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TOP FIVE REASONS IT’S BONKERS TO GO WITHOUT THE TITLE ATTORNEYS!

by FCM | September 4, 2023

Buying a home is the biggest financial and emotional investment most of us will ever make. Still, so many people do it without a Title Attorney. Basically, they’re joining risk for a free fall.

Hiring a real estate attorney is critical to protecting your interests and your future. Real estate is riddled with paperwork, confusing clauses, rules and regs, and big problems disguised as tiny type.

A good Title Attorney is your advocate with a deep understanding of real estate law and all the pitfalls that might turn your dream home into a nightmare. Don’t take chances. Here are the Top 5 Reasons you need a Title Attorney.

#1 Clarity
Someone has to read all the documents and understand what it all means. Hiring an attorney from the onset of your real estate transaction to review all agreements and contracts and assist in negotiations will ensure the maximum level of transparency and comfort. Whenever you don’t understand a term or part of the process, you can rely on your lawyer to clarify any vague language and ensure your requirements are properly communicated, represented, and documented along the way.

#2 Savings
The upfront fees of hiring a real estate attorney are nothing in comparison to the possible financial impact of getting things wrong down the line. A real estate attorney will safeguard you and your investment by thoroughly reviewing all legal documentation, handling negotiations as your advocate, and asking the questions you may not know to ask. When it comes to dealing with one of the biggest investments of your life, the financial savings and knowledge a real estate attorney provides is priceless.

#3 Experience
Even if this is not your first real estate purchase, your real estate attorney has gone through this process more times than you ever will in a lifetime. They have the institutional knowledge of working daily in the industry and have their fingers on the pulse of state and local laws. It’s especially for those with unique real estate ventures, like new construction, zoning disputes or a historic location to have legal support to mitigate any risks that could delay, if not derail, the purchase.

#4 Closing
Though not every state requires a real estate attorney to be present at closing, all property buyers benefit from legal support. There are multiple moving parts to the closing process, including the mortgage, title insurance, the deed and final inspection. Hiring a lawyer to review, adjust and prepare all closing documentation is a huge weight lifted off your shoulders and ensures you and your assets are properly protected. Owning property is a big investment, and the security of an experienced attorney handling your closing will ensure a timely and successful transaction.

#5 Protection
A real estate attorney works for you, represents your needs, and will negotiate on your behalf during the real estate purchasing process. A good lawyer will walk you step-by-step through the complications of real estate transactions, and act as a safeguard, protecting you from problems and issues that the untrained eye simply cannot identify or predict. With the support of sound legal counsel, you enjoy the peace of mind that comes with knowing you, your family and your investments are protected.

At Capital Abstract & Title, we take the unnecessary risk out of real estate purchases. To learn more about how we can support and protect you, give us a call at 954.344.8420 or visit us online at capitalabstract.com.

What Services Does A Title Company Provide?

by Capital Abstract & Title | September 13, 2021

Title companies play multiple crucial roles when it comes to real estate transactions. Title companies usually serve as the combined agent for the seller, buyer, insurance company, and others like mortgage lenders. Simply, title companies issue insurance policies, reviews title, files, records, paperwork, and facilitate real estate closings. Let’s take a brief look regarding the different services offered by title companies.

Title Search and Review

Most professional Title companies usually have an expert team in their title review and search departments. These departments of title companies focus on reviewing documents and public records that are related to certain real estate property.

The information gathered during the title search and review is usually passed on to all parties involved in the real estate transactions. Apart from this, most title companies offer title research information, which will help buyers and sellers know if there are any legal actions related to real estate property.

Act As Closing Agent

Title companies will also act as closing agents to help complete real estate transactions. This implies that the title company will act as an agent for all parties that are involved in the transaction. If that’s the case, then the title company will obtain signatures for all closing documents related to the transaction.

In addition to that, the title company might also be responsible for receiving and distributing payments that are related to real estate transactions. Here are some other services offered by most title companies in the country.

  • Title companies act as escrow officers
  • Title companies issue insurance

If you want to know more about the services offered by title companies during real estate transactions, then all you need to do is to get in touch with us.

What Is Title Insurance Good For?

by Capital Abstract & Title | September 10, 2021

If you are taking out a mortgage to buy a house, then the lender will probably ask you to get title insurance for the new property. Title insurance will protect both the mortgage lender and buyer from financial losses, which may occur due to legal expenses if there is an issue with the title of the property or home you are purchasing.

Having title insurance protects you from all kinds of issues, which occurred before becoming the owner. This means that you don’t have to worry about forged title documents, ownership issues, or unpaid debts from previous owners.

Types Of Title Insurance

There are two different types of title insurance available out there, lender’s title policy and owner’s title policy. The former type of title insurance policy protects the lender while the latter offers protection to the home buyer.

