Frequently Asked Questions


Closing a real estate transaction can seem complex.  The terminology used will most likely be unfamiliar and what you need to know will vary depending on whether you are a buyer, a seller, or a lender. Here are some of the most common questions that frequently arise. 

Please note that the information provided in these FAQs is for informational purposes only and is not to be construed as legal advice. If you have a question about your specific transaction, it may be best for you to consult a licensed attorney.

 

Closing


Do I need a purchase contract?

Yes.

If this is a purchase transaction, before we can get started, you need to have a written purchase contract signed between the buyer and seller

If have enlisted the help of a real estate agent, they will often prepare the contract for you on a pre-approved form contract, based on the terms of the transaction. If you do not have a real estate agent, you can hire an attorney to prepare the document for you, or you may attempt to prepare a purchase contract yourself. TechneTitle acts as escrow agent and cannot prepare your purchase contract. TechneTitle works along-side attorneys at Thomson Law, who can prepare your purchase contract and charge you for their services.

As Escrow Agent, TechneTitle must close the transaction based on the terms of the purchase contract. As such, the contract is the most important document in your purchase transaction. We will ask for a copy of it and any amendments that have been executed

What do I need to bring to closing?

It depends.

Sometimes all that is needed is a valid, government-issued form of picture identification. As a seller, you will also need to know your tax ID number (which could be your Social Security Number or company’s EIN). Our office will advise you if you need anything else.

What is TechneTitle’s role in the real estate transaction?

Generally, a sale will proceed as follows:

A title order is placed with TechneTitle by the realtor, lender, buyer, or seller. If the transaction is a purchase, a copy of the purchase contract is provided to TechneTitle and a title exam is ordered. TechneTitle will work with the parties to collect information: termite inspections, home warranty information, attorney information, realtor information and commissions, mortgage payoffs, homeowner’s insurance and earnest money. Once the title exam is received, the attorney and/or title insurance agent at TechneTitle will review the information contained in the public records, consult with the title insurance underwriters as needed, and then advise the title processor of any additional information needed to complete the transaction.

Once the necessary information is collected for the transaction, a closing is scheduled. (Due to compliance regulations, if a lender is involved, typically the lender will schedule the closing). The lender will provide the loan documents, closing instructions, and disbursement requirements to TechneTitle. TechneTitle then prepares any additional miscellaneous documents needed in order to properly underwrite the title insurance policy. TechneTitle then sends an employee (who is also a notary public) to meet with the buyers and sellers, explain the documents and obtain signatures in accordance with the lender’s closing instructions. The closing officer then finalizes the deposits, wire transfers, and checks; makes photocopies of IDs and documents; and disburses funds to the appropriate parties.

After closing, TechneTitle records the deed, mortgage, and any other necessary documents in the county. After receiving the documents back from the county, TechneTitle then prepares the title insurance policies for that transaction. The buyer is mailed the original recorded deed and owner’s title insurance policy, if applicable. These documents are important and should be kept in a safe place along with the settlement statement.

Do I need a survey?

A survey is always recommended, but is often not required. If the county will require a new survey before transferring the property to the buyer, a stake survey may be needed. Alternatively, depending on the endorsements your lender requires on the loan policy, you may need a Mortgage Location Survey. Surveys are conducted by land surveyors licensed by the state where your property is located. TechneTitle does not conduct surveys, but often works with surveyors to facilitate the transaction.

What is a stake survey?

A stake survey is another name for a boundary survey. This allows for property lines to be identified by survey markers. Additionally, these services often include a new legal description of the property and drawing of the property.

On commercial properties and even occasionally on residential/agricultural properties, buyers and sellers often enlist the services of a surveyor for an ALTA Survey, which is a detailed survey performed in accordance with the standards specified by the American Land Title Association and the American Congress of Surveying and Mapping.

What is a mortgage location survey?

A mortgage location survey is conducted for the purpose of ensuring to the lender that there are no adverse survey issues that would affect the future marketability of the property. While the cost is often paid by the buyer/borrower, a mortgage location survey provides no warranties to the buyer as to the exact location of the improvements.

