Title insurance is used by homebuyers and lenders for protection against delinquent taxes, undisclosed liens, legal judgments, forgeries, fraud and a host of other potential legal or financial problems that can arise when purchasing or refinancing property.
A title insurance policy provides you with peace of mind. It takes the risk out of acquiring property that may have a troubled legal history. While there should be no risks in transferring property, they do exist.
Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble. For example, someone along the way may have forged a signature in transferring title, or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.
The term "escrow" means any agreement between two or more parties wherein the delivery of instruments, monies, items of value, or evidence of title to real or personal property are deposited with a neutral third party. This agreement contains specific written instructions executed by all parties to the transaction. This neutral third party is referred to as the “escrow agent”.
The escrow agent:
Receives a complete and fully executed Purchase and Sale Agreement and/or Lender's Instructions
Orders and delivers a commitment for title insurance to the parties of the transaction
Orders all necessary payoff statements to pay in full the existing loans, or monies owed, by the current owners and demands to clear the title
Prepares and/or secures all necessary documents to transfer title
Prepares the estimated and final closing statements
Obtains all necessary signatures, funds, and documents to close the transaction
Records and delivers all necessary documents and disburses the funds according to the parties and/or lenders instructions
Real estate transactions, whether they are loan or sale transactions, are commonly closed by title companies through their escrow departments.
The 1031 Exchange is quite possibly the most powerful investment tool available to property owners. By selling appreciated business or investment property outright you could pay from 15% to 50% in tax on the sale. A 1031 Exchange allows you to defer the tax and increase your purchasing power by keeping your equity intact.
Title Financial Exchange Services, as a qualified intermediary, facilitates the entire process for you. We will assist you in meeting the requirements of Section 1031 to structure an exchange tailored to your specific situation. Our extensive experience, financial security and personalized service will provide you with a seamless 1031 exchange transaction.
Contact Title Financial Exchange Services to find out more about 1031 Exchanges and to hear how we can exceed your expectations.
When a borrower is in default, the lender or individual beneficiary can contact Title Financial Specialty Services to initiate the foreclosure process. We will obtain a Trustee’s Sale Guarantee from a title agent in the county where the property secured by the Deed of Trust or Trust Indenture is located. The Trustee’s Sale Guarantee will provide the information needed to facilitate the foreclosure action. We will prepare the necessary documents, coordinate the statutory mailing, posting and publication and complete foreclosure sale. Assurance will be given as to the compliance with the strict timelines provided for in the applicable act.
Once the process is complete, documentation has been recorded and all interested parties have received notice, a Trustee's Deed will be issued to the purchaser at the foreclosure sale. Once recorded in the county records, the Trustee's Deed conveys to the purchaser all of the interest which the grantor (borrower) had, together with any interest the grantor or his successors in interest acquired after the execution of such Deed of Trust or Trust Indenture.
To find out more contact Title Financial Specialty Services.
A long term escrow is an arrangement in which an unbiased third party holds legal documents, and accepts and distributes payments according to written instructions from the buyer and seller.
Contact Title Financial Specialty Services for more information.