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A Beginner’s Guide To Title Insurance Agencies

by Capital Abstract & Title | August 9, 2021

If you are someone who has been involved in a real estate transaction, then you will be familiar with title insurance agencies. It is evident that title insurance agencies play an integral role when it comes to real estate transactions. However, several people still have no clear idea on what exactly these companies do.

In simple words, title insurance companies simplify the process of real estate transactions by offering complex research and ensuring professional coordination with all parties involved in the transaction. If you want the real estate transaction to go smoothly, it is important to seek the help of title insurance agency Boca Raton.

Records Search

Professional title insurance companies conduct extensive research of country records. The research allows them to identify issues such as property liens, which may be attached to the title of the new property. Title insurance agencies usually consolidate the founded information into the title insurance agreement or preliminary report.

Insurance

Most of the title insurance companies in the country usually offer title insurance to buyers. The insurance coverage will be paying for issues that are identified during the research. The insurance cost is generally built into the real estate property’s closing cost. An important point to remember is that lenders will need title insurance before finalizing the real estate deal.

Closing

In some cases, title insurance agencies will act as escrow officers or closing agents during the purchase of a real estate property. This means that the title insurance company will be representing both the seller and buyer in the transaction.

Final Thoughts

If you are new to the world of real estate transactions or if you want to go the transaction smoothly, it is best to seek the help of title insurance agency Boca Raton, as the agency will help you to ensure that the transaction will go smoothly as planned.

What Does A Real Estate Closing Lawyer Do For You?

by Capital Abstract & Title | August 6, 2021

It doesn’t matter whether you are selling or buying a property, it is best to have a real estate closing attorney with you. The attorney will make sure that everyone understands the complicated real estate closing process and everything is done accurately.

Real estate closings are not a simple and straightforward process, especially if you are new to this complex world. This is why most sellers and buyers seek the help of a real estate closing or title lawyer Boca Raton. If you are wondering what a real estate closing lawyer does, we are here to help you understand that.

Title Examination

It is essential for the lender and buyer to have a clear property title for real estate closings. After receiving the purchase order, the real estate closing attorney will thoroughly examine the property title. The attorney will evaluate things like encroachments, easement, and restrictions during the title examination.

In addition to that, a real estate closing attorney will also check if the property title gives the right for the seller to sell his property to the buyer. This will help attorneys to identify if there are any pending mortgages that need to be paid before transferring the title.

Title Insurance

Title insurance is important when it comes to real estate closings because it will offer protection to both the buyer and seller if there happens to be an issue with the title in the future.

Get in touch with an experienced Title Lawyer Boca Raton who will help you with drafting an opinion about the property title. This document is required for issuing the title binder, which is an essential requirement for getting title insurance. Title insurance will protect the rights of the buyer to the property, which is why you should definitely have it.

Four documents required for a Title Closing [Infographic]

by Capital Abstract & Title | August 4, 2021

This infographic titled ‘Four documents required for a Title Closing’ provides us with an overview of documents required during the closing process.

Title refers to the ownership of the property, meaning that you have the rights to use that property wholly. Title also means that you can transfer that interest or portion that you possess to others. During the settlement process, the closing agent thoroughly reviews the new lender’s instructions and requirements, reviews book of instructions from other parties to the real estate transaction, reviews loan documents, assembles prospective charges, prepares closing statements, and calls for the closing procedure. Closing documents often include a description of the property duly signed by both parties. Deeds are the most important papers in your closing package because they contain the statement that the seller transfers all stakes in the property to the buyer.

For more information, please refer to the infographic below.

Four documents required for a Title Closing

4 Roles of a Title Company [Infographic]

by Capital Abstract & Title | May 19, 2021

This infographic titled, ‘4 Roles of a Title Company’ provides us with an overview of responsibilities of a Title Company. Buying or selling real estate entails many details and can be a stressful situation.

This is the reason why most people who buy or sell property take advantage of the services provided by a title agent or company. Since there are so many details involved in the buying and selling of real estate, title companies are responsible for bringing all of the components together and overseeing the closing process from beginning to end.

Great title companies are also available to answer questions throughout the process, from the moment a client selects out a house to the moment when the sale is closed, everything is in place, and then the closing happens.

A title company, thus, acts as a mediator for both the buyer and the seller as well as a driving agent for the title insurance company that will provide insurance to the respective title. It is not necessary that only one title company is used. Many times, the buyer and the seller will have their own title companies.