How do I deposit my earnest money?

Typically buyers will deposit their earnest money with their real estate agent or their attorney to be held in escrow. TechneTitle’s general policy is not to hold earnest money for the parties. If you have any questions, please contact us.

What if I can’t attend closing?

TechneTitle requests that you attend closing unless extenuating circumstances prohibit this.

We understand that things may come up that will prohibit you from attending closing.

In the unlikely event that you cannot attend closing, please contact us as soon as possible and your closing contact will attempt to coordinate alternate arrangements.

What is a tax proration?

In a purchase transaction, often the purchase contract will require taxes to be prorated based on the date of the closing. If this is the case, and once a closing date is set, TechneTitle will use the most recently available taxes and will prorate based upon those amounts.

On newly constructed buildings, these tax assessments may be for the land only, and the proration will reflect that.

I’m selling part of my land.

Splitting your lot is an extensive legal process. It may be best for you to consult an attorney on the process. Either way, TechneTitle can assist in the process. Contact us to see what is needed on our part to complete your transaction.

Please note that taxes on real estate are assessed based on the full size of the parcel, and the total taxable value is determined by the value of the land and the value of any improvements situated upon the land. Depending on your purchase contract and the nature of the split, tax pro-rations (if any) often will be difficult or impossible to determine before the new tax bill comes out.

What is CAUV?

CAUV stands for Current Agricultural Use Value. This is a tax savings program available to certain properties in the state of Ohio. When enrolled in the CAUV program, the property is taxed based on its "Current Agricultural Use" rather than the standard of its "Highest and Best" use.

If the property is removed from the CAUV program, the taxes for the following year will include a recovery (called a "recoupment") of the tax savings for the prior three tax years. Absent anything to the contrary in the purchase contract, TechneTitle operates on the assumption that the parties will continue to keep the property in CAUV, and thus will not collect for an estimated recoupment, unless the buyer and seller request this.

The requirements for the CAUV program can be found on the Ohio Department of Taxation's website.

What is homestead?

In Ohio and Kentucky, homestead is a reduction in the county real estate taxes on properties where the homeowner qualifies. When the property is transferred, the homestead exemption is removed, and the new owners must re-apply, if they qualify. 

The requirements for the Homestead Exemption can be found on the Ohio Department of Taxation's website or the Kentucky Department of Revenue's website, depending on the location of your property.

Why do you need to know if I’m married?

Simply put: dower.

Dower gives your spouse an interest in property that you own. When selling or refinancing (or granting any other interest in your property to a third party), your spouse must release his or her dower interest to the third party (buyer or lender). Ohio and Kentucky are two of a few remaining states that still recognize the legal construct of "dower."

What does it mean that seller has to convey “marketable title?”

Typically, your purchase contract will call for a seller to convey marketable title to the property to the buyer.

While the definition of Marketable Title is complex and your transaction may vary, the general rule is that the seller must convey the property free and clear from any liens or encumbrances.

The state of Ohio has simplified this to “a marketable title imports such ownership as insures to the owner the peaceable enjoyment and control of the land as against all others.”

What do you mean “title isn’t clear?”

When TechneTitle conducts a title examination, we go through an extensive process to determine whether any liens exist on the property.

This involves searching the public records, including, but not limited to: mortgages, deeds, state and federal tax liens, HOA/Condo liens, certified judgments, child support liens, Medicaid liens, and other such liens as well as  court cases that can affect the ownership of the property.

On the occasion that we find an issue, the colloquial term is that “title isn’t clear,” meaning that our title examination found an issue that needs to be addressed by the proper party before the transaction can take place. If you have any questions, contact us.

Does TechneTitle take care of utilities?

No. Unless a delinquent utility bill is certified in the public records as a lien against the real estate, TechneTitle does not assist in this area. Buyers and sellers are encouraged to contact their utility companies to schedule final meter reads and pay any outstanding bills.

What is the offer of closing protection coverage?

