIRPTA?<\/span> \t\t\r\n\t\t\t\t<span class=\"wrap-accordion-icon wrap-accordion-icon-right\">\t\t\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-close\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<span class=\"accordion-icon accordion-icon-open\"><i class=\"fas fa-angle-down\"><\/i><\/span>\r\n\t\t\t\t<\/span><\/div> <div class=\"accordion-content\"><p>FIRPTA stands for \u201cForeign Investment in Real Property Tax Act\u201d. Since 1980, this law has ensured that foreign taxpayers pay income tax on U.S. property sales. It is similar to the capital gains tax paid by U.S. citizens, but applies only to foreign sellers who are otherwise not subject to capital gains when selling real property.<\/p><p>-Technically, the foreign seller owes a FIRPTA tax \u2014 but in practice, the buyer is held responsible for setting the money aside from the proceeds of the sale.<\/p><p>-FIRPTA is straightforward, but nuanced in how it applies to individual transaction. It is imperative that Cornerstone be informed of a foreign seller as early as possible in order that we may plan accordingly, and all parties can review available options.<\/p><\/div><\/div>\r\n            <\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Get Informed frequently asked questions Our staff is always available to assist with any questions you may have, before, during and after your transaction. In the meantime, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Title &amp; Closing FAQ&#039;s - Cornerstone Title, LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cornerstoneonline.net\/title-closing-faqs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Title &amp; Closing FAQ&#039;s - Cornerstone Title, LLC\" \/>\n<meta property=\"og:description\" content=\"Get Informed frequently asked questions Our staff is always available to assist with any questions you may have, before, during and after your transaction. 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