Title Insurance
Title insurance is a type of coverage that protects homeowners and lenders from financial losses due to defects or issues with the property’s title that were unknown at the time of purchase. In essence, title insurance acts as a safety net, shielding homeowners from the financial and legal risks posed by hidden title defects that even the most diligent search might have missed. It’s a crucial way to protect one of life’s most significant investments.
A home investment title closing is the final step in the real estate transaction process where the title agent ensures that the property’s title is transferred from the seller to the buyer smoothly and legally. During the closing, all necessary documents are reviewed and signed by both parties, including the sales contract, mortgage agreement (if applicable), and various disclosures. The title agent also collects and distributes funds, including the purchase price and closing costs. Once all documents are signed, funds are transferred, and the title is officially transferred, the transaction is considered closed, and the buyer becomes the new owner of the property.
When you refinance your home, you are paying off any existing mortgages and obtaining a new mortgage. Refinancing your home may allow you to lower the interest rate, lower the monthly payment and shorten the length of the loan. If there is equity in your home, you can also borrow enough to pay off the current loan plus extra to pay off other debts (high interest credit or installment accounts) etc. , apply to renovation or other home improvement projects.
A for sale by owner (FSBO) title insurance closing involves facilitating the transfer of property ownership directly between the seller and buyer without the involvement of a real estate agent. Royal Title will ensure that the title to the property is clear of any liens, encumbrances, or other issues that could affect the buyer’s rights. This typically entails conducting a thorough examination of public records to identify and resolve any potential issues. A title insurance policy is issued to protect the buyer’s investment in the property. This closing represents the culmination of the FSBO transaction, providing reassurance and security to both the buyer and seller.
Conducting a thorough title search to identify any potential issues, liens, or encumbrances on the property’s title that could impact the transfer of ownership. Royal Title ensures the title is clear and marketable before issuing title insurance policies that protect both the buyer and lender’s interests. They coordinate and manage the entire closing process, including preparing and reviewing all necessary documentation, calculating costs and disbursements, and acting as an impartial third-party to oversee the proper exchange of funds and transfer of the deed. With their expertise in commercial real estate transactions, Royal Title guides all parties through the complexities of the closing, negotiates the resolution of any title defects discovered, and ultimately certifies the property’s title is properly vested in the new owner upon completion.