Buying and selling a farm, home or business can be confusing and expensive. At Jill Leopold Law and Ohio Premier Title and Escrow, we are certified through First American Title to help homebuyers and sellers, real estate agents and brokers, mortgage lenders, commercial property professionals, developers, title agencies and legal professionals. We successfully and efficiently handle all kinds of farming, residential, and commercial real estate transactions from start to finish.
Ohio Premier Title and Escrow provides a crucial role in facilitating a real estate transaction by ensuring that the property’s title is clear and can be legally transferred from the seller to the buyer. Here are the top duties that we perform in a typical real estate transaction:
1. Title Search:
Duty: We conduct a thorough examination of public records to verify the property's ownership history and uncover any outstanding liens, judgments, or other encumbrances.
Role: This helps ensure that the seller has a legal right to sell the property and that there are no undisclosed claims or issues that could affect the buyer's ownership rights.
2. Title Insurance:
Duty: We typically issue title insurance policies to both the lender and the buyer to protect them from financial losses arising from defects in the title.
Role: Title insurance provides coverage for issues that may not have been discovered during the title search, such as fraud, errors in public records, or undisclosed heirs.
3. Escrow Services:
Duty: We act as the escrow agent, holding funds and important documents on behalf of the parties involved in the transaction.
Role: The escrow process ensures a secure and neutral platform for the exchange of funds, deeds, and other important documents. The title company follows the instructions outlined in the purchase agreement.
4. Closing Services:
Duty: We coordinate and conduct the closing meeting, during which the necessary documents are signed, funds are disbursed, and the property is officially transferred from the seller to the buyer.
Role: The title company ensures that all aspects of the closing process comply with local laws and regulations, and it facilitates the smooth transfer of ownership.
5. Recording Documents:
Duty: After the closing, we are responsible for recording the necessary legal documents with the appropriate government authorities.
Role: Recording documents, such as the deed and mortgage, in the public records establishes the new ownership and lien positions and provides notice to the public of the property's change in status.
6. Resolution of Issues:
Duty: If issues arise during the title search or closing process, we work to resolve them before the transaction is completed.
Role: This may involve addressing outstanding debts, clearing up discrepancies in property records, or resolving disputes that could affect the property's title.
7. Providing Title Commitment:
Duty: We issue a title commitment, which outlines the conditions under which it will issue a title insurance policy.
Role: The title commitment is a commitment to insure the title once certain conditions are met, providing assurance to the parties involved in the transaction.
Ohio Premier Title and Escrow will ensure a smooth and legally sound transfer of real estate from seller to buyer, providing confidence and security to all parties involved in the transaction.