RESOURCES
THE BETTER INFORMED - THE BETTER THE CHOICE
Since Title Insurance isn't something you use often, we feel it's important to help educate our customers. We are happy to provide some useful resources to help you make an informed decision.
Wire Fraud
Awareness
Being aware of wire fraud is crucial in today's digital age, as it helps individuals and businesses protect their sensitive financial information. By staying informed, you can safeguard your assets and contribute to a safer financial environment for everyone. Check out this video for more information.​​​
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State & County
Resources
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Subdivision plats are available on line through the State of Michigan Website. Here is the direct web address. Click here for instructions/manual on how to conduct your search.
Seller Impersonation Fraud Awareness
This type of fraud involves individuals posing as legitimate sellers to deceive unsuspecting buyers, leading to financial losses and a breach of trust. By recognizing the signs of this fraud, consumers can protect themselves from scams, ensuring a safer online shopping experience. Check out this resource for more information.
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Education
Resources
At Searchlight, we believe that knowledge is the foundation of confidence and success in every real estate journey. That’s why we are continually working to expand our expertise and provide valuable educational resources for buyers, sellers, and real estate professionals alike. From understanding the closing process to navigating industry trends and best practices, our goal is to empower you with the information you need to make informed decisions. We are committed to sharing our knowledge and helping you achieve success—every step of the way. We invite our Real estate partners to reach out to us to schedule a training and discover how we can support your continued growth and success!
What To Expect
During Closing
Closing day is an exciting and important milestone, and we’re here to ensure the process is seamless and stress-free. We’ll walk you through each step, from signing the final documents to handing over the keys. You can expect a detailed review of all paperwork, clear communication, and our full support to answer any last-minute questions. This is the moment where everything comes together, and we’re honored to help you cross the finish line with confidence and peace of mind. Click here for a homebuyer's guide to title insurance.
For Sale By Owner Resources
We understand that some transactions are handled directly between buyers and sellers in For Sale By Owner (FSBO) transactions. While we always recommend working with a qualified real estate professional for guidance and expertise, we’re here to assist when you choose to manage the process independently. Our experienced team will provide the support you need, from providing and reviewing necessary documents to ensuring a smooth and legally sound closing. Guided by care and driven by trust, we’ll help you navigate the details so you can confidently complete your transaction.
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How are taxes handled at closing?Taxes become due and payable as soon as the tax roll opens. All due or delinquent taxes must be collected at the closing. Tax prorations is directed per the purchase agreement, generally in one of the following manners, no proration, calendar year proration, and fiscal year proration. However, parties ultimately direct the title company as to how they want these handled.
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What is title insurance and why do I need it?A title commitment is a pledge, promise, or firm agreement; also, a title insurer's contractual obligation to insure title to real property. The title commitment is used to set out what is required to be done by the proposed insured or someone acting on his or her behalf for a title insurance policy to be issued by the underwriter. Like a Purchase Agreement providing a roadmap regarding who does what between a buyer and seller, the Commitment provides a roadmap between the proposed insured and the title insurer about what needs to happen for a transaction to close. The Commitment also discloses pertinent information to the proposed insured about information found in the title search. You should get title insurance because it protects your largest investment, it reduces your risk from unforeseen legal and financial title discrepancies, and you can't beat the value of it being a one-time fee that's very low relative to the benefit it provides.
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What if I can’t make it to the closing in person?We offer several flexible options if an in-person closing isn't convenient for you. Many of our customers prefer to meet with a notary in the comfort of their home or even at their workplace. We'll handle the coordination by securely sending your documents to the notary, who will meet with you at a time that works best for you. Another option is Remote Online Notarization (learn more here). For cash buyers, we can send your documents through our secure ClosingLock portal for e-signing. Whatever method you choose, Searchlight is here to make your closing process as easy and convenient as possible.
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What is the Closing Statement and when can I review it?Your Settlement Statement is a key document that outlines all the financial details of your real estate transaction. It provides a clear breakdown of costs, including loan fees, taxes, and other charges associated with your closing. You'll typically have the opportunity to review this document a few days before closing, giving you time to ask questions and ensure everything is accurate. At Searchlight, we're here to guide you through every line item and make the process as smooth and straightforward as possible.
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When will I receive the proceeds from my sale?Sellers typically receive their proceeds shortly after closing, once all documents are signed and funds are disbursed. Depending on the type of closing and when these items are received, this process could take s 1–2 business days, depending on your financial institution and the method of payment.
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What are the closing costs, and how much should I budget?Closing costs typically include lender fees, title insurance, taxes, and other charges outlined in your settlement statement. These costs generally range from 2% to 5% of the purchase price. To help you estimate your closing costs with ease, we offer a user-friendly app that provides detailed calculations tailored to your transaction.
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What's the difference between a basic and expanded policy?Here's a great handout for a comparison between the two owner's policy coverages.