A title company is indispensable to the real estate transaction process. While all Sebastian title companies serve the same necessary function, they are not all created equally.
If you’re in the Indian River area, and you’re purchasing or selling property, you want a title company that can do more than search a title and sell insurance.
You want a company that not only has a strong reputation but can provide legal guidance and protect your rights during your real estate transaction. Lulich & Attorneys is the Sebastian title company for you. We are an attorney-led title company and real estate law firm. Call us today for a free consultation to learn how our legal staff can help you through your home-buying transaction with exceptional customer service.
We Are an Attorney-Led Title Company
Our Sebastian title company and law firm has served our community for more than three decades. We provide comprehensive legal services to our clients in real estate and other areas of business and law. Our reputation as professional problem-solvers is the reason our clients come back for their closing needs and refer us to their friends and business associates.
As you work on closing your home sale, you can trust that our legal staff will put our extensive resources and network to use, researching the property and accurately preparing your documents.
Our solutions are customized to each client, so you’ll always receive our concierge-level service. We provide the peace of mind of knowing that you have both a title company and legal professionals reviewing your closing documents and managing your real estate transaction.
What Is the Role of a Title Company?
Purchasing or selling property doesn’t just entail the exchange of finances and signing of documents. Transferring real estate also means transferring the property rights to the new owner. If those rights aren’t properly and legally transferred, it could pose significant financial and legal risks later. The title company essentially ensures those rights are transferred as necessary.
The primary duties of a title company usually include:
- Conducting a title search
- Issuing title insurance
- Managing escrow funds
- Providing settlement services (closing services)
What Is a Title?
Many people often confuse a title with a deed. To be sure, a title is not a legal document. In fact, it’s not a document at all. It’s more of an abstract concept. The title is the legal concept that a person who owns a property also has all the rights, privileges, and uses associated with owning that property.
The role of the title company is to make sure that the title, rights, privileges, and uses solely belong to the seller, so that the seller can transfer them to the buyer. If the title is defective, there are issues that could mean that the seller is not the only one who could have control over the property. This poses a risk to the buyer, who then would have to defend his interest in the property.
What Is a Deed?
The deed is a physical, legal document that transfers the ownership of property from one party to another. It effectively transfers the title (the concept of full and sole ownership, rights, uses, and privileges) between parties.
Why Use a Sebastian Title Company?
Just because you have a deed doesn’t mean you have the full title to a property. The owner of a home could sell the home to you with a deed signed and all, but what if that owner wasn’t the only person who owned the home? What if the home had a lien against it for unpaid property taxes? What if the boundaries of the land on which the property sits were in question, and a neighbor claims he owns a third of the land the property sits on?
These are rare but real risks of buying a home or other real estate. The way to prevent them is by using a title company serving Sebastian, FL, like Lulich & Attorneys. A title agency will do the research to find out if there are problems with the title and work to correct them, so you own your home free and clear as a buyer.
A title company also provides title insurance to ensure that your property investment is protected in case there are any unforeseen claims against the home down the line.
Title Services Our Team in Sebastian Provides
Our Sebastian law firm and title company performs the duties of a standard title agency with many additional benefits. Our real estate lawyers perform a title search to discover any defects. The specific aspects of a title search, along with our other responsibilities as a title company, are explained below.
We Research the Title Chain
Our Sebastian real estate title company will delve into the property’s ownership history, also known as the title chain. Knowing the history of ownership is integral to knowing whether the current seller of a property is the true owner. It will also reveal whether there are other parties who share ownership.
If there are undisclosed owners, this may be a red flag for the home purchase. An additional owner shows that the seller cannot solely give you the title because another party shares in the decision.
We Can Uncover Potential Ownership Claims
If there are other parties with an interest in the property, our title company in Sebastian can discover them. We have the tools to research potential claims that could threaten the buyer’s ownership later. There may be claims from the seller’s heirs, relatives, or neighbors, for instance. If there are valid ownership claims, they could result in the buyer losing the property after the sale or facing a costly legal battle.
We Search for Liens Against the Property
Our Sebastian title agency will search for any liens against the real estate property. A lien is a legal claim against a piece of property that is used as collateral for the repayment of a debt. Pending contractor payments, property taxes, and court judgments could result in a lien on a property. This would allow the lienholder to claim a right to the property to satisfy the debt, effectively preventing the homeowner from transferring the title to the buyer.
A lienholder would have a claim to a portion of the seller’s profits from the sale of the property. However, if liens are undiscovered during the sale, the new owner is responsible for resolving the debt. Our real estate attorneys will search for existing liens and work to ensure they are resolved before the property changes hands.