The offer of Closing Protection Coverage is another type of insurance that you can purchase from our underwriters in conjunction with a title insurance policy. This Closing Protection Coverage insures against theft misappropriation, fraud, or other failure to properly disburse settlement, closing, or escrow funds by the title agent. The premium ranges from $20-$55 dollars per transaction. Contact us if you have any questions.

 
 

For Buyers and Borrowers


What is title insurance?

Title insurance is a policy that protects the ownership right to your property against undiscovered defects that were not identified by a title search. From undisclosed tax liens to forged deeds, erroneous legal descriptions to easement problems, there are numerous situations that can cost an uninsured homeowner time and money. Unlike other types of insurance, there are no annual payments to keep your title insurance policy in force. The one-time premium is paid at the purchase of the property.

What is my “cash to close?”

“Cash to Close” is the industry term for the money that the buyer (and sometimes the seller) must bring to closing to complete the transaction. Typically these funds are wired in to our office prior to the closing.

Do I need to wire my funds?

More than likely, yes.

By law, TechneTitle cannot accept more than $10,000.00 in any form other than a wire on any one transaction. For example, If you need to bring $15,000 to closing for your “Cash to Close”, this must be accomplished by ABA wire transaction.

TechneTitle can accept cashier’s checks as long as the total amount of non-wired funds does not exceed $10,000.

TechneTitle can accept personal checks drawn from a bank or credit union up to $1,000.

TechneTitle cannot accept MoneyGrams, Western Union money orders, PayPal or other such funds in any amount.

I don’t have to wire… who is the payee on my cashier’s check?

All checks should be made out directly to TechneTitle Agency, Inc.

Do not make the check out to your lender or to yourself. With the ability for the payee to remote-deposit these checks (through a mobile app, for example), TechneTitle cannot accept checks made out to anyone else.

What is a title exam?

A title exam is an exam conducted by our company. Our title examiners inspect the public records in the county where the property is located. For example, in Ohio, public records include Common Pleas court cases, probate estates, domestic relations cases, recorder’s office records, auditor’s records, and engineer’s records.

The exam length varies based on the transaction, but typically the exam will go back a minimum of forty years. It is not uncommon for an exam to go back half a century or more.

Even the most thorough title exam cannot catch every defect. It is important to purchase an owner’s title insurance policy so you do not have to worry about these issues.

Does the title exam ensure that I have clear title to the property?

No, but an Owner’s Policy of Title Insurance will, for covered risks. See our FAQs on title insurance for more information.

Why do I need title insurance?

We are often asked… “Why do I need title insurance?” The reasons for the question range from “The seller built the home and they didn’t have any issues” to “I’m purchasing a Lender’s Policy, that’ll protect me.”

While the home you are purchasing may be relatively new, the land it sits on has been there forever. Since it is possible that someone other than the seller has a prior legal right to the property you are buying, the premium coverage offered by the Owner’s Policy of Title Insurance provides you with an added peace of mind.

There can be any number of prior problems that remain undisclosed, even after the most careful search of public records. These are known as “title defects,” are dangerous, and are sometimes not discovered for months or even years after you purchase the home. Without title insurance, you could be forced to spend substantial money on a legal defense to protect your rights.

A title insurance policy helps protect you against covered losses and prior defects, and provides legal defense for covered risks.

What types of problems can arise that title insurance would cover?

Common issues are: forged deeds, mortgages, satisfactions, or releases; deeds by a person who is insane or mentally incompetent; deeds challenged as being given under fraud; deeds affecting land in judicial proceedings unauthorized by court order; deeds signed by mistake; deeds executed under falsified or expired power of attorney; undisclosed but recorded federal tax liens; undisclosed but recorded prior mortgages; undisclosed but recorded covenants or restrictions; undisclosed but recorded boundary agreements; and errors in tax records.

As with any insurance contract, the insuring provisions state the coverage afforded by the title insurance policy and there are exceptions, exclusions, and conditions to coverage that limit or narrow the coverage afforded by the policy. Some coverage may not be available in a particular area due to legal, regulatory, or underwriting consideration. The services described above are typical basic services, the services provided to you may vary due to the specifics of your transaction or the location of the property involved.

Won’t the lender’s title insurance policy protect me?

