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Frequently Asked Questions

What does a title agency do?

A title agency issues title insurance to protect your interests and your lender's interests in real property transactions. The agency offers closing services to ensure that all conditions of your transaction are met. Foreclosure and re-subdivision services are also available. Within the agency, a title officer researches records and reports on ownership and lien status. An escrow officer handles the closing and clearing of title issues, including preparation and recording of the proper documentation.

Who chooses the title company?

The buyer does. Your mortgage lender or real estate agent may recommend a title agency, but ultimately, it is the buyer's choice. Consequently, it's important to educate yourself in order to make an informed decision about who you believe will provide you the best service.

What is meant by an escrow account?

An escrow account refers to the account established by a third party to hold funds or property in trust for another until certain conditions are met. For example, the deposit given with an offer on a house can be held in an escrow account by the real estate agent until the sale closes.

What should I expect at closing?

At closing, all legal documents will be looked over by you, the client(s), and any questions will be answered by the closing agent. The documents are then signed and the lender documents are returned to the lender for review.

If you are refinancing a loan, there is a three day rescission period in which you have the option of canceling the transaction. Once the rescission period expires and money is received from the lender, the documents are recorded and funds are disbursed as usual.

What do I bring to closing?

You will need to bring the following items to your closing:

  • Photo identification (passport, driver's license, or federal/state-issued picture identification card)
  • Method of payment in the form of cash, cashiers check, or wire transfer for closing costs if required
  • Any additional documentation that your escrow officer or loan officer has asked you to supply

If you have any questions, please contact your closing specialist at Alaska USA Title Agency.

What is a foreclosure?

A foreclosure is a proceeding in which the financer of a deed of trust seeks to regain property from a borrower that has defaulted on payments.

Do I need to be a member of Alaska USA Federal Credit Union?

You do not need to be a member of Alaska USA Federal Credit Union to obtain title and escrow services at Alaska USA Title Agency.