Title Search And Property Reports
Title searches and opinions can be utilized when a client would just like to see what is tied to a given property. A title search will provide you with all the documents the title company uses to clear title and see what the current deed states, mortgages, liens, tax information and more.
If you need a title opinion the title company can type up all this information for you in an easy-to-read report! We have customers who use title opinions prior to auctions, tax sales, or even before taking a property on a quit claim. To order a title search or property report please contact the office or send the information to orders@keytitle.net
Deed Preparation
The drafted document that conveys the property from the seller to the buyer and states the warranties and rights that the seller is granting the buyer.
Warranty Deed
There are several ways to transfer real estate title. A warranty real estate deed transfer is the most common type of deed used when properly is sold to a third party in a typical real estate transaction. A warranty deed promises that the person transferring the property has good title to it and the right to sell it. It includes protections for the buyer, such as compensation if there is anyone else who holds superior title to the property. This type of deed promises that there are no liens on the property such as a mortgage, tax lien, or creditor’s liens. During a typical closing a warranty deed is executed, a title search is conducted to verify the seller has good title. Title insurance is usually purchased as part of the sale to protect the new owner if there is a problem.
Quit Claim Deed
If you’re seeking to transfer ownership of property, a quitclaim deed is a fast and easy method but it’s only recommended in certain circumstances. Quitclaim deeds are most used when property is transferred without a traditional sale.
Examples include:
* When property is transferred between family members
* Between married spouses
* Between divorcing spouses
* When property is being transferred into a living trust
* When property is being transferred to a new entity name owned by the same individuals
The deed transfer is done simply and there is no title search or title insurance used. It is fast and easy. Quitclaim deeds are not used for real estate sales, because the new owner receives no guarantees about the title and how valid it is. To find out what is needed to prepare a quit claim deed please contact the office or email info@keytitle.net
Real Estate Purchase Transactions
A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title.
An Owner’s Policy of title insurance insures you against actual loss you suffer resulting from certain title risks covered by the policy, if those title risks affect your property on the effective date of the policy.
The following is a list of the title risks covered by an Owner’s Policy:
- Someone else owns an interest in your title, and that person’s interest is not listed in the policy.
- A document affecting your title was not properly signed, sealed, acknowledged or delivered.
- Forgery, fraud, duress, incompetency, incapacity or impersonation.
- Defective recording of any document.
- You do not have any legal right of access to and from the land.
- There are restrictive covenants limiting your use of the land, unless we listed those restrictions in your policy.
- There is a lien on your title because of a mortgage, judgment, tax or special assessment, or a charge by a homeowner’s or condominium association, unless we listed those liens in your policy.
- There are liens on your title, arising now or later, for labor and/or material furnished before the effective date of the policy, unless you agreed to pay for the labor and/or material.
- Other people have rights arising out of recorded leases, contracts or options, unless we listed those recorded documents in your policy.
- Someone else has a recorded easement or servitude on your land, unless we listed those recorded documents in your policy.
- Your title is unmarketable, which allows another person to refuse to carry out a contract to purchase, to lease or to make a mortgage loan in connection with your property.
- Other defects, liens or encumbrances not listed as exceptions in the policy.
Additionally, depending upon the type of Owner’s Policy you purchase, you may also be covered against the following title risks:
a) You are forced to remove your existing structure, other than a boundary wall or fence, because it extends on to adjoining land or on to any easement, violates a restriction listed in Schedule B of the policy, or violates an existing zoning law.
b) You cannot use the land because use as a single-family residence violates a restriction shown in Schedule B of the policy or an existing zoning law.
At Key Tile we also maintain an escrow account — this account contain the funds needed to close on the home — to ensure that this money is used only for settlement and closing costs, and may conduct the formal closing on the home. At the closing, a settlement will bring all the necessary documentation, explain it to the parties, collect closing costs and distribute monies. Finally Key Title & Escrow ensures the new titles, deeds and other documents are filed with the appropriate entities.
Refinancing Transactions
When you want to refinance a home, a title company will search the public records to confirm ownership. Usually, you will not be issued a new title at the end of the process. An owner’s policy is only brought at the original closing. For each separate loan transaction, only a loan policy is purchased. While Key Title cannot provide the funding for a refinance, we can work with your lender to execute the loan.
Key Title can also offer a witness closing or mobile notary closing for lender packages if requested.
Assignment Contracts
One of the most common questions we receive while working with investors is “Do you work with assignment contracts?” The answerer to this is YES! Key title works with investors and wholesalers alike to successfully fulfill assignment of contracts. Please continue reading to see how we can work together to complete your deal.
What Key Title Can offer
* A staff that is well versed in wholesaling and assignment contracts. We know how to work with sellers to move the deal forward.
* Sell specific settlement statement that only discloses sellers closing cost.
* Cash buyers can close remotely and completely digitally.
* Familiarity with creative financing such as Subject To deals and owner financing.
What Key Does Not Offer
* Same Day Double Closings – Key Title’s best practice is to have a three-day waiting period between closings to make sure that the new title can be recorded, and the property is searched again to confirm no new leans or judgments.
* End Buyers Funds to close first closing – When doing a A-C transaction, the funds from the end buyer cannot be used to close A to B. This can create issues when releasing funds for the initial transaction. If you need bridge funding you will have to find that prior to scheduling closings.
* A list of Buyers – Key Title is obligated to protect personal information of all our buyers and sellers. We will not provide any information regarding buyers we work with.
* Private Lenders Information –Just like our buyers and sellers we cannot provide a list of private investors. *Some formal institutions can work with assignment contracts, but it has to be disclosed to them at the beginning of the deal.