No, there are two types of title insurance. Your lender likely will require that you purchase a Loan Policy of Title Insurance. This policy only insures that the lender has a valid, enforceable lien on the property. Most lenders require this type of insurance and typically require the borrower to pay for it.

An Owner’s Title Insurance Policy, on the other hand, is designed to protect you from title defects that existed prior to the issue date of your policy. Title troubles, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to financial loss up to the face amount of the policy, your Owner's Title Insurance Policy covers the full cost of any legal defense of your title.

How much does title insurance cost?

The one-time premium is directly related to the value of your home and the premium is regulated by the state, so the policy premium will be the same between all title companies. Typically, it is less expensive than your annual auto insurance. It is a one-time only expense, paid when you purchase your home. Yet it continues to provide complete coverage for as long as you or your heirs own the property, and can even continue in effect after you have sold the property. Also, when you sell the property, the next buyer may be eligible for a “Reissue Rate” discount. 

Click here for a title insurance calculator.

What is a “simultaneous issue” title insurance policy?

In Ohio and Kentucky, the title insurance premiums are regulated by the state. When you purchase a property, your lender will likely require you to purchase a “Loan Policy” to insure that you own the property and have the right to mortgage it. When purchasing the property, you can also purchase an Owner’s Title insurance policy for a discounted fee when coupled with a Loan policy.

What is a “reissue rate”?

If you are purchasing an Owner’s Title Insurance Policy, or refinancing your current property, you may be eligible for a discounted rate. Please consult your closing contact and ask about your eligibility for a Reissue Rate. On refinances, we will need a copy of your settlement statement from your most recent refinance/purchase. On a purchase, we will need a copy of the seller’s Owner’s Title Insurance Policy or a closing statement showing that they purchased it. Not all transactions are eligible for this discount.

I’m buying with cash (no lender). Can I get the owner’s policy?

Yes, please contact us to inquire about our pricing on cash transactions.

What is an enhanced policy?

For an additional premium, you may be able to purchase an Enhanced Policy of Title Insurance. This policy will provide additional coverage that would not be covered by the traditional Owner’s Policy of Title Insurance.

Please contact us if you would like to inquire further. Please note that Enhanced Policies are not available in all circumstances and, when available, may require a survey of the property.

Does the owner’s policy cover survey issues?

Typically, no. A standard policy of title insurance provides no coverage for survey issues. You may request this coverage, which usually entails a survey of the property and an additional premium. See our FAQ on surveys.

Can I change the loan documents?

TechneTitle cannot authorize any change to a loan document. You should consult your lender concerning any inaccuracies in the documents. However, as a general rule, the standard language contained in loan documents cannot be changed.

 
 

For Sellers and Property Owners


What if I plan to sell the house on my own (for sale by owner)?

Selling real estate can be a complex process. Using a reputable and experienced real estate agent can make the process much simpler.

However, if you choose to operate without a real estate agent, it is still beneficial to have an experienced professional by your side. At TechneTitle we bring over thirty years of experience to your side at closing. We can also provide legal advice through our affiliated law firm, Thomson Law.

What is my tax id number?

Quite simply: it depends.

For an individual, this will be your social security number.

For a Limited Liability Company, this will be your EIN.

If the seller is a trust or an estate, this may be a SSN or an EIN; be sure to consult your attorney to determine which is appropriate.

Do I need to prepare the deed?

Unless you tell us otherwise, our in-house attorney will take care of preparing the deed and will include the deed preparation fee on your settlement statement. For more information on deeds, please see our section on types of deeds.

What is a status letter?

A status letter is a letter that our office requests from a Homeowner’s Association or Condominium Association governing your property.

The status letter certifies whether the dues for the Homeowner's or Condo Association have been paid for the time period and allow us to prorate and/or collect the necessary dues. Often your association will charge a fee for this letter, which we will assess to you at closing.

Can’t I just tell you what I owe on my mortgage?

Unfortunately, no.

