What is a Title Company?
A title company is an organization that is hired by property owners to handle the title search, closing, and recording of the transfer of real estate from one owner to another. This is typically done after the property has been purchased. The role of the title company is to ensure that all title defects are identified and disclosed to the buyer so that the buyer can make an informed decision regarding the purchase. If a problem is found with the title, the title company will work with the seller and buyer to resolve it. If the problem can not be resolved, the transaction may be canceled.
Why Use an Attorney to Close Instead of Just a Title Company?
The answer to why you need a lawyer is easy to understand by asking yourself a simple question: ”Who is loyal to you at the closing table?”
Also, consider the only motivation of the title company is to sell a title insurance policy to you. Does the title company have the motivation to resolve any issues with the title? Or whether the identified problems are more likely to emerge as exceptions to title coverage. Review Part B of the Title Policy. Everything listed there are exceptions. And what are some of these exceptions? Do you understand the legal implications of these exceptions?
Only an Attorney Can Give You Legal Advice on Your Transaction.
Prior to and during the closing, your attorney will review every detail, making sure that the transaction is running exactly as you agreed, and that you will receive a marketable title. This is the most important part of all, and the involvement of your attorney is crucial in helping you protect your investment and your financial security. A real estate lawyer has the ability to see your interests and make sure that you get what you offer as a buyer or seller.
What is Title Insurance?
Title insurance is insurance that protects a property owner (buyer) who is purchasing real estate against losses resulting from defects in the title to the property.
When someone purchases a home or property, they assume the seller of that property has the legal right to do so, meaning they have a “free and clear” title. This distinction is what permits that seller to legally transfer their interest in that property to the buyer during a sale. While this is almost always the case, issues do arise during title review that can affect the buyer’s property rights, even after closing.
For example, if someone else has an interest in the property( such as a lien, interest in the property, or unpaid taxes) that was not disclosed to the buyer, your title search may not have uncovered it. Without title insurance, the buyer would be liable for settling those undiscovered defects. This is why it is important to buy title insurance if you are buying a house. If you don’t buy it and you find out there is a defect, later on, you may be left without recourse.
Types of Title Insurance
Lender’s Policy
Individuals often buy their homes or real estate with financing or loans. In Florida, federal insured lenders require that you have a title insurance policy that protects the loan you are getting from the bank. This policy helps reduce the risk to the creditor in the event of a problem that puts your home or the property you are buying at risk (and their money). A lender’s policy will insure the lender is protected in the future should a claim arise against the property.
Buyer’s Policy
Having a lender’s policy can meet your financial requirements with the bank, but does not mean you are insured. In fact, if a problem arises that puts the legitimacy of the property in question and you are not covered by owner’s title insurance, you risk losing your legal rights to the property you have purchased and any money you have invested to buy or improve it. For these reasons, each buyer should order their own owner’s title policy.
What does Title Search mean?
A title search is the process of researching a property’s history of ownership in order to determine who currently owns it and whether or not there are any restrictions on its use. This information will be provided to a buyer by a title company so that he/she can make an informed decision about whether or not to purchase the property. This search will be done by searching public records, such as land records at the county clerk’s office, and/or by sending out public records requests to various government agencies, such as the IRS or Property Appraisers Office.
A title search company is a private business that specializes in searching public records for property ownership information so that buyers can make an informed decision about whether or not they want to purchase a property. What you may not realize is that Bret Jones PA’s Title Services Division acts just like a title company responsible for all of the above and even more!
Closings
At Bret Jones PA Title Services Division, your closing is our closing. We provide exceptional service and personalized attention to ensure a smooth closing process for real estate agents, consumers, and lenders. Our quality service and competitive rates are just some of the reasons that agents and investors in Central Florida choose the Bret Jones PA Title Services Division to facilitate their residential and commercial closings.
Residential Closings
A reliable settlement agent is an essential part of every successful real estate closing. Our team provides unparalleled expertise and communication skills to ensure no surprises await you on your closing date.
- Superior service and knowledge
- Individual lawyer review
- Preparation of closing documents
- Title Search and Title Examination.
- Secure escrow service
- Single point of contact
Commercial Closings
With years of experience in commercial real estate, the Bret Jones PA Title Services Division can help you navigate the complexities of any real estate transaction. We help you navigate the process from the inception, through negotiation, due diligence, and finally the closing.
Each commercial real estate deal is unique and requires a complete assessment of the implications of the transaction. As such, each commercial closing often requires a number of services that aren’t required in a residential transaction.
Commercial real estate services can include:
- Coordinating commercial title search, review, and examination
- Addressing complex title issues
- Preparing commercial closing documents and agreements
- Reviewing loan documents and specific lender procedures
- Negotiating Purchase and Reviewing Sale Contracts
- Reviewing tenant leases and estoppels
- Providing commercial escrow settlement services
- Offering escrow services for documents, deposits, post-closing issues or other business transactions
- Offering commercial title insurance
Our team knows that your real estate project deserves prompt attention and we are here to assist through the entire process. We make sure to agree upon any and all closing and settlement fees at the beginning of our engagement to ensure you receive the representation you expect and have a budget you can count on.