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Title & Closing
Can Nuñez Law help me with Title Insurance? What is Title Insurance? Do I need it?
Title Insurance protects either a homeowner or a lender against a claim being made against the title to the property. An Owner’s Title Insurance Policy protects the purchaser against the cost of a title claim and the cost of having to defend such a claim. A Lender’s Title Insurance Policy similarly protects the lender against a claim and the expenses or loss that it could incur if a claim is made against the property upon which the lender has issued a loan. The premium for the Title Insurance Policy is paid once, and the Policy remains in effect for the entire time that the owner owns the property, or in the case of a lender, for the entire term of its mortgage.
What else does Title Insurance do?
The Title Insurance Policy also provides marketability coverage, which means that it also insures that an owner can sell his property free from any claims that would be covered by the Owner’s Title Insurance Policy.
What can Nuñez Law do for me?
Is the Title examination enough?
- Forged documents of ownership
- Deeds signed by mistake or under duress, which are subsequently challenged after closing
- Undisclosed prior mortgages or tax liens that were not satisfied by a previous owner
- A disgruntled partner or spouse challenging a transfer by his or her partner or spouse after the closing
- A misfiled or miss posted document by the clerk’s office which effects the title to the property, but which did not show up in the title records because of the misfiling
- A document being recorded during the “gap” period between the most recent update of title (which may be up to several weeks before closing) and the date of recording of the homeowner’s deed.
Is it a requirement to buy Title Insurance?
Almost every lender requires that a Lender’s Title Insurance Policy be issued, and the cost of that policy is generally borne by the homeowner. A homeowner is not required to purchase its own Owner’s Title Insurance Policy. However, it would be prudent for a homeowner to purchase its own coverage since the Lender’s Title Insurance Policy does not protect the homeowner, and when a mortgage is issued as part of a purchase transaction, the additional cost of issuing the Owner’s Title Insurance Policy is relatively nominal. In a transaction where no lender is involved, it is even more important that a homeowner purchase title insurance, since it is the homeowner’s total investment (as compared to only the down payment when a loan is involved) that is at risk in the event of a title claim. The one time premium for an Owner’s Title Insurance Policy is a very worthwhile investment in the security of your home.
Title Actions for Estate Planning
Whether it is a home sale or home purchase transaction, the closing process is the culmination of everyone’s efforts. The documents and figures must be precise. Large sums of money change hands. We understand the importance of the closing and conduct them in a professional and efficient manner. Whether it is one transaction or a hundred, it is attention to detail that matters. We manage the closing process; obtain closing figures and all necessary written documentation to ensure reasonable and customary closing fees. Our meticulousness provides peace of mind to our clients.
Document Preparation and Execution
As part of the home sale settlement service, Attorney Alina Nuñez Esq. provides legal document preparation. The review for proper execution is an important step in the closing management process that ensures that documents are executed properly for when the property is sold.As part of the home sale settlement service, Attorney Alina Nuñez Esq. provides legal document preparation. The review for proper execution is an important step in the closing management process that ensures that documents are executed properly for when the property is sold.