We must have a payoff sent directly from your lender stating how much is owed before they will release the mortgage on your property. Our office will often request a “General Authorization Form” that will allow us to obtain this payoff directly from your lender. When we disburse funds from the closing, we will pay this amount to your lender. This General Authorization Form is found in our Forms section.

I escrow my taxes and insurance. How do I get that money back?

If your lender does not deduct this from the payoff due, then once TechneTitle remits the payoff funds to your lender, your lender will refund you all funds in your escrow account directly back to you. This typically can take up to thirty days from the date the payoff is received. If your address has changed, you should contact your lender to ensure they have the proper contact information.

If homeowner’s insurance premiums have already been paid from your escrow account, you may want to contact your insurance agent to see if they will refund you any of your homeowner’s insurance premium.

I’m not behind on my taxes… why are you collecting for taxes I already paid?

If your property is located in the state of Ohio, property taxes are paid in arrears. For example the tax bill you pay in the first half of the year is for the first half of last year’s taxes. Same thing with the taxes paid in the middle of the year.

Typically your contract pro-rates taxes as of the date of closing, so you will likely see a credit from the seller to the buyer for those taxes.

Kentucky is simpler: you pay taxes toward the end of the calendar year for that full year’s tax bill.

What do you mean I need a new survey?

Sometimes the county engineer’s office provides notice that the legal description of the property is defective or does not accurately describe the property. Often this occurs because the survey of the property was done years ago, when the equipment used in surveys was not as accurate.

In such instance, the county will require a new survey before you can sell your property. TechneTitle will advise you as soon as we become aware of this. If you need a reference for a surveyor, we can often provide one or more references in your area.

Will I receive any tax documents for the sale of my property?

Maybe.

Two documents are important when you sell your property.

First is the settlement statement. If any costs paid to sell your property are deductible on your taxes, these costs will often be listed on the settlement statement.

Second is the 1099-S.

The 1099-S is an IRS form that TechneTitle must submit to you and the IRS any time you sell an interest in real property. As a general rule, you will receive a 1099-S from our office unless you certified that you fall under the exclusion detailed in 26 U.S. Code Section 121 – “Exclusion of gain from sale of principal residence”. The details of that exclusion can be found via internet search.

Do I have to pay capital gains taxes on my sale?

Unfortunately, TechneTitle cannot render tax advice. You may want to consult a tax advisor on the consequences of selling your property.

Why are you asking for a death certificate?

If you held title to property where you owned the property jointly with another person, sometimes an affidavit is required to be filed in the county. Often we need to attach an original or certified copy of a death certificate to these documents. Our office will advise you if this is the case.

 
 

Other Miscellaneous Issues


Corporations and LLCs holding title?

If a corporation or limited liability company is the buyer or seller of a piece of real estate, there are certain documents that TechneTitle will need to review to ensure the representative has the authority to buy, sell, or mortgage the real estate. Depending on the nature of the company, the documents needed will vary. Contact us to see what will be needed for your transaction.

Partnerships

If a partnership is involved in the real estate transaction, TechneTitle will need to review the Partnership Agreement. As a general rule, all general partners will need to sign off on any purchase, sale, or mortgage of real estate. Contact us to see what will be needed for your transaction.

The property is in my trust

In Ohio and Kentucky, a trust is not an entity that can hold title to real estate.

Instead, the trustee of the trust holds title to the real estate in a fiduciary capacity and for the benefit of the beneficiaries. If you are selling or refinancing property held in trust, our office will likely ask for a copy of the trust, unless a proper memorandum of trust is already filed in the county. Additionally, if selling the property, ensure that you know the tax ID for the trust, as TechneTitle will ask for this information at closing.

I am selling property out of an estate

In the event that the property is an estate asset, TechneTitle staff will need to review the estate documents to ensure that the administrator/executor has the authority to sell the property. Common issues that arise when an estate is involved are Medicaid liens, estate insolvency, and whether the fiduciary has the power to sell the property without a court order.

At minimum, TechneTitle will request certain documents be filed in a probate case and will have to review those documents as well.

What is a power of attorney?

