Insanity And Incompetence - St. Petersburg, Florida

For Sellers

The Process: six steps in transferring a land title

• Order Taken: An escrow contract starts this process.
• Tax Check: What taxes are owned on the property? The various escrow collectors are contracted.
• Title Search: Copies of documents are gathered from various public records: deeds and notes, assessments, liens, wills and divorces, settlements, etc.
• The Examination: Verification of the legal owners and debts owed.
• Data Entry: Forms are prepared for settlement.
• The Settlement: Escrow officers oversee closing of transactions: Owners convey deed, buyers sign new mortgage. Old loan is paid off and new loan is set up. Seller, realtors, attorneys, title company and other are paid.

Assisting the Seller

One specialty of our office is closing Real Estate Sales/Purchases. We are well prepared to assist you in the sale of your real estate and strive to make the entire process easy and stress free for you.

Some of the services we provide when assisting sellers are:

• Upon receipt of the signed Sales Contract we order the Title Search
• Examine Title
• Order payoffs for existing mortgage, liens, etc shown on Title Search
• Assist you in resolving any issues found on Title Search
• Schedule closing
• Prepare documents for conveyance, deed, settlement statement, etc
• Answer any questions you may have regarding the closing process

Title is the legal term for ownership of property. It is the owner's right to possess and use the property.

Because land is permanent and can have many owners over the years, various rights in land (such as mineral, air or utility rights) may have been acquired by others by the time you come into possession of it, even if the land has never before been built upon. So in order to transfer a clear title to a piece of land, it is first necessary to determine whether any rights are outstanding.

A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller's right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.

A title search can show a number of title defects and liens, as well as other encumbrances and restrictions. Among these are unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of the land.

There are some "hidden hazards" that even the most diligent title search may never reveal. For instance, the previous owner could have incorrectly stated his or her marital status, resulting in a possible claim by a legal spouse. Other "hidden hazards" include fraud and forgery, defective deeds, mental incompetence, confusion due to similar or identical names and clerical errors in the records. These defects can arise after you have purchased your home and can jeopardize your right to ownership.

Title insurance is your policy of protection against loss if any of these problems - even a "hidden hazard" - results in a claim against your ownership. In an extreme case, you could lose your entire home and property - and still be liable to pay off the balance of your mortgage. Most claims aren't that dramatic, but even the smallest claim can cost you time, money and aggravation, and you may have to pay costs for a legal defense.

If a claim is made against your property, title insurance will, in accordance with the terms of your policy, assure you of a legal defense - and pay all court costs and related fees. Also, if the claim proves valid, you will be reimbursed for your actual loss up to the face amount of the policy.