For more information, please refer to the infographic below.

4 Roles of a Title Company

Filing an Application for a Mortgage

by Capital Abstract & Title | February 5, 2021

This infographic titled ‘Filing an Application for a Mortgage’ provides us an overview of filing a mortgage application. A mortgage application is a legal paper submitted by one or more individuals applying for a mortgage to buy real estate. This mortgage application is in extended form and contains information including the property being considered for purchase, the borrower’s financial record, as well as his past employment history. Lenders and banks use the data contained in the mortgage application to determine whether or not to approve the loan.

The mortgage request form is just one step in the loan application process. Nevertheless, borrowers essentially need to first assess their finances. Most financial organizations recommend a family’s housing expenses not exceed 35 percent of their pretax income. Once you are underwritten in an agreement to buy a specific property, your investor will initiate for the mortgage application. The mortgage application asks for a fundamental amount of information, so it’s best to gather all of your business and employment details prior to applying. For more information, please refer to the infographic below.

4 benefits of title searching

by Capital Abstract & Title | January 25, 2021

When an individual intends to buy a property, it means they want to enjoy the right to use it and, in the future, transfer the ownership to their legal heir. A title can be obtained in several ways.

The survivorship right is one of the vital aspects where joint tenants let the surviving co-owner absorb the share of the deceased co-owner’s property.
However, a dispute arises when third parties like government organizations or mortgage institutes claim their rights. The government may have liens against unpaid taxes, while the bank may have loan dues. Here is where you need the help of a title search.

Title Search agencies near Boca Raton are quite well-equipped to unveil the property history without wasting any time.

Benefits of title searching
Through proper analysis of public records and other property-related documents, a professional title searcher tries to disclose the history and current status of the property. If a prospective buyer seeks a mortgage loan, the lender conducts a third-party title search to get the “clean” report.

Several issues can create trouble in the sale of the property, such as:

a. Forged or fake documents
Fraudsters may impersonate the trademarks and signatures of the legal property owners and try to create trouble.

b. Expired or fabricated power of attorney disputes
Illegitimate titles are owned by the individuals who have fabricated power of attorney documents or are carrying expired power of attorney documents.

c. Printing errors
The most common title disputes arise when the records/documents are not properly indexed, similar names are transcribed and the original documents are lost.

d. Illegal possession of the property
Disputes arise when the joint owners are separated but not divorced, or the property is owned by illegitimate successors.

Consider hiring professionals from the Title Search agencies located near Boca Raton to avail the best professional service and get the much-needed peace of mind.

Frequently Asked Questions on Title Insurance Policy

by Capital Abstract & Title | January 18, 2021

Do you wish to own a property without any property claim disputes? Do you want to get protection against any unwanted legal claims over the property you purchase? You can get a property with assurance or ‘warranty’ to get proper legal assistance against any property-related claim.

Title Insurance Agencies in Boca Raton can help buy the best title insurance policies without digging deep holes in your pocket.

If you are purchasing a property, it would be a great idea to buy a title insurance policy, as it can compensate you in any title-related disputes and also covers the legal expenses.

How long can the title insurance stay functional?
The lender’s policy for title insurance lasts until the mortgage amount is paid in full. The homeowners title insurance policy lasts until the owners and his/her successors are alive and stay interested in the property related matters.

Title insurance: what it doesn’t cover?
As a homeowner, you may complain that there’s oil leakage, dampness & mold, or a termite issue inside your home, and you may want to obtain compensation for that. But title insurance does not protect you against the home’s conditions. Rather, it deals with ownership related issues.

How to calculate the title insurance cost?
For the title insurance, all you need to pay is a one-time premium to keep all the ownership related disputes at bay. The cost of title insurance is calculated by the insurance agency’s cost (rate per thousand) multiplied by the property purchasing price.

Can you take ownership of a property without purchasing title insurance?
Of course, you can buy a property without any title insurance. You can look for the public records and do some research, but the entire process would take up a lot of your time and effort.

Consider hiring Title Insurance from a reputed Agency, located near Boca Raton, and have peace of mind when you purchase a local property.

Ways to conduct title research

by Capital Abstract & Title | December 7, 2020

Imagine a situation when, after living in your home for a year or two, you get to know that the property that you bought has an ownership dispute or a tax-related issue. That’s a terrible situation for anyone and for that reason, one must conduct a title search beforehand. Hire reputed title search agencies to carry out your Title Search in Boca Raton. They will take care of the title search and claim-related disputes so that you can live worry-free in your property.

