Buying a home is the most important investment that most people will ever make. Title insurance guarantees that a buyer will receive the ownership interest that was bargained for, and that the transfer of ownership is completed smoothly and expeditiously. It is the most effective, most accepted, and least expensive way to protect a buyer’s ownership rights.
Bosshardt Title will prepare a title search, which means searching the real estate records in the county where that particular piece of property is located. A title search will (1) determine the legal owner of the property; (2) reveal any mortgages, liens, judgments, or unpaid taxes that will have to be satisfied before the property is conveyed; and (3) detail any existing easements, restrictions, or leases of record that affect the property.
After the title search is completed, we will prepare a Commitment of Title Insurance to the lender and/or the prospective buyer. We then correct any problems and complete any necessary documents to ensure the purchaser can receive good title.
At closing, we will collect the purchase money funds from the buyer and lender as well as the settlement costs from each party. Bosshardt Title then pays all of the expenses of the transaction, pays off any existing mortgages, and pays the seller the net proceeds of sale. All of this is done in accordance with the HUD1 settlement statement. We have the ability to wire seller proceeds to their bank or issue them a check.
After the closing, we will record the legal documents (deed, mortgage, assignments, etc.) at the county courthouse and then return the original documents to the correct party. New owners receive their deed and original title insurance policy. The lender receives the original mortgage documents which they hold until the loan is paid in full. Once the loan is paid, the lender will release their lien against the property.