The following is a list of Frequently Asked Questions. Many of your questions may be answered below. If you have questions that are not answered here, please feel free to send us your questions. Or you can call us at (973) 401-1400. Need to find our building? Click here for directions to Signature Closing Services.
What is a closing?
What expenses are included in “closing costs?”
Why is a new title insurance policy required for refinancing my home?
Why is a title search required even though we have owned our home a short time?
Do we need an lawyer in order to buy our new home?
What is a Closing Disclosure (CD)?
What is a “title search?”
What Counties does Signature Closing Services serve?
What days and times do you conduct closings?
Where is Signature Closing Services located?
What are Signature Closing Services’ rates?
Where should mortgage documents packages be sent?
Do you accept electronic documents?
When are property taxes due in New Jersey?
How much are recording fees in New Jersey?
Is a land survey required in the state of New Jersey for a refinance?
What is a Notary Public?
What is a Notary Public’s Role?
What are the Types of Documents Notarized and Why?
What is a closing?
The mortgage loan closing (or settlement) is the formal meeting at which you take official ownership of the property. Actual possession of the property varies according to local practice and the terms of the contract. In some areas, possession is given to the buyer on the day of closing. In other areas, this occurs a day or two after. At closing, the buyer requires that the seller prove the title (ownership) is complete and free of anyone else’s claims. Technically, two separate closings occur at this time: the closing of your loan and the closing of the sale. The closing meeting is typically attended by the buyer and seller (and their attorneys if they have them), both real estate sales professionals, a representative of the lender, and the closing agent. The meeting takes about one half-hour to one hour and is usually held at the closing agent’s office. In addition to a number of other activities, you’ll be required at that time to review and sign various documents relating to the mortgage loan and pay closing costs.
What expenses are included in “closing costs?”
The term “closing costs” typically includes updating the title search, the cost of title insurance coverage, governmental charges for recording your documents at the court house, and the fee for preparing and conducting your closing. All of our charges are set by the New Jersey Department of Insurance. You will have no “surprises!” Our fees are the lowest you will find.
Why is a new title insurance policy required for refinancing my home?
A title insurance policy insures one specific transaction. When that transaction ends (for example, when your existing mortgage is paid in full) the title insurance for that mortgage also ends. Your new mortgage lender will require a policy of title insurance, insuring that the lien of its new mortgage will be the “first lien” on your property and that the folks who are signing the mortgage at the time of closing are ALL of the owners who have any interest in the property. If you are purchasing the property (not just refinancing it), you will want an Owner’s Policy issued to you by the title company at the same time to insure that you really own the property and that you have “clear title.”
Money-Saving Tip: Call us today and ask whether your transaction is eligible for the discounted re-issue premium rates under current New Jersey state insurance regulations. Please call us for a quote at (973) 401-1400
Why is a title search required even though we have owned our home a short time?
Liens, judgments, or changes in ownership can affect your property title at any time – even minutes after the deed has been recorded in the court house. Sometimes, the property owner is unaware that title is no longer clear. Common examples include judgments from lawsuits, Division of Motor Vehicles penalties, Internal Revenue Service liens, and court orders in divorce proceedings. An updated title search, issued by the title company is reliable and conclusive. Title insurance is required in conjunction with the title search, to insure against errors and hidden title defects, such as forged documents and documents signed by someone who was mentally incompetent.
Do we need a lawyer in order to buy our new home?
Although it is not necessary, we strongly suggest hiring one. The New Jersey Supreme Court has ruled that you are not required to hire a lawyer for residential real estate transactions.
The vast majority of home buyers in the United States rely on a title agent (such as Signature Closing Services) to do their title research and to properly protect them at the closing.
Signature Closing Services lets you choose. We can conduct your closing without attorney involvement, or with optional attorney review.
What is a Closing Disclosure?
This is a summary of the financial portion of the real estate transaction. The CD will list the purchase price, loan amount, closing costs for both buyer and seller and show all pro-rations and sums to be disbursed by us to all parties.
What is a “title search?”
A title search is thorough research of all the government records concerning the title to the property, in order to determine exactly who owns the property, whether the title is “free and clear,” and to identify any liens against the title. The title search is performed in the county land records, in the federal, state and county court records, and in the municipal tax,
assessment, and utility account records. By law, the title search must cover at least the past 60 years.
What counties does Signature Closing Services serve?
We serve all counties in New Jersey.
What days and times do you conduct closings?
Signature Closing Services conducts closings 6 days a week, day and evening.
Where is Signature Closing Services located?
Signature Closing Services is centrally located in Morris Plains, New Jersey. Click here for directions.
What are Signature Closing Services’ rates?
Our rates are state-regulated. That means you get the lowest possible rates and there are no surprises. Click here for a comprehensive list of our service rates or contact us at (973) 401-1400.
Where should mortgage documents packages be sent?
Packages should be sent to
Signature Closing Services
520 Speedwell Avenue – Suite 103
Morris Plains, NJ 07950
Do you accept electronic documents?
We are fully equipped to accept documents in electronic format. Send them to Maria@SignatureClosingServices.com
When are property taxes due in New Jersey?
The “due dates” for tax payments are February 1, May 1, August 1, and November 1 of each year. Your tax payment must be received by the municipal tax collector by each of these “due dates” to be “on time.” The “due dates” INCLUDE a built-in, statutory “grace period.” Therefore, the ACTUAL quarters for which taxes are being paid start on January 1, April 1,
July 1, and October 1 of each year.
How much are recording fees in New Jersey?
Recording fees are governmental charges paid for recording documents at the court house. They are based upon the type of document which is being recorded, and the number of pages that the document contains. To calculate these fees, the average cost is $30 for the first page and $10 for each additional page for the majority of the documents.
Is a land survey required in the state of New Jersey for a refinance?
We do not require a survey for refinances; no survey exceptions will appear on the title binder or policy. Surveys are required by mortgage lenders for purchases in New Jersey. A land survey, which is an important investigatory procedure must be performed by a licensed land surveyor or civil engineer, and provides important legal protections to the property buyer.
What is a Notary Public?
Commissioned NJ Notary Publics are able to perform the following duties under New Jersey State law: administer oaths/affirmations, take acknowledgments, execute jurats, take proof of deeds, execute protests for non-payment and non-acceptance.
What is a Notary Public’s Role?
The Notary must properly identify the signer of the document before the signer executes the document. A current identification with a photo is required such as a driver’s license, passport, county or state ID card, Federal ID, Alien Registration card.
What are the Types of Documents Notarized and Why?
Most legal documents such as wills, deeds, and powers of attorney require notarization. The purpose of a document being notarized is to ensure the signer personally appeared before the notary, the signer signed their signature before the notary and they signed the document willingly and freely (not under any duress).
Please feel free to contact us with any questions or concerns you have regarding any of these topics. We can be reached at (973) 401-1400.