Resources

+ Why close my real estate transaction with Ivey Title?

Our staff has over 150 combined years of experience in the title services industry, including two attorneys, two closing processors, and two in-house title examiners, both with law degrees. While many title companies now opt to outsource their title examinations, an in-house title search allows our agency to research your property and to quickly identify and resolve matters which might otherwise delay a closing. Our agents often contact Ivey Title with title questions prior to listing or contracting to buy a property and know that one of our examiners will be able to provide them with information quickly.

Our clients’ files pass through the hands of at least four members of our team from contract to close, which assures a level of quality control. Finally, our small staff size fosters a collaborative approach and enables familiarity with our agents’ and clients’ files so that when contacted, anyone at our office might be able to assist you. We understand that a real estate transaction is one of the most significant investments of our clients’ lives and want to make the process as pleasant and efficient as possible.

+ What will I need to do to prepare for my closing?

Buyer:

• Work with your lender or banker to finalize financing.
• Make preparations to wire to Ivey Title any personal funds you will need for closing.
• Arrange for termite inspections, home inspections, and appraisals within the timeframe provided in your contract.
• Contact your insurance agent to arrange for homeowner’s insurance, which must be in effect on your closing date.
• Contact any utility companies (electric, water, etc.) to set up service at the new property address.
• If any purchasing party will not be available to sign closing paperwork on the day of closing, contact our office so we may prepare a Power of Attorney and have it approved by your lender, if applicable.
• Contact Ivey Title, or have your real estate agent contact our office, to schedule an appointment time on the date of your closing.
• Bring two forms of photo identification to closing.

Seller:

• Provide Ivey Title with your account number and the name of your lender(s) for any mortgage(s) on the property you are selling. These existing mortgages will be paid off at closing.
• Call Ivey Title to provide your full or partial Social Security Number. Please do not send it via email.
• If applicable, provide Ivey Title with the name of your Homeowners Association and the company or individual responsible for managing it.
• Please contact our office if an owner of the property you are selling has died, if the parties involved have divorced since purchasing the property, or if you will not be able to attend closing in person and need to use a Power of Attorney.
• Send Ivey Title a copy of your old title policy. If the policy is recent enough, you may be entitled to a reissue credit.
• Schedule movers and a cleaning service.
• Contact any utility companies (electric, water, etc.) to have the services taken out of your name.
• Contact Ivey Title, or have your real estate agent contact our office, to schedule an appointment time on the date of your closing.
• Bring a driver’s license or other form of photo identification to closing.

+ How and when will my closing be scheduled?

We will work with all parties to coordinate a time for your closing appointment. Generally, the client or their real estate agent will contact Ivey Title to schedule an appointment. Closings are typically scheduled on the hour beginning at 9:00 a.m. with the latest closing scheduled at 4:00 p.m.

Buyers desiring to take possession of their new property on the day of closing may wish to consider closing earlier in the day. This allows ample time for your lender to review documents signed at closing and to authorize Ivey Title to disburse closing funds to your seller. In most cases, a transaction is not considered “closed” until a seller has received proceeds from the sale and a buyer’s title company has in hand the original Warranty Deed and associated closing documents from the seller’s side of the transaction.

+ How much will my closing cost?

There are a variety of costs associated with completing the closing transaction for buying or selling a property. Costs vary depending upon a number of criteria and at present time are summarized on the settlement statement (HUD-1 or ALTA), a closing form required by the federal government. These costs include:

• Real Estate Broker Commission/Fees
• Loan Fees - Direct Loan Costs
• Items required by the lender to be paid in advance (“Prepaids”)
• Title and Closing Charges
• Recording/Government Filing Fees
• Other miscellaneous charges

Your real estate agent and Ivey Title can provide you with an estimated cost of closing based on your specific purchase or sale.

+ Who pays the cost of title insurance?

The custom varies from county to county in Tennessee. In most Middle Tennessee counties, the seller pays the cost of the owner’s title insurance for an existing home, and the buyer pays for the owner’s title in the case of new construction. The cost of insurance is based upon the price of the home. If the lender’s policy is issued at the same time as the owner’s policy, the cost of the lender’s policy is nominal--approximately $50.

