Have You Asked For Your M&M Title?
When a property is financed, bought or sold, a record of that transaction is generally filed in public archives. Likewise, records of other events that may affect the ownership of a property, like liens or levies, are also archived. M&M Title, as your title insurance company, searches these records to find and if necessary correct different types of ownership issues. If you take out a mortgage loan when you buy your property, your lender will require a loan policy of title insurance. Below are some of the Services we are able to provide with explanations of each.
Services
Title Insurance Policies
Title insurance protects property buyers and mortgage lenders against defects or problems with a title when there is a transfer of property ownership. If a title dispute arises during a sale, the title insurance company may be responsible for paying specified legal damages, depending on the policy.
Residential Real Estate Closings
A real estate closing – also known as a “settlement” – is the point in time at which the title to the property is transferred from the seller to the buyer. If the buyer is fianncing the purchase, this is also the time the mortgage will be given to the lender. A closing agent acts as a clearing house for the parties’ funds and information necessary to close the transaction.
Commercial Closings
The closing on a commercial piece of property is very different from the closing on a home. Issues related to the use of the property, the development of the property and the existing tenants generally need to be addressed.
Refinance Closings
Refinancing your mortgage on your home can be a great way to lower your payments, lower your rate or shorten your payment schedule.
1031 Exchange Transactions
The term 1031 Exchange is defined under section 1031 of the IRS Code. To put it simply, this strategy allows an investor to “defer” paying capital gains taxes on an investment property when it is sold, as long another “like-kind property” is purchased with the profit gained by the sale of the first property.
Construction
When home buyers are purchasing a newly constructed single-family residence, they may wonder why they need to pay for title insurance on property that no one has ever owned? The answer is fairly simple: While buyers may be the first owners of this newly constructed residence, chances are there were prior owners of the land upon which the residence was built. A title search is the safest way to discover the existence of any liens against the formerly unimproved land.