A title search is a search through all public records to determine whether there are any defects or clouds on the title. For example, there may be liens on the property. Timber rights may have been sold 50 years ago to a lumber company and the trees belong to them. You don't want to discover that fact by looking out your window one morning and seeing a lumber crew cutting down all “your“ trees!
Who owns the mineral rights? Who owns the gas and oil rights? The property might be tied up in a lawsuit or divorce proceedings, or there may be an old lien on the property. All kinds of things can happen to a title over time!
The best proof of title ownership isn't the actual deed to a piece of property, but a solid title insurance policy issued through a reputable title insurance company.
Title insurance will protect you and your family from losses that arise from defects in the title.
A title insurance company will review the public records and determine whether the title is insurable. If so, a policy is issued. Unlike regular insurance policies that protect you against a possible event in the future, title insurance protects you from an event that may have occurred in the past.
The title insurance company will defend any lawsuit based on an insurable defect. Standard coverage normally insures the title as it is known from the public records, as well as hidden defects such as forged documents, incorrect marital status, name errors, or improperly delivered deeds. Extended coverage protects against defects that may be discovered by a property inspection, examination of a survey, and some types of unrecorded liens.
Zen Settlement LLC is a fully insured Title Insurance Agency offering Title Insurance to clients in the Cambria and surrounding counties.
As an independent title insurance agency, our focus is to ensure that you have a clear and clean title before purchasing your next property.
Title insurance is underwritten by Old Republic National Title Insurance Company which has been serving the real estate and mortgage industry since 1907. They have a solid reputation and is an industry leader in many aspects. ORNTIC's Executive Administration offices are located in Tampa, FL. For more information, visit www.oldrepublictitle.com!
Tax Certifications attests that all of the late taxes and fees on a property have been paid in full. This certificate is the legal document that relieves the mortgage holder of further tax lien payments. The document is also required in order to complete a sale on a property.
A Municipal Lien Search will thoroughly investigate any violations, permits, unrecorded liens, taxes and utilities that are associated with the property. Even with the increasing sales of foreclosures in this current market, the bank’s title insurance agents are not conducting Municipal Lien Searches on properties. There is no one party that bears the responsibility of ordering such a report so it often gets overlooked. The assumption would be that the closing agent is informed enough to advise on such matters but this is not always the case. Nevertheless, it is ultimately the buyer’s responsibility to obtain this information. When purchasing a foreclosed home, a prudent buyer will ask to see if a Municipal Lien Search has been ordered. It is well worth the small price tag to research this vital information that can possibly save thousands of dollars and many headaches in the future.
A statement prepared by a lender showing the remaining terms on a mortgage or other loan. The payoff statement shows the remaining loan balance and number of payments and the rate of interest. It also states the amount of interest that will be rebated due to prepayment by the borrower. Also referred to as letters of demand.
Preparation of all the documents necessary to consumnate the real estate transaction.
The closing agent creates lines of communication between many parties for the real estate closing. The agent not only talks with lenders, buyers and seller, but may coordinate with real estate brokers, surveyors, merchants or parties that hold judgments that have attached to the real estate, the seller’s mortgage holder (payoff request), the purchaser’s prospective homeowner’s insurance company, the county tax department, adjoining property owners, home inspectors, contractors, homeowner associations and seller’s attorney. The closing attorney has to remain mindful of all the issues that must be addressed for the closing transaction to correctly reach its finality, but must also often times communicate with multiple parties to coordinate the timely close of the transaction. A great deal of the coordinating and communicating occurs throughout, but is most significant when the closing agent starts preparation of the settlement statement for closing and must account with multiple parties on dates and dollar amounts for closing.
A notary is a publicly commissioned official, also referred to as a "notary public." The main duty of a notary is to serve as an impartial witness to the signing of a legal document. Notaries cannot refuse to witness a document based on race, nationality, religion or sex. Document signings where consumers are likely to need the services of a notary include real estate deeds, affidavits, wills, trusts and powers of attorney. The main reason a notary is used is to deter fraud.