Commercial Title and Escrow
Commerce Title & Escrow handles residential and commercial real estate purchases, sales, and refinances. We can provide title searches of real property, drafting of deeds and deeds of trust, closing and settlement services, and issuance of title insurance policies through First American Title Insurance Company.
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What is a Property Title?
The term “title” refers to the legal rights of the owner to use and dispose of real property as the owner sees fit. Title is the blanket term to address ownership, which can be in several different formats, and any deeds, mortgages, leases and other items pertaining to or encumbering the real property.
Title for a property is held by the individual or entity which has legal ownership of the land. In the event a lender is involved in the purchase or refinance of real property, the buyer or borrower will execute a deed of trust pledging the real property as collateral. In the deed of trust, the buyer or borrower attests they have the right to pledge the real property as collateral for the loan being granted. The lender will hold the deed of trust until the mortgage secured by the deed of trust is paid in full.
Property Title Search
As part of any transaction, Commerce Title and Escrow, LLC will perform a title search which includes information about current and previous owners, use restrictions, transfers, encumbrances, easements of record and any other items filed for record which affect, or could affect, the real property. The primary purpose of the title search is to ascertain any potential issues or circumstances that could prevent the title from being properly conveyed to a new buyer. The title search should reveal information like:
- Unpaid taxes
- Unsatisfied mortgages
- Judgments against the seller
- Restrictions against the use of the land
What is Escrow?
Escrow refers to a third party involvement in a financial transaction, which usually equates to holding, distributing or administering funds pursuant to specific closing instructions. When purchasing and selling real property, a buyer should ensure that all conditions have been satisfied regarding any defects to title prior to the disbursement of funds. During a transaction involving real property, an escrow agent is obtained to safeguard the funds and remedy any and all outstanding items related to the transaction impartially until all the terms and conditions stipulated in the contract have been satisfied. Once all items are satisfied and completed, the escrow agent will provide the necessary information to all involved parties and distribute funds.
Escrow Agent and Closing a Purchase Transaction
Once all issues affecting title have been satisfied, the parties can commence the closing of the transaction. At closing, signatures are collected by all parties involved, and fees such as title premiums, loan balances and real estate commissions are paid. In addition, the title of the real property is transferred in accordance with the terms of the contract between the buyer and the seller.
Navigating the intricacies of purchasing, refinancing or selling real property requires professionals who can ensure the transaction moves forward efficiently. Contact Commerce Title & Escrow, LLC at (615) 515-7171 today to discuss the real estate closing process.