How Trademark Title Service Serves Minneapolis St. Paul Buyers & Sellers
In the vast majority of real estate transactions, real estate agents and brokers work with buyers and sellers to come to an agreement on the sale and purchase of a property. This process involves many negotiations and is quite complex. That process is what most people think of when they think about buying or selling real estate. It’s the most visible part of every transaction.
Once an agreement is reached, however, the process is really just beginning. With a purchase agreement signed, the process is turned over to a Title Services Company. Working behind the scenes, a lot happens during what is commonly know as the Escrow Period. This process takes some time, typically a month or two, to complete. It can be a time of some anxiety for both buyer and seller, so understanding the process may help. Some of the activities going on at a Title Services Company, like Trademark Title Services, include:
- Prepare a Title Abstract – Through a complete search of all public records and recorded documents regarding the property in question, the title company will verify the current ownership of the property, discover any mortgages, liens, easements, tax liabilities, and other issues that must be dealt with before the property can change hands.
- Prepare a Title Opinion Letter or Commitment of Title Insurance – These documents lay out, in detail, all issues that must be resolved before title to the property can be properly transferred. The Title Services Company will prepare documents and take actions to assist in this process, and will communicate with all parties on progress, typically through the buyer’s and seller’s real estate agent.
- Preparation for Closing – A multitude of documents must be carefully and accurately prepared and assembled for the actual closing. A Closing Statement, often called a HUD-1, is also prepared, which details all costs and charges and all amounts that must be paid off at the time of closing, such as existing mortgages and liens. Some of these charges and fees are date-dependent, so timing is crucial and the closing will be set for a specific date.
- Communication – Throughout this process, communication between the Title Services Company and the parties to the transaction is an ongoing process. Meeting the closing date depends on everyone doing his or her part on a tight schedule, so communications are crucial. Equally important is a full understanding on the part of all parties of every aspect of the transaction. A good Title Services Company makes sure everyone understands what is going on at all times, and explains each step clearly and completely.
- Carry Out The Closing – At the closing, usually held at the premises of the Title Services Company, documents are exchanged, signatures are made, and funds are distributed, according to the details of the individual transaction, as described in the closing statement. All of this takes some time, but a well-organized closing goes smoothly and without difficulties. Much depends on the skills and expertise of the individual, called the Closer, who works for the Title Services Company.
- Post Closing Actions – After the closing is complete, the Title Services Company records all legal documents with the county in which the property is located and distributes the original documents to the correct parties. The new owner receives the deed, which should be stored in a safe place. The lender or lenders receive their mortgage agreements to hold until the mortgages are fully paid.
At every step of this process, issues can arise to cause setbacks. To assure a successful, on time closing, choosing the right Title Services Company is a critical decision. Real Estate transactions can be complex and anxiety-ridden, so choose your Title Services Company carefully.
Trademark Title Services – Minnesota Top-Rated Title Company
In the Minneapolis St. Paul area, Trademark Title Services, is known as one of the most reliable, helpful, accurate, and efficient Title Services Company anywhere. Our years of experience, our expert staff, and our commitment to accuracy, good communications, and on-time closings make us a natural choice for any real estate transaction. It’s your right, as a buyer, to choose the Title Services Company for your transaction. Contact us when you’re in the market for real estate and let us show you why selecting Trademark Title Services is the best choice you can make.