Prior to every closing, our staff ensures that the property that you’re looking to purchase is free from normal defects, such as liens, mortgages/deeds of trust, judgments, and the like. A judgment or a tax lien from a prior owner can cause a cloud on title and make a property uninsurable or unmarketable. At Steltzner Law Firm, our job is to protect our clients from these defects, and utilize our skill to mitigate or cure those latent defects.
Yet whatever tools we have at our disposal, there is always still some risk in every real estate transaction. In every purchase closing, we automatically arrange for the purchase of an Owner’s Title Insurance Policy on your behalf which is designed to protect you against defects in the chain of title that could not have been discovered by an adequate and thorough title search. Title insurance pays money damages to people and companies, reimburses rightful owners, or pays to fix problems with regards to the title to your property. The most common issues are:
Title insurance is a one-time premium, paid at closing, and the policy is in force until you sell the property.
We strongly recommend that you purchase a policy in title insurance; while defects that trigger a payout to you are rare, it will cost you at least ten times the amount of the premium to simply engage legal counsel for defense of your title, not to mention the cost of litigation.
If you are purchasing a home with a lender, you will require you to purchase a lender’s title insurance policy (If you’re trying to save money in a closing, refusing to purchase an owner’s title insurance policy is not the way to do it; the cost savings is only about $100 in most cases, and leaves you without important protections).
PLEASE NOTE: the purchase of an owner’s policy at closing may entitle you, upon proof shown of the purchase of that policy, to obtain a “reissue” rate (up to 50% off the premium) for title insurance if you decide to refinance your property.
Safeguarding client funds is our number one priority. The Steltzner Law Firm can also provide the services of an Escrow Agent to hold funds in the event of seller financing, private mortgage funds waiting for closing, or private investor monies used as construction funds holdover. Please let us know how we can best assist you and your transaction.