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Title Services and Closings

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Title services and closings are critical during the process of a purchasing real estate. Each real estate property has a track history of transactions of sales and purchases of that property. There are many times when a piece of property includes prior history or lack of history that negatively affects the value of the property.

What is a title examination?

A title search begins with an examination of all public records that relate to the property. The title examiner searches to find any records that “cloud” the title. This means that they search for records that negatively affect the value of the property. For example, a mortgage lender may have a lien on the property, the local government may have a lien for unpaid taxes on the property, or code enforcement violations may have resulted on a lien on the property. These are common examples of defects on the property’s title that reduce the value of the land.

The role of Title Insurance

Once a title examination is complete, then it’s possible to purchase title insurance. There are two types of title insurance: one policy for the lender and one policy for the owner. Banks require a lender’s title policy when purchasing a home with a loan. An owner’s title policy is optional; however, it can protect a buyer in case there was an error not discovered in the title examination.

The price of title insurance is very minimal compared to potential risk involved. Each state mandates certain requirements for title insurance. When you purchase title insurance, the entity issuing the title insurance must charge according to the laws of that state. The average price of a title premium for a $200k house is roughly $1,000.00.

What is a real estate closing?

The real estate closing is the last step in a real estate transaction. The closing transfers the real estate from the seller to the buyer. Additionally, a real estate closing transfers the monies from the bank to the seller (for financed deals). After closing, the seller hands the keys and other personal belongings (such as garage remotes, etc.)  over to the buyer, and he is now entitled to take ownership of the house.

Speak to a Experienced Real Estate Attorney

A title inspection is highly recommended when purchasing a home. A complete and thorough title inspection can uncover liens, judgments, and encumbrances that may be on the property. With the assistance of a experienced real estate lawyer, a title examination can be performed as well as any necessary steps to remove encumbrances on the property.

A real estate transaction involves many parts. This process can take up to six to eight weeks. An experienced real estate attorney can help guide you through this process and also protect you legally by reviewing real estate contracts. Our firm has been helping real estate clients for over 30 years. Contact our firm today for a Free Consultation. Call 772-774-7771 or click here to schedule a free 30 minute consultation.

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