A power of attorney is a document that a person (called the Principal) executes that grants certain authority to another person (called the Attorney in Fact) to do certain things on behalf of the principal. Powers of attorney vary widely; however, if one is to be used in a real estate transaction, the following must be true:

  1. It must grant the power to buy, sell, or otherwise encumber real estate;
  2. It must be actively in effect (and not conditioned upon some future event);
  3. The principal must not be deceased; AND
  4. The original document must be recorded in the county where the property is located.

In the absence of any one of these conditions, the power of attorney may not be used for a real estate transaction. If you propose to complete a transaction using a power of attorney, TechneTitle must first review the document to ensure it may be used in the transaction.

If TechneTitle needs the power of attorney, we will likely need to record it in the county. This means that we will need to collect the original from you, but will return the original back to you after it returns from the county.

Oil and Gas Leases

While oil, gas, and mineral leases are rare in urban areas, they are often prevalent in the more rural areas of Ohio and Kentucky. When a title examination reveals an oil, gas, or other mineral lease on the property, the current owner of the property will be asked to provide an “Affidavit of Non-Production” to TechneTitle, certifying to the best of the owner’s knowledge that there has been no production from that lease during the time the owner held the property.

You may prepare this document, have your attorney draft it, or our in-house attorney can prepare it at an additional cost. The affidavit will likely need to be recorded in the county records.

 
 

Types Of Deeds


General warranty deed

As a general rule, a general warranty deed means that the grantor covenants with the grantee (and their successors): 1) that the grantor lawfully owned the property; 2) that the property is free from encumbrances; 3) that the grantor has right to sell/convey the property; and 4) that the grantor “will warrant and defend the same to the grantee” (and their successors) from any claims made by all other persons.

A general warranty deed provides the most assurances to a buyer of any type of deed.

Special/limited warranty deed

A limited warranty deed (also called a special warranty deed) generally guarantees less than the general warranty deed: that the grantor received title, and that there were no encumbrances other than what is listed in the deed while the grantor held title. There is no guarantee from grantor as to title defects or encumbrances that may have been present when the grantor received the property and doesn’t obligate the grantor to do anything further once title is transferred.

Fiduciary deed

In Ohio, a fiduciary deed can be a deed of executor, administrator, trustee, guardian, receiver, or commissioner. The Ohio fiduciary deed provides that the grantor certifies that, at the time of the delivery of that deed, the grantor was duly appointed, qualified, and acting in the fiduciary capacity described in that deed, and was duly authorized to make the sale and conveyance of the premises; that in all of the grantor's proceedings in the sale of the premises the grantor has complied with the requirements of the statutes in such case provided. The fiduciary is not, however, guaranteeing that the seller had the right to sell the property.

Kentucky does not have fiduciary covenants. Instead, a deed from a fiduciary can be one of the following: general warranty, special/limited warranty, or quitclaim.

Quit-claim deed

The quitclaim deed carries no warranties at all—it only conveys the interest that the grantor had in the property, whatever that may be (sometimes none). The real estate interest may be full title, but the grantor does not guarantee it.

Other types of deeds

Sheriff’s Deed/Master Commissioner’s Deed, Auditor’s Deed, Special Master’s Deed are all additional types of deeds. As a general rule, they are a deed resulting from a judgment in a court case. Most commonly these deeds come from a sale from a judgment in a foreclosure case. You should consult an attorney on the protections granted by such deeds.

Survivorship deed

A survivorship deed will have different levels of covenants like the deeds listed above. The difference here is that the grantees take title to the property jointly with the other grantee, and upon the death of one of the grantees, their interest is transferred to the remaining grantees.

 
 

Wire Transfers


Wire transfers are often required in closing a property transaction but we understand it may be the first time you have dealt with one. Here are some commonly asked questions.

 
 

What is a wire transfer?

An ABA wire transfer is an electronic transfer of money using the Federal Reserve Bank. But the term wire transfer is also used for other types of transfers as well, so clarify the requirements if somebody asks for a wire transfer. When TechneTitle refers to a “wire” we always mean an ABA Wire.

How fast does a wire transfer work?

In most cases, within a few hours.

