HOW IT ALL WORKS

Boomerang Title coordinates all parties in a real estate transaction, including the buyers, sellers, mortgage lender and real estate agents. Our team organizes a successful closing process.    

 

After the real estate contract is ratified, it is sent to us to begin the title process, which involves the following steps:

 

 

1) Title abstract: We research the title to the property through a title abstract, which provides a history of the property and its ownership. It is our job to examine the title and clear any liens or claims on the property so that the new buyer receives insurable title to their new property.

 

2) Property taxes: We verify with the local or state taxing authority that the property taxes have been paid. Similarly, we check with the water company and Homeowners Association to confirm that all payments are current. On the ALTA Settlement statement, we will prorate the amounts based on the settlement date and agreed terms.

 

3) Title insurance policy: We issue title insurance policies for both lenders and borrowers. 

 

There are two types of Title Insurance:

Lender’s, which is required by the mortgage company and protects the lender’s investment in the property; and Owner’s, which may be purchased at settlement for the benefit of the new owner.

 

It is strongly recommended that all buyers receive an owner’s title insurance policy which protects them against covered unforeseen claims, hidden risks, or fraud against the property. The insurance policy provides protection from financial loss as well as payment of legal costs necessary to clear covered claims.

 

4.) Documents for closing: We coordinate with the mortgage lender to receive the loan documents for closing. Once received, we review all forms and comply with the lender requirements for closing. With these documents, we are then able to complete the Settlement Statement.

 

The settlement statement is one of the most important documents to sign because it details all of the costs associated with the purchase and sale of the property. We also prepare or incorporate any other documents necessary to comply with state and federal laws.

 

5.) Closing: At closing, all documents are explained to all parties prior to signing.  After closing, we disburse all the monies collected at settlement reflected on the settlement statement. We also pay off and release the existing mortgages on the property and prepare the loan documents to be returned to the lender.

 

6.) Documents recorded in the courthouse: It is our responsibility to make sure all documents are properly recorded in the courthouse, such as the new deed and mortgage. We also prepare the deed and other documents necessary to comply with state and federal laws.

 

 

Have questions on the process?  Connect with us HERE. 

 

REAL ESTATE TRANSACTIONS

 

As the largest investment most will ever make, real estate transactions have been the premier focus of Boomerang Title's client service. We have successfully advised clients in these transactions involving the purchase, sale or refinance of a home or commercial real estate property.  

 

Each of our staff has extensive experience with the complete closing process including title work, title insurance, and settlement. We have a national network of title searchers and traveling closers enabling us to complete real estate transactions anywhere in the United States.

 

Why Do You Need A Title Search?

 

Title searches reveal problems on more than a third of all residential real estate transactions.

Our team will search public records for debts, legal judgments, and other homeownership issues to give you peace of mind in your investment.

Some of the items reviewed include:  prior deeds,  mortgages,  divorce decrees,  court judgments,  delinquent taxes,  child support payments                                                                                        

We also search for covenants, conditions, restrictions, and other types of easements. When an issue is discovered, we handle it immediately. 

 

UNKNOWN ISSUES 

Some title issues are not apparent from a review of the public record. Title insurance provides coverage for undisclosed title defects that might later result in a claim.

Unknown events include:  forgery,  documents signed by minors or someone incompetent,  deeds executed under an expired power of attorney,  errors on the public record

 

This work is necessary to issue the insurance policy and often includes the cost of conducting a title search, examination, correcting errors, issuing the policy, and, frequently, the settlement or closing for consumers.

An owner’s policy protects against these additional items.* 

 

*Content provided by http://www.homeclosing101.org/protect-your-property-rights/