Transactional real estate services
As the in-house title company for SoBro Law Group, PLLC, Commerce Title & Escrow, LLC handles residential and commercial real estate purchases, sales, and refinances. From Memphis to Nashville to Johnson City, and all cities in between, Commerce Title & Escrow, LLC can assist owners and purchasers of property by facilitating the closing of real estate transactions. Commerce Title & Escrow, LLC can provide title searches of real property, drafting of deeds and deeds of trust, closing and settlement services, and issuance of title insurance polices through First American Title Insurance Company.
Commerce Title & Escrow, LLC is fully staffed with title professionals with over forty years of real estate and title insurance experience.
Contact Commerce Title & Escrow, LLC at (615) 515-7171 today to discuss the real estate closing process.
FREQUENTLY ASKED QUESTIONS (FAQs)
Q: What is a title search?
A: To be effective, a document affecting real property must be recorded in the Register's Office in the county in which the property is located. This includes deeds, mortgages, liens, judicial orders, etc. Prudent real estate purchasers should have a search conducted of these land records to determine the ownership of the property, any liens on the property, and any and all other documents that could affect the property. This search is called a title search, and is generally performed by a title company.
Q: What is title insurance?
A: Despite the recording requirements, sometimes documents affecting real property may not be recorded or discoverable in a title search. There may also be an error in a document affecting title or an error when a document gets recorded. Title insurance insures against these situations, to protect a purchaser's ownership rights in real property. Title insurance policies provide for defense or payment of claims to protect the insured's ownership of the property. Unlike most other insurance policies, the title insurance premium is only paid once, at acquisition of the property. A policy of title insurance will protect the insured as long as the insured owns the property.
Q: How much does title insurance cost?
A: Title insurance rates are set by the Commissioner of the State of Tennessee Department of Commerce and Insurance, and are uniform across the state. The rates are based upon the purchase price of the property for owner's policies and the amount of the mortgage, for loan policies.
Q: What is a deed?
A: A deed is the document that grants an owner the right to own real property. The deed generally must contain a description of the property, an original signature of the seller, and be notarized. There are three basic types of deeds: Warranty, Special Warranty, and Quitclaim, with the Warranty Deed being the most protective deed for a purchaser. Contact Commerce Title & Escrow, LLC for more information about the types of deeds.
Q: What is a deed of trust?
A: In Tennessee, when an owner of real property gets a mortgage, the deed of trust is used to secure the lender's loan. In the deed of trust, the borrower conveys title to the property to a third party, called the trustee, for benefit of the lender. The borrower is still allowed to occupy and utilize the property, subject to the promises and restrictions as contained in the deed of trust. Once the loan is paid off, the lender executes and records a release of the deed of trust, relinquishing ownership of the property to the borrower. Like a deed, a deed of trust is recorded in the Register's Office where the subject property is located.