Buying a home is the most important investment that most people will ever make. In addition to residential real estate, Bosshardt Title also handles vacant land and commercial transactions. 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 order 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 and not have to worry about another person having a claim to their property.
Our title software, Qualia, assists us with coordinating our closings with buyers, sellers, lenders, as well as the real estate agents in a secure manner. All closing information, is safely secured in Qualia. In addition, it allows us to connect all transaction parties to improve the closing experience with secure document exchange, messaging, information requests, and real-time automated updates on closing milestones.
Although Qualia provides an excellent portal for us and the parties to the transaction to communicate, Qualia’s number one focus is security. With two-factor authentication, virtualized single-tenant deployments, and other features implemented by its in-house information security experts, they continue to raise the bar for settlement software security.
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 settlement statement. We have the ability to wire seller proceeds to their bank or issue them a check. We offer the convenience of a wire transfer to sellers at no cost to them.
After the closing, we will record any 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.
What does title insurance cost?
Title insurance is based on the sales price or loan amount on the property. If you have an owner’s title insurance policy issued in the last three years, a seller is eligible for re-issue credit, a small savings. This savings is also eligible in a refinance transaction with no limit on the age of the owner’s policy. Our title quote tool (link) is a convenience way to estimate the closing costs for your closing. You can create an account where you can save the quote or you may choose to get a quick “instant quote.” Should you get a better quote elsewhere, please let us know and we will be happy to meet any legitimate quote for title services. Real Estate Professionals-you can download the app on your phone or ipad to have easy access to closing costs anywhere.