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10 Ways to Clear your Title Report Quickly and Efficiently...
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Always ask your Borrower if they have their ALTA Owner's Policy issued when they purchased their home - this document can assist us in clearing many problems that may arise. OR supply Zenith Abstract with your Borrower's information and we will inquire for you!
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Obtain your Borrower's payoff information (Lender, Account Number, Social Security Number, and Contact Phone Number) - Zenith Abstract will gladly order a payoff for you once we are supplied with this information.
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Get your Borrower to sign a General Authorization so that you, or Zenith Abstract, may obtain any necessary information with regard to mortgage or judgment payoffs, etc.
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IF the transaction is a purchase, obtain the Seller's attorney's information so that Zenith Abstract may obtain information directly from the Seller such as a survey print.
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IF there is an open mortgage showing up on the Title Report that the Borrower has paid off, ask the Borrower if they have a HUD-1 statement and/or copies of checks from when they last refinanced - this can assist Zenith Abstract in obtaining clearance of this mortgage.
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IF there is a NO CONSIDERATION exception on the Title Report (meaning an Owner was deeded off without any transfer of money) make sure the Borrower knows ahead of time that the party that was removed must either show up at the closing or sign a "NO CONSIDERATION AFFIDAVIT" prior to the closing.
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IF the current or prior owner is deceased ask the Borrower for a copy of the deceased's death certificate. OR if the deceased's estate has been probated in court ask for a copy of the surrogates or when such surrogates when will be filed. OR IF the Borrower holds title, or will hold title as a Trust Agreement make sure to obtain a copy of the Trust Agreement and any modifications or amendments.
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IF the Borrower holds title in, or will be taking title in a Corporation or LLC name please ask for a copy of the entity's corporate documents, Tax ID, and make sure that both the Lender and Zenith Abstract are furnished with a Corporate Resolution, which is the entity's authorization for such transaction to occur.
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IF the current open mortgage is in Foreclosure a valid payoff must be issued by the Foreclosure Attorney, not the Lender directly.
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IF the Borrower is paying off a Private Mortgage a payoff letter MUST be accompanied by the Original Note and Mortgage.
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