Buying any real estate, from a modest home or condo to a large commercial property, is a huge investment for most people. In the case of residential property, it is usually the largest investment the home buyer will ever make. Real estate ownership is complex, though, and every property has a long history of previous ownership. During that history, it may have changed hands many times. Anywhere in that history, there could be an issue that could interfere with your home ownership.
That’s the reason Title Insurance exists. Issued at the time of transfer of ownership, it protects you from financial loss in the case of an adverse condition that makes true title to a piece of property questionable. Title insurance companies will protect their policyholders’ titles by engaging in legal cases regarding a disputed title, and offer assurance that the current owner is protected from financial loss.
If, like most real estate buyers, you purchase a property via a mortgage, the lender will insist on title insurance as part of the loan agreement. The buyer pays for this, in a one-time, reasonable fee that protects the lender throughout the term of the mortgage. Individual title insurance that protects the buyer is optional, but is highly recommended. This may be issued as a separate policy or in combination with the lender’s policy. Again, a single, reasonable payment protects the buyer from issues that may cloud ownership as long as the buyer owns the property and beyond. Some of the things that can pop up, even years after you buy the property, include:
Title insurance protects against these issues and many others. Unlimited Title Group now offers home buyers more options to protect their investment.
Through a complete search of all public records and recorded documents regarding the property in question, the title company will verify the current ownership of the property, discover any mortgages, liens, easements, tax liabilities, and other issues that must be dealt with before the property can change hands.
These documents lay out, in detail, all issues that must be resolved before title to the property can be properly transferred. The Title Services Company will prepare documents and take actions to assist in this process, and will communicate with all parties on progress, typically through the buyer’s and seller’s real estate agent.
A multitude of documents must be carefully and accurately prepared and assembled for the actual closing. A Closing Statement, often called a HUD-1, is also prepared, which details all costs and charges and all amounts that must be paid off at the time of closing, such as existing mortgages and liens. Some of these charges and fees are date-dependent, so timing is crucial and the closing will be set for a specific date.
Throughout this process, communication between the Title Services Company and the parties to the transaction is an ongoing process. Meeting the closing date depends on everyone doing his or her part on a tight schedule, so communications are crucial. Equally important is a full understanding on the part of all parties of every aspect of the transaction. A good Title Services Company makes sure everyone understands what is going on at all times, and explains each step clearly and completely.
At the closing, usually held at the premises of the Title Services Company, documents are exchanged, signatures are made, and funds are distributed, according to the details of the individual transaction, as described in the closing statement. All of this takes some time, but a well-organized closing goes smoothly and without difficulties. Much depends on the skills and expertise of the individual, called the Closer, who works for the Title Services Company.
After the closing is complete, the Title Services Company records all legal documents with the county in which the property is located and distributes the original documents to the correct parties. The new owner receives the deed, which should be stored in a safe place. The lender or lenders receive their mortgage agreements to hold until the mortgages are fully paid.
At every step of this process, issues can arise to cause setbacks. To assure a successful, on time closing, choosing the right Title Services Company is a critical decision. Real Estate transactions can be complex and anxiety-ridden, so choose your Title Services Company carefully.
At Unlimited Title Group we understand just how important the issuance of Title Insurance is to every real estate transaction. Our experience, training, and expertise are the keys to the detailed process of title searches and clearance of title issues for any property en Florida. We dedicate ourselves totally to completing the process and qualifying the property for Title Insurance efficiently and quickly, so that the final closing of the transaction can be done on time. We use only the best Title Insurance Underwriters to supply this vital insurance. You can count on us to meet and exceed your expectations.