Title Insurance
The purchase or sale of commercial or residential real estate is a significant and important transaction. For many people, real estate is one of, if not the most valuable asset they own. Therefore, it is important to involve a real estate attorney to protect your investment.
Sylvia E. Heldreth is an authorized agent for Old Republic National Title Insurance Company. In the event your transaction has unforeseen complications or title issues, these will be handled diligently and effectively with an attorney as your title agent.
Title insurance protects your property from claims, such as: forged documents, others claiming ownership after you purchase, liens, creditors, spousal interests, incorrect legal descriptions, and improper probates or foreclosures in the chain of title.
Sellers, buyers and lenders who close their transactions at the Law Offices of Sylvia E. Heldreth, P.A. know they can depend on its attorney and staff for technical expertise and for personal attention and handling of the file. The staff of dedicated professionals are committed to providing superior customer service and communications.
One of the functions of the firm’s title insurance department is to provide assurances to the purchaser and lender, if any, that the property has a clear and marketable title. This is done by conducting a thorough title search and examination to verify there are no outstanding liens or other unacceptable matters against the property or its owners. The search and examination also entails establishing that all prior deeds and other documents are legally sufficient. There is also a report made of all applicable covenants, easements, and rights of way that are recorded in the public records. Once the closing is complete, it is important that the new deed and all other required documents are recorded in the public records where the property is located.
Another function of the title insurance department involves the firms’ fiduciary responsibilities to the parties involved in the transaction. These duties include the receipt of all required funds and the final distribution of those funds in accordance with the intent of the parties.
What does “Closing” mean?
Closing is a term used to refer to the transfer of title from the seller to the buyer. If there is a new mortgage, then it also refers to the buyer’s transfer of a security lien to the new lender.
Once the purchase and sales contract has been fully signed by all sellers and buyers, the closing process begins. The contract usually contains deadlines and time frames for such things as inspections, deposits, loan approval, title commitments, closing date, etc.
If the buyer is obtaining a purchase loan, the lender will work with the buyer to obtain and clear all the conditions of the new loan. When the loan is ready for closing, the lender’s closing department will deliver a loan package to the title insurance office.
While waiting for the lender to be ready, the title insurance office will search and examine the public records for matters affecting the property’s title. If there are loans to be paid off, the title insurance agent will order payoff figures from the existing lender, estoppels for other monetary items to be paid, such as homeowner or condominium dues or taxes, will also be ordered.
Once the title company and new lender are ready the HUD-1 Settlement Statement will be prepared. This will list all the costs and credits associated with the closing for both the buyer and the seller.