At Title Junction, we meet with many clients and handle numerous real estate closings every year. Some of our clients are veteran homebuyers and others are going through their first property purchase. Homebuyers and sellers alike sometimes wonder what the role of our Cape Coral title insurance agency plays in their transaction. What services do we provide to them? How does our work assist their transaction in going through? And whose interests do we represent?
Investigating Properties
A real estate title agency’s services may be best described by using the words investigation and facilitation. We investigate property histories and facilitate real estate closings.
One of the primary roles of our title agency is to conduct a derailed search of the public record for the property that is to be closed on. This search is called a title examination or a title search. Real estate title agencies will examine public records going as far back as the records exist to ensure that the property is unencumbered and legally available for sale. We look for things such as back taxes owed or liens on the property and research the ownership history, survey data and property tax history. This information is then compiled in a document called an Abstract of Title.
Facilitating Closings Through Notary And Other Services
In addition to investigating the history of the property, we also offer real estate closing services including Fort Myers escrow and notary services. At Title Junction, we handle residential and commercial real estate transactions by conducting title searches, acting as a closing agent, escrow agent or notary, providing title insurance or even hosting outside closings at our offices.
As the closing agent, a real estate title agent will oversee the transfer of interests, ownership and funds during the closing. The closing agent makes sure that no funds change hands until all of the necessary paperwork has been completed properly. If our title agency is also acting as the escrow agent, they have a fiduciary responsibility to hold the buyer’s escrow payment until the closing is complete.
Protecting Your Investment With Title Insurance
Last but not least, the real estate title agency often provides title insurance for the property. Title insurance is an indemnity policy that protects both the buyer and the lender from unforeseen claims as a result of past ownership activities. Separate policies are issued for the owner and lender and they will protect each party from financial loss due to claims that arise as a result of title problems. These one-time only policy purchases are paid for at closing.
Impartial Service Provider
Perhaps the greatest service a real estate title company can offer is its impartiality. The job of the title agent is to follow the rule of law, closing instructions, transaction documentation and to generally make sure everything is in order for the sale to close successfully. This impartiality safeguards everyone’s interest in the property and defines title agencies as a trustworthy place to do business.