Services

Title Insurance is an insurance policy created in order to protect a lender or owner against loss in the event of a property ownership dispute. There are two types of Title Insurance. Your lender likely will require that you purchase a Lender’s Policy. This policy only insures that the financial institution has a valid, enforceable lien on the property. It does not protect you. An Owner’s Policy on the other hand is designed to protect you from title defects that existed prior to the issue date of your policy. It also covers the full cost of any legal defense of your title.

A Title Search is a review of public records to confirm that the seller is the recognized legal owner of the real estate in question, as well as to determine that there are no liens or claims against the property. A Title Search will produce a Preliminary Title Report, which details the property in questions history. If there are any title defects (e.g. Liens, etc.), it is the Title Company's responsibility to provide you with knowledge of this.

Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate. When a buyer makes an offer on a property and the seller then accepts that offer, the buyer is expected to back up their offer with a specific amount of money. Once certain conditions are met, the third party escrow agent gives the cash deposit to the seller to complete the transaction and secure the sale.

A 1031 exchange, otherwise known as a tax deferred exchange is a simple strategy and method for selling one property, that's qualified, and then proceeding with an acquisition of another property (also qualified) within a specific time frame. The logistics and process of selling a property and then buying another property are practically identical to any standardized sale and buying situation, a "1031 exchange" is unique because the entire transaction is treated as an exchange and not just as a simple sale. It is this difference between "exchanging" and not simply buying and selling which, in the end, allows the taxpayer(s) to qualify for a deferred gain treatment. So to say it in simple terms, sales are taxable with the IRS and 1031 exchanges are not.

Because there are legal documents involved in a real estate transaction, a licensed notary is required to acknowledge the fact that the proper people signed these official documents in their presence.

In some areas called a "settlement." The process of completing a real estate transaction during which deeds, mortgages, leases and other required instruments are signed and/or delivered, an accounting between the parties is made, the money is disbursed, the papers are recorded, and all other details such as payment of outstanding liens and transfer of hazard insurance policies are attended to.

A sworn statement in writing made especially under oath or on affirmation before an authorized magistrate or officer.

Buying real estate is not only a big investment, it is also a matter of public record. Your property information and the loan information are required to be filed at the county courthouse or other local government recording office.