So, you have entered, or are contemplating entry, into an agreement to purchase, sell or invest in real estate, NOW, WHAT? One of the fine points to any successful purchase is ensuring that you have ‘CLEAR TITLE.' No, that doesn't mean ‘see through.' For those of us who know little about real estate, or, may be a first time home buyer or seller, navigating ‘THE PROCESS,' can prove daunting. Hence, why, we are here, as a title agency to facilitate your closing transaction.
We start with conducting a ‘TITLE SEARCH' that involves searching county real estate records in the situs (location) where the specific piece of property is located. ‘TITLE' relates to ownership interests. The completed title search avails Prestige Settlement & Title Services, LLC (PSTS) to prepare a ‘COMMITMENT OF TITLE INSURANCE' for the lender and/or the buyer. The title search discloses and reviews ownership interests, mortgages, liens, judgments, unpaid taxes, easements, restrictions, and the like, that may be impacting title to the property. Should there be any issues discovered affecting title, PSTS takes on the task to assist in clearing title to proceed with closing. Upon, clearing title, PSTS works with its underwriter to issue a title insurance policy covering the lender and/or the buyer. The one-time premium charged for the title policy affords complete coverage for all legal fees and court costs arising out of an insured title defect or encumbrance, for as long as you or your heirs own the property following the closing. This step enables the parties to be prepped to ‘CLOSE' the transaction.
At the closing table PSTS serves as the settlement/escrow agent. All of the documents necessary to transfer interests/title in the property and complete funding of the deal are laid out for signature, by the parties. A closing statement is distributed that details the charges associated with the purchase and sale of the property, namely, purchase money advanced by the mortgage lender to payoff of any prior mortgage(s), liens, judgments, etc., that are outstanding against the property. The closing statement also outlines fees charged by the title company, charges for preparing documents, recording costs, a pro-ration of city and county taxes, real estate commission fees, survey fees, and any other closing costs connected to the transaction.
The signed legal documents (deed, mortgage, releases, assignments, etc.), once approved by the lender, are recorded, at the county court (where the property is located), by the title company. The lender will then wire funds to the title company, so that, PSTS can pay, per the lender's instructions, all identified expenses of the transaction, and the seller receives his/her/their net proceeds of sale. It is at this moment that the property is officially transferred/conveyed to the new owner. All utilities are to be placed in the new owner's name and the property can be occupied or utilized for the benefit of the new owner.
You have the keys! The title insurance policy will be issued, as of close of escrow. Place the title insurance policy in safe-keeping. Title insurance does not insure that a title defect will not occur; but, it does insure that a covered risk, that occurred prior to the policy date, will be indemnified if the defect cannot be cured. The title insurance policy is like making an investment in your future. PSTS is here to assist in establishing precious memories. Choose us, for your settlement services.