Services

Abstract Title offers an extensive list of services for all real estate transactions. We’re dedicated to delivering precise, timely, and thorough title services as a full-service title and closing company, ensuring you can finalize transactions with complete confidence.

TITLE SERVICES

Title Search and Examinations
Our team of title examiners conducts a comprehensive and meticulous search of property records, covering mortgages, deeds, tax liens, encroachments, and other potential liens. We also conduct name and bankruptcy searches to uncover additional liabilities. Our services include prior owner title searches as well as a 30-year title search.

The primary goal of a title search and examination is to detect any possible challenges or risks to your ownership rights. This process is essential before issuing title insurance.

Title Commitment
The title commitment, also referred to as a Commitment for Title Insurance, is a detailed document summarizing the findings from our title search. It serves as our guarantee to provide title insurance once any outstanding title issues (requirements) are resolved. Along with outlining exclusions like easements and encroachments, the title commitment communicates important information to both buyers and sellers regarding property concerns or obligations. Buyers are advised to scrutinize the exceptions listed in the title commitment as they can affect property usage. Sellers are required to collaborate with the closing company to address the requirements outlined in the title commitment.

Title Insurance
Title insurance safeguards the title of a property, shielding the policyholder from latent risks linked to the title. Such risks encompass forgery or fraud, issues with document execution or recording, and undisclosed property liens overlooked during the initial title investigation.

Title insurance ensures the title’s validity, available for issuance to lenders and owners. Lender’s Title Insurance safeguards lenders throughout the loan’s duration, while Owner’s Title Insurance protects owners from hidden risks during their entire home ownership. In addition, we provide Enhanced Owner’s Title Insurance for enhanced coverage.

TITLE INSURANCE

Lender’s Title Insurance Policy
Lender’s title insurance, also known as a loan policy, is a policy that protects the lender from financial loss due to defects in a property’s title. When you purchase a home and take out a mortgage, the lender will require you to buy a lender’s title insurance policy. This policy safeguards the lender’s interest in the property until the mortgage is paid off or refinanced.

Standard Owner’s Title Insurance Policy
A standard owner’s title insurance policy provides the same protection as a lender’s title insurance but extends it to the buyer. It covers the most common risks to your title and remains effective for as long as you own the property, not just during the loan period. This coverage also applies to anyone who inherits the property, acts as a trustee of an estate-planning trust, or becomes a beneficiary of the trust.

• Standard owner’s title insurance covers unforeseen risks to your title, such as:
• Ownership Disputes: Protects against claims by others asserting they have ownership rights to the property.
• Liens: Covers existing unpaid mortgages, judgments, or other liens against the property that could affect ownership.
• Easements and Encroachments: Protects against issues like undisclosed easements or encroachments that could affect the use of the property.
• Title Defects: Covers any defects in the title that were not discovered during the title search, such as forgery, fraud, or mistakes in the public record.
• Public Record Errors: Protects against errors or omissions in deeds.

Enhanced Owner’s Title Insurance Policy
The enhanced policy broadens the protection provided by the standard owner’s policy. It encompasses all the coverage offered by the standard policy and provides additional coverage for various uncommon hidden risks to your title.

In addition to the standard protections, an enhanced policy often includes:

• Post-Policy Forgery: Coverage for forgeries that occur after the policy is issued.
• Post-Policy Encroachments: Protection against encroachments onto the insured property after the policy is issued.
• Building Permit Violations: Coverage for issues arising from building permit violations by previous owners.
• Zoning Law Violations: Protection against losses due to zoning law violations by previous owners.
• Subdivision Law Violations: Coverage for losses due to violations of subdivision laws by previous owners.
• Enhanced Access: Coverage ensuring legal access to the property.
• Covenants and Restrictions Violations: Protection against violations of restrictive covenants or agreements.
• Living Trusts: Coverage extends to living trusts established by the property owner.
• Improved Marketability: Increases coverage amount as the property value appreciates, often by a specific percentage annually, for a set period.

TYPES OF CLOSINGS

• Residential
• Commercial
• Refinances
• Investments
• For Sale By Owner (FSBO)
• Short Sales
• Land
• 1031 tax exchanges
• Estates

PREPARING THE CLOSING PACKAGE

• Deed preparation
• Power of Attorney preparation
• Estate documents preparation
• Property tax payoffs
• Mortgage payoff orders
• Termite letters
• Ordering title
• Closing settlement statements
• Resolving title issues
• Buyer Estimates
• Title Search and Examinations
• Obtaining releases of lien
• Preparing releases of lien
• Notary Services

CLOSING OPTIONS

• In-office closings
• Mail-away closings
• Travel closings (contact to discuss)

ESCROW SERVICES

• Hold earnest money deposits for clients
• Hold earnest money for estate purchases

No matter your real estate settlement needs, we can help. Contact us to learn more.