Ways to conduct a title search

A real estate title search can be done in several ways. One of the most popular investigating methods is to visit the actual property location and conduct a local inquiry. If the owner was living there for a long time, his/her neighbours must have had some knowledge about him and the property. These neighbours can give you some vital pieces of information like tax disputes and liens.

Another point to take into consideration is the strategic location of the property. If the property is located strategically and the school, college, marketplace, hospital, etc. are located nearby, the property is worth buying and worth the price being paid. You can search online for the property and get more details. If not, check for the public records.

A Title search attorney from Boca Raton can be the best option to carry out the real estate investigating process. We have capable attorneys and skilled staff members to gather even the tiniest details that are pertinent to the ownership of the property.

Title searching requires a great deal of time and patience. If you don’t have time to spare, it is better to take help from a reputed Title search firm and hire an attorney who’ll inspect the documents thoroughly, conduct local search and bring out any issues associated with the ownership of property.

Get title insurance to safeguard your property

by Capital Abstract & Title | December 4, 2020

Purchasing a property can be an instrument of joyous excitement. But to find out later that there are legal disputes with the property can be disheartening. Title Insurance Agency in Boca Raton can save you all these home ownership related issues. It gives you the much-needed protection that safeguards you and your property against any ownership disputes.

What can you do to safeguard the property you intend to buy?
1. Make sure to do a little bit of research yourself and find out whether there are any ownership disputes or liens against the property.
2. You can always hire a title search agent or a lawyer who can help find out any claims or disputes that are not disclosed.
3. Get title insurance. Title insurance is valid for 7 years, and after that, you can renew it too.

Title insurance: How can it help?

Title insurance is a blessing for the property buyers as they might not be able to discover all title disputes with the property even after thorough research. The title insurance agency would help make the real estate deal closure a smooth process with all loose ends covered.

Tips to help you find a reputable title insurance agency
1. Agency’s license status in the area where the buyer intends to purchase the property
2. Business history of the agency and the length of time it has been in the business
3. Local reputation of the agency and its knowledge about the area where the buyer intends to buy the property
4. Ease of communication with the agents
5. The overall behaviour of the staff members and willingness to help the buyer
6. Escrow services provided in-house
7. If there’s anyone from the agency having a direct connection with the notary public
8. Connection with the American Land Title Association or State Title Association

Make sure to hire a reputed Title Insurance Agency in Boca Raton so that you can get end-to-end support for any ownership-related disputes or tax-related issues.

Title Insurance Agency Boca Raton

by Capital Abstract & Title | November 22, 2020

Title insurance can help the homeowner resolve the ownership related disputes and title defects along with the required legal support to handle similar claims. Title insurance entitles you to get protection for 7 years against any such conflicts. If you wish to get your title insurance done, consider hiring services from Title Insurance Agency Boca Raton.

There are two types of title insurance policies.

Owner’s title insurance policy
The title insurance for the homeowners protects them against any legal title claim. The insurance provides legal and other assistance when someone sues the homeowner or says that they have claims on the property before the current owner’s purchase.

Lender’s title insurance policy
To protect their investment, lenders insure their property against fire and theft. Similarly, to protect their investment against any title-related disputes, title insurance is necessary.

What kind of title claims may arise?
1. Dispute on property inheritance.
2. Disagreements on the seller’s property selling rights.
3. Undisclosed lawsuits/liens discovered.

Benefits of title insurance

1. Covers the cost of litigation
Once the homeowners get title insurance, this would cover the litigation cost as well. Rest assured that legal expenses like documentation costs, settlement charges, legal procedure costs, etc. would be taken care of by the insurance company.

2. Saves your time, money, and effort
Insurance agencies also provide legal ‘out-of-the court’ settlement assistance and do whatever is legally needed to resolve the ownership dispute. Since the insurance company takes care of the cost and procedure, it can save your time money, and effort.

3. Protects the residential projects
Title insurance provides a protective shield to the developers and residential projects against any legal disputes. A residential project needs several months (or years) to complete, and if there’s any legal dispute discovered during the construction phase, it would be difficult for the developer to cover the costs.

No doubt, a title insurance policy is necessary for anyone who is dealing with real estate (property selling/lending/buying). To get the best quotes and hire the best lawyers, consider consulting Title Insurance Agency Boca Raton.