We Intend to Conduct a Land Survey
Many lenders require a land survey to ensure that the property you are buying or selling is the property you intend to buy or sell. A land survey will reveal the actual boundaries of the property. This will ensure that the new owner fully understands what they’re buying before the transaction concludes.
We Offer Real Estate Closing Services
Our title company serving Sebastian can manage the closing of your real estate purchase. The process of closing is also called “settlement.” Closing the sale includes providing all pertinent closing documents, finalizing the deed, recording the deed with the county, handling the escrow funds, and transferring the title.
We Issue Title Insurance
After conducting the necessary title search and resolving any outstanding issues preventing the progression of your real estate transaction, we will issue title insurance. Title insurance is financial protection that covers the buyer in case there are any defects with the title after the purchase of the property.
Suppose you purchase a home, only to learn that a second owner has claim to it. That owner could demand the property back or a portion of the sale’s profits. In either case, the money you invested into the home is at risk.
Without sufficient title insurance, you could be out of a house and the money you spent on it. Title insurance will cover various costs, so you don’t lose your investment.
How Does Title Insurance Work?
There are two types of title insurance. An owner’s policy protects your financial interest as a buyer. A lender’s policy is given to the mortgage lender to cover the amount of money lent to the homebuyer.
An owner’s policy lasts even if the buyer switches to a new lender. Unlike other types of insurance which generally require continuous monthly payments, title insurance requires only a single payment at the time of purchase.
What Issues May Arise With the Property’s Title?
Title defects can arise from several different circumstances.
The legal team at our Sebastian title agency can investigate and provide remedies for defects that include:
- Unpaid property taxes
- Unpaid homeowner association fees
- Judgment liens
- Contractor liens
- Incorrect property descriptions
- Undisclosed or unknown heirs
- Fraudulent transfers of the title/deed
- Fraudulent documents and forged signatures
- Documents signed by the cognitively impaired
- Previous mortgages
- Right-of-way agreements
- Property disputes or claims from neighbors or other third parties
Our real estate lawyers can manage these problems for you. We can contact the appropriate parties to address these concerns. We will not issue a title without a resolution to the problem. Once we resolve the issue, we can provide title insurance. While our team is diligent, some title issues may not present themselves until after the sale ends.
For these situations, having sufficient title insurance is essential. Title insurance will cover unforeseen defects that arise after your purchase is finalized. It’s not required, but we recommend it to all buyers. In some cases, your lender may require it to provide your mortgage.
Advantages of Working With an Attorney-led Title Company in Sebastian, FL
As an attorney-led title company, we don’t just handle title responsibilities. Our staff includes licensed attorneys, which means we provide an edge over traditional title agencies. Most Sebastian title companies cannot provide legal advice or prepare legal documents outside of the title documents that are essential for issuing a title insurance policy. Often, they partner with real estate lawyers to draft documents.
Given that our title company is led by attorneys, we are empowered by the law to provide legal guidance during your real estate transaction. We can explain any issues that might arise, then provide solutions based on our legal knowledge and experience as real estate lawyers. Our Sebastian real estate lawyers can amend and draft all manner of legal documents that are pertinent to your real estate purchase, whether or not they relate to title insurance.
Additional Services We Offer
As an attorney-led title company and full-service law firm in Sebastian, FL, we can perform a host of duties that you won’t have access to at a conventional title company.
Our additional services include:
- Legal document preparation. We can prepare any document you need for your real estate transaction, whether you’re a buyer or a seller. The contract of sale, closing disclosure, seller’s affidavit, and deed are just a few of the documents we can prepare. We draft, review, amend, file, and submit title documents to other parties on your behalf.
- Real estate representation. We can represent your transaction, providing legal guidance on the right solutions for you. Our Sebastian real estate attorneys can explain your rights, break down legal documents and real estate laws that apply to your deal, and explain how they each affect your transaction. We work with you and the other party to draft contractual agreements that are mutually beneficial and effectively meet your needs as a buyer or seller.
- Digital closings. We can conduct digital closings thanks to a recent State House bill that allows remote notarization of documents. We can close on your property even when the parties are miles apart.
Our Sebastian Title Company Is Your One-Stop Shop for Real Estate Legal Services
Lulich & Attorneys provides all the services of a title company, law firm, and legal document preparer under one roof. We are your one-stop shop for real estate transactions, providing premium services and problem-solving for all your real estate needs. Call us today at (772) 492-4611 or contact us through our website to find out how our attorney-led Sebastian title company can assist you. Reach out to a Sebastian real estate lawyer.