Your home is, in most cases, the largest financial commitment in an individual’s lifetime. Mortgage companies and Banks take significant risks when lending money for the purchases or real property. For both parties protection, title insurance is required in many transactions.
Prior to issuing Title insurance this firm assures that there are no clouds on the title which would prohibit the smooth transition in the ownership of the real property. If any “clouds” are found, the law firm works to help resolve the issues prior to sale.
Furthermore, Title Insurance affords protection from past events which may or may not be a part of the public records, but that can adversely affect an owner or mortgage company’s interest in the property being sold. Title Insurance protects against matters of public records, plus hidden title defects, such as fraud, forgery, incompetence or missing heirs, that even the most diligent title search may not discover. These defects can arise after purchase and can jeopardize right to ownership. Title insurance alleviates the mortgage company and purchaser’s worry that any of these “defects” will become a monetary burden to them.
This law firm, in supplying title insurance for your real property transaction will also proving the closing services required to complete the sale. Closing services will be provided by an attorney, not a paralegal or administrative assistant.
Service is the difference when selecting a Title Insurance provider. For example, at this firm, the attorney will:
(1) act as your escrow agent so your money is handled safely and professionally;
(2) serve as your depositor for all your funds and distribute your funds at real estate closing;
(3) review your title and clear any title defects Insure that you are getting a title that is “free and clear” at your real estate closing;
(4) calculate any pro-rations for your taxes and/or Homeowner Association assessments Payoff any back liens on your property;
(5) conduct a smooth-prompt-professional real estate closing;
(6) Sit down with you and fully explain any documents you are unsure of;
(7) record your documents for you Issue your title insurance policy;
(8) be your trouble shooter who finds potential problems and gets them solved.
It is beneficial to use a law firm to issue title insurance on your behalf. Many title companies do not have lawyers on staff and are unable to provide complete services required for transactions. Examples of commonly seen real estate documents which a law firm can prepare in addition to issuing title insurance include buy/sell agreements; miscellaneous addenda to buy/sell agreements; right of first refusal; option to purchase; extension of deadlines for purchase or due diligence; affidavits; mortgages; releases and powers of attorney.
Certainly, speak to an attorney prior to choosing your title insurance provider.
Disclaimer: The material herein represents general legal advice. Since the law is continually changing, some provisions may be out of date. It is always best to consult an attorney about your legal rights and responsibilities regarding your particular case.