However, time-frames may vary based on many factors, including when you order the wire; how often your bank sends out wires; wire volumes at your bank, the Federal Reserve, and our receiving bank; and whether your bank has any security measures in place that would delay the wire.

We have seen wire times vary between 30 minutes and more than 24 hours. As such, it is best to send your wire no less than 1 business day prior to your scheduled closing. If you wire us too much money, we will refund you the overage via corporate check, which you will receive at closing.

TechneTitle cannot complete the transaction until all funds have been received into our escrow account.

How do I complete a wire transfer?

In short, submit instructions to your bank.

You will need to provide TechneTitle’s wiring instructions to your bank. To make the request from your bank, you may have to use a form provided by your bank and may have to personally go to a local branch, but some banks allow you to complete the process online or over the phone.

Is a wire transfer safe?

When done properly, it is the safest way to transfer money.

The main risk is when sending money. You must ensure that the wiring instructions that you received were actually from the intended recipient, and not a fraudster.

To ensure you’re getting the correct wiring instructions, take all precautions you feel necessary to protect your investment. Please always feel free to call our office at an independently verified phone number to verify wiring instructions. Our staff will be happy to assist to ensure your funds are protected. 

If you would like, you can always come to any TechneTitle office in person and we can physically deliver the wiring instructions to you.

I need to wire to TechneTitle… where can I get that information?

For security reasons, we do not post our incoming wire instructions online. To obtain these, please contact us.

Please note that we will never change our wiring instructions.

If you are asked to send your wire to a different place, it is most likely a scam. Always verify that you have the correct wiring instructions before sending your funds. The easiest way to verify the correct wiring instructions is to call our office from an independently verified phone number prior to sending the wire and our staff will be happy to verify the instructions are correct.

How do I know if I need to wire?

You almost certainly will.

Any time a closing transaction requires funds to be brought in to closing, anything in excess of $10,000 must be wired. Few transactions fall under this $10,000 threshold.

Can't I just use Paypal or Western Union?

No.

Wire transactions must drawn on an account at a federally insured bank or credit union.

Do I need to reference anything on my wire?

In the reference section of your Wire, please include TechneTitle’s file number or the address of the property involved in your transaction. Failure to include this information may cause the Wire to be delayed or rejected by our bank and additional fees may be charged by your bank.

What do I need to receive my proceeds via wire?

If you intend to receive your proceeds via wire, please advise our office prior to closing. You will need to bring the following information to closing:

  1. Bank Name
  2. Bank’s ABA Routing Number
  3. Customer’s Name on the Account
  4. Account Number

Are there any fees charged for a wire transfer?

TechneTitle does not charge a fee to receive incoming wires.

TechneTitle does charge a $30 fee to send outgoing wires for proceeds from a sale.

Your bank may or may not charge you a fee for initiating the wire transaction or receiving an incoming wire. Typical wire fees range from $15-$40 per wire.

Alternatively, no fee is charged to receive your sale proceeds via check. Disbursing proceeds via a corporate check out of our escrow account is TechneTitle’s default method. If you receive your proceeds via check, please ensure that all payees on the check endorse the back of the check properly. Our bank will reject improperly deposited checks.

Is my ABA Routing number the same as on my check?

Maybe. It can be, but is not always the same.

Often banks have different routing numbers for ABA transactions than ACH Transactions. Typically the routing number on your checks will be for an ACH transaction. If you need to provide wiring instructions to TechneTitle, you should consult with your bank to confirm that the routing number is an ABA routing number.

Can you send my funds to an international bank?

No. For safety purposes, TechneTitle’s policy is to only send wire transfers to a domestic bank within the United States.

We will not wire funds to an international account. If you need to get your money to an international bank, you must do so outside of our transaction.

I need my proceeds wired to another title company.

We often receive requests to wire proceeds from a sale to another title company (often for another closing).

We can accomplish this, but ask you to have the title company provide you a copy of their wiring instructions.

Furthermore, please advise our office before closing that you will be requesting this, and advise whether then entire proceeds are to be wired, or just a certain sum of the proceeds are to be wired. We will include this as a line-item on the settlement statement and will have you fill out a form at closing.