The mortgage lender will ask you to get an insurance policy on their behalf. However, it is best to get the owner’s title policy too, it will help you safeguard your investment against unforeseen title issues.

Individuals who are new to the world of title insurance might have a few doubts and questions. For starters, they would want to know what title insurance covers. Title insurance usually covers the following.

  1. Fraud or Forgery
  2. Unknown heirs to the home or property
  3. Liens, which precede the new owner
  4. Missing information
  5. Inconsistent wills
  6. Defective paperwork such as improper recording from closing and escrow
  7. illegitimate selling or transferring of the deed

Just like all other types of insurance, you will be able to expand your existing insurance coverage for a smaller price through policy endorsements. Endorsements usually include zoning violations, border disputes, building ordinance violations, and more.

What Does an Owner’s Title Policy Cover?

by Capital Abstract & Title | September 8, 2021

When you are buying a new home, you will most likely receive a document, which is known as the deed. The deed will clearly show that the previous owner of the house has transferred their title or legal ownership to you. An owner’s title insurance policy will offer protection to homeowners if someone sues them, arguing that they have a claim against the property or home before the homeowner purchased it.

Most lenders will ask you to buy a lender’s title insurance policy. However, it is crucial to remember that a lender’s title insurance policy will only safeguard the money that the bank has given you for refinancing or a mortgage. This means that a lender’s title insurance policy will not protect any kind of equity you have in the home.

On the other hand, the owner’s title insurance will protect you when someone files a lawsuit with a claim to the deed of the purchased house. This is why all homeowners should consider investing in a title insurance policy.

How Can an Owner’s Title Policy Protect You?

Several homeowners often fail to realize the fact that potential claims against the title of their home may date years back, long before you purchased it. So, if you don’t have an owner’s title insurance policy, you are in big trouble.

Homeowners who are new to the world of title insurance policies often ask what the types of claims are filed against the title. Here are a few examples.

  • Disagreement regarding the property lines
  • Dispute on whether the previous seller had the right to sell the home to you or not
  • Discovery of undisclosed lawsuits or liens against the home or property

How Does Title Insurance Work?

by Capital Abstract & Title | September 6, 2021

Buying a home will be one of the largest purchases that most people make in their lives. If you are one of them, then you wouldn’t want to face any issues regarding the ownership of the title or house after completing the transaction. This is where title insurance companies can be great help to you.

 

Title insurance does an excellent job of protecting mortgage lenders and homeowners against problems or defects with the title during the property ownership transfer. If a dispute happens regarding the title after or during a sale, then the title insurance company will need to pay for legal damages based on the insurance policy.

 

How Does Title Insurance Work?

 

Homeowners must understand that obtaining title insurance is a two-step process. The title insurance company will initially conduct a title search to ensure that the house or property that you are planning to buy has a clear title.

 

Confirming that it does have a clear title will guarantee that the individual who is selling it truly owns the property and they have the right to sell it. If an issue or defect comes up, then the title insurance company will let you know about it.

 

Once the title company confirms that the property has a clear title or when they identify issues with the title, then they will start the underwriting process. The underwriting process involves addressing issues and potential risks and then provide a quote.

 

It is important to note that insurance companies might not offer a policy if there are any defects or issues with the title. Get in touch with us to learn more about how title insurance really works.

Things To Know About Title Endorsement

by Capital Abstract & Title | September 4, 2021

Title insurance offers great protection to your property when you have to face unknown defects in the title. Most title agents usually add endorsements to the title insurance policy. This is usually done to tailor the policy according to the needs and requirements of both the buyer and lender. The ALTA (American Land Title Association) is responsible for managing title policy endorsements.

 

If you are new to the world of title insurance and title endorsement, it is best to get in touch with experts at a Boca Raton Title Endorsement firm. They will help you gain a clear understanding of title endorsement and help you determine whether you need it or not.

 

A Beginner’s Guide to Title Policy Endorsement

 

It is crucial to note that title insurance policies are actually form documents. This means that title endorsements will be able to stipulate certain special circumstances that may affect the property. Title policy endorsements will surely be needed in situations where the titles are considered to be clouded (no one clearly knows who is the true property owner).

 

In such scenarios, title insurance policies can be used to customize or tailor the title based on the situation. As a result, title policy endorsements will be able to change the stipulations, conditions, and exceptions of a basic title insurance policy.

 

In addition to that, title policy endorsements will also be able to alter or correct the previously issued or existing title insurance policy for making up for misinterpreted or left-off things.

 

If you are still unable to decide whether you need title policy endorsement or not, it is best to seek the help of a reputed Boca Raton Title Endorsement firm. The experts at the firm will be able to give you further assistance.