Title Services & Title Insurance

A property title constitutes the legal instrument documenting a property’s legal ownership, typically formalized in the record of a property deed. Given that this instrument definitively establishes asset control, careful examination of its standing is requisite during any real estate closing. Steitzner Law Firm furnishes specialized title services and title insurance provisions intended to manage liability in these involved processes. For individuals acquiring property, an emerging title defect or challenge may result in serious financial exposure for the buyer. We advocate for the procurement of owner's title insurance to protect your investment against unforeseen claims. Additional documentation concerning the significance of this safeguard is provided below.

Title Examinations

A mandatory step in the property purchase process is the title examination, which must be completed before the designated real estate closing date. This crucial investigation is typically executed by a qualified real estate attorney or title professional. The objective is to verify the condition of the property title report and certify the existence of a clear title. This due diligence safeguards against hidden claims or title defects that might otherwise prevent the successful completion of the real estate transaction. While unlikely, any potential issues must be identified.

Potential Risks

A frequent title encumbrance arises when the subject property is held under multi-party ownership. Successful property transfer and real estate settlement require that all recorded owners execute the necessary legal documentation. Additional risk stems from a purchase executed without full disclosure of pertinent facts, specifically undisclosed liabilities such as delinquent property taxes. In such circumstances, the financial obligation for remuneration shifts to the purchaser.

What is Title Insurance?

Real estate professionals universally concur that securing title insurance provides necessary assurance for a property transaction. This specialized indemnity insurance offers property buyers critical protection from significant financial loss, primarily stemming from undiscovered title defects on the property being acquired. Such comprehensive coverage frequently addresses complex issues, which include outstanding back taxes, competing wills (heirship claims), and legal liens against the property.

Cost Effective Service

The common perspective that title insurance is superfluous, given the low frequency of claims, often results in its omission during a real estate transaction. This constitutes a considerable oversight. The typical premium for title insurance ranges from $500 to $3000. Although this represents an initial investment, the subsequent financial exposure stemming from an undisclosed property defect far surpasses this cost. Procuring this essential financial protection is a prudent step that substantially mitigates the risk of severe fiscal hardship.