+ Am I required to buy title insurance?

If you need a mortgage to acquire a property, you must buy a policy to insure your lender. All mortgage lenders require protection for an amount equal to the loan amount. The lender's policy lasts until the loan is repaid.

+ Do I need an owner’s title insurance policy?

Yes. The lender’s policy does not insure your interest and ceases to exist once the loan is paid. An owner’s title policy insures you as long as you have an interest in or any obligation with regard to the property. It is important to protect your ownership and to be certain that all title issues are settled prior to closing.

Title insurance is the only insurance you will ever purchase which requires the insurer to investigate and cure defects prior to issuing a policy. There may be hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, title insurance pays the cost of defending against any covered claim.

+ What is Ivey Title’s role in a closing?

If Ivey Title closes only one side of a real estate transaction, or if an engagement letter has been issued by us and approved by you, we can advocate your side of any contested issues which may arise in the course of your closing process.

If we close for both Buyer and Seller, our services are limited to handling the closing as escrow agents. Our duties will include conducting a thorough title examination, providing title insurance, accounting services, trust or escrow services, and real estate counseling. These services are “law related” but are not legal services in the traditional sense. Details of the transaction will be confidential as to anyone not involved, but attorney-client privilege will not apply.

If we are closing a loan, we will be acting for the Lender as well as for the Buyer and/or Seller and must disclose to any party anything we know which affects their interest. If a conflict develops we may explain documents and mediate as a neutral, but may not become the advocate of either party.

You are entitled to seek independent legal advice at any time. If you have specific concerns about representation, please call us before closing.

+ How will you protect my privacy?

Title V of the Gramm-Leach Bliley Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing nonpublic personal information about you with a non-affiliated third party unless the institution provides you with a notice of its privacy policies and practices, such as the type of information it collects about you and the categories of persons or entities to whom it may be disclosed. In compliance with the GLBA, we are providing you with this document which notifies you of the privacy policies and practices of Ivey Title, LLC.

We receive nonpublic personal information (“private information”) about you from the following sources:

• Information we receive from you, such as your name, address, telephone number(s), email address(es), and social security number; and
• Information about your transactions with us or others: We receive this information from your lender, your personal attorney, your real estate broker, etc.; and unless we have your written authorization, we will not disclose any nonpublic personal information about our clients or former clients to anyone, except as permitted or required by law.

We restrict access to nonpublic personal information about you through physical, electronic, and procedural safeguards that are consistent with the Best Practices guidelines adopted by the American Land Title Association (ALTA), and in conformity with Federal and State regulations.

+ What are your fees?

CLOSING TRANSACTIONS

Buyer

Closing a Loan or Cash Transaction

• Closing Fee - $525.00 as of 7/1/2023
• Closing protection letter - $50.00

Closing a Refinance

• Closing Fee - $525.00 as of 7/1/23
• Closing protection letter - $50.00

Seller

• Closing Fee - $525.00 as of 7/1/2023
• Courier Fee - $50.00

REMOTE CLOSING FEE - $250.00, in addition to the standard closing fees listed above

Other Legal Documents When not prepared as part of a closing

• Warranty Deed or Quitclaim Deed - $250.00
• Cost to record with Register of Deeds not included
• Powers of Attorney:
  • Limited - $75.00
  • General - $150.00
• Living Will - No ChargePrepared as a public service
• Sales Contracts, Addenda, Escrow Agreements, Leases, Easements

Christy Ivey, Attorney - Please call for rates Margaret Taylor, Attorney - Please call for rates

Other Legal Documents When not prepared as part of a closing

• Warranty Deed or Quitclaim Deed - $250.00
• Cost to record with Register of Deeds not included
• Powers of Attorney:
  • Limited - $75.00
  • General - $150.00
• Living Will - No ChargePrepared as a public service
• Sales Contracts, Addenda, Escrow Agreements, Leases, Easements

Christy Ivey, Attorney - Please call for rates Margaret Taylor, Attorney - Please call for rates