Primary functions handled by a closing attorney (part 4)
Settlement/Closing the Transaction
The title attorney will then conduct the closing of the transaction. At closing, Sellers will execute the deed and related documents, while then buyer signs a new loan package, if the sale is being financed. The seller, real estate professionals, attorneys and other parties to the transaction are paid.
Primary functions handled by a closing attorney (part 3)
After the title review, title opinion letters and/or title insurance commitments are issued. The title attorney will receive and review lender instructions/requirements, review instructions from other parties to transaction, review legal and loan documents, assemble charges, prepare closing statements, and set the closing.
Primary functions handled by a closing attorney (part 2)
During the title search and examination, title defects are found in more than one out of three residential real estate transactions. These defects are remedied or otherwise addressed by title professionals as a matter of course – a process that can be difficult, as well as costly. Homebuyers are often unaware that this important work is being done behind the scenes to protect their interests. The corrective work performed by title professionals also helps to uphold the integrity of the land records upon which our property registration system is built.
Primary functions handled by a closing attorney (part 1)
Title Search and Examination
At Andrus Boudreaux out highly trained title professionals conduct a search and examination of the public records to find and isolate title risks. As the records are generally indexed by name and not by property location, finding pertinent information can be tedious.
Public records, such as deeds, mortgages, paving assessment, liens, wills, divorce settlements and other documents affecting title to the property, are searched. Title examination is the examination of the documents found during the title search that affect the title to the property. This is when verification of the legal owner is made and the debts owed against the property are determined.
As we approach another month’s end, we remind you that fraudulent email wire scams are on the rise and these threat actors could be targeting your agency or your customer’s offices.