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Real Estate
A deed is a document which conveys title or ownership to real property. There are several different types of deeds, one of the most common being the general warranty deed which guarantees that the seller owns clear title which can be conveyed to the buyer. Not all deeds have such a guarantee though. For example, a quitclaim deed is a deed which comes with no guarantees. Its purpose is to convey whatever interest the seller has if the seller in fact has any interest at all.
If you are interested in buying or selling land, a home, or any real estate, you should contact an attorney. An experienced attorney can ensure that the deed is properly drafted to suit your needs and that it contains the necessary clauses to protect you as a seller. Furthermore, if you are buying a piece of property from another, an attorney may be able to help ensure that you are getting clear and marketable title to property and that the deed contains the necessary clauses to convey you such a title. Also, an attorney can handle closing for you to make certain that the necessary documents are signed and properly recorded and any insurance requested by you or required by the lender is obtained.
If you would like to talk to an experienced and caring attorney about preparing a deed or any other real estate matter, please give us a call.
“The closing” is a phrase we use to describe when all parties meet to sign all documents and to transfer title from the seller to the buyer. An attorney familiar with closings can prove valuable especially to first-time buyers who are not familiar with the process associated with a closing. An experienced attorney can supervise the signing of all required documents as well as give you a brief explanation of the documents as you sign them.
After the closing, where you have signed all the required documents, there are also a number of services that an experienced attorney can perform for you. First, he or she will update the title search, if applicable, and record the Deed and Deed of Trust in the Register of Deed’s office, establishing you as the record owner of the property and creating a lien against the property in favor of the lien holder. If the attorney is certifying title, he or she will pay all outstanding taxes on the property, pay and cancel any existing liens secured by the property, and obtain title insurance if desired or required. These payments are made from the attorney’s trust account from funds set aside at the closing. Finally, the attorney will forward the original recorded deed to you and the original note and recorded Deed of Trust to the lien holder. An experienced attorney will make sure that your closing and after closing proceedings go as smoothly as possible and that all problems are kept to a minimum.
If you would like to talk to an experienced and caring attorney about a loan closing or any other real estate matter, please give us a call.
Title insurance is insurance that protects the person buying a piece of property from any losses that result from a dispute in property ownership. This one-time payment assures that the buyer of the property has good, clear and marketable title and that the title is free from defects or clouds on title.
It is important to buy title insurance to protect you against a problem with the title to property that may arise due to something that is not in the public record and that the attorney certifying title has no way of knowing about. For example, take the case of forgery of a warranty deed sometime before the person selling the property to you received the property. The attorney certifying title may not know or have any way of discovering the forgery. The deeds are properly recorded and title looks clear and marketable on the surface. However, in the future, the person whose name was forged to the deed may properly claim title to the property even though you have closed and you are currently living on the property. This is the type of hidden defect that title insurance protects against.
Some lenders require title insurance in order to lend you the money. They want to ensure that they have clear, marketable title to the land until you finish paying for it or if they do have a problem with title to the property, that they are insured against the loss. As you can see, title insurance may be one of the most important coverages you can buy – it may protect you from the losses associated with losing your home to a stranger years after you have closed and taken possession of the property.
If you would like to talk to an experienced and caring attorney about obtaining title insurance or any other real estate matter, please give us a call.
A title search consists of a search of the public records to determine what has occurred with regard to the property over a specified period, usually thirty years or more. The purpose of this search is to make sure the seller owns the interest he or she proposes to sell you, usually fee simple title, and to make sure there are no adverse interests against the property. Adverse interests may include the following: unpaid deeds of trust; past due taxes; tax liens; and judgments against the seller which attach by law to the seller’s property.
Hiring an attorney is important when it comes to a title search. An experienced attorney will be able to review the documents that may affect title to a property and assure that a marketable and acceptable title is properly conveyed from the seller to you, the buyer. Also, if there is a new survey of the property, an attorney will review it to verify that there are no encroachments to the boundary lines and that it matches the deed description. Furthermore, if you have an attorney and the attorney finds a defect in title or a problem with the title, the attorney can attempt to resolve the problem before the closing. A title search is not a requirement, however, it is highly recommended since it is the only means of certifying a clear title to the property that the seller purports to sell.
If you would like to talk to an experienced and caring attorney about a title search or other real estate matter, please give us a call.