Galaxy Title and Escrow is a title, closing, and escrow company in South Florida. We help buyers, sellers, lenders, and real estate agents during the transaction process of homes and properties. Find answers to your questions about what a title company does for you, or call our team today for expert advice.
What Does a Title Company Do?
A title company plays a crucial role in real estate transactions. It conducts a thorough examination of a property’s history, known as a title search, to ensure that the property can be legally transferred from the seller to the buyer. The title company also facilitates the closing process, ensuring that all necessary documents are properly executed, and it typically offers title insurance to protect the parties involved in the transaction.
In real estate, a title refers to the legal ownership rights to a property. It is a document that establishes the rights of ownership and any associated legal interests or claims on a property.
Title insurance is a type of insurance policy that protects both the buyer and the lender in a real estate transaction. Getting title insurance in Florida will safeguard against financial loss or legal issues that may arise due to defects, disputes, or undisclosed property title claims. Title insurance policies cover events before the property was purchased, such as unpaid liens or undisclosed heirs.
Yes, there are two primary types of title insurance policies:
Owner’s Title Insurance: This policy protects the property owner against financial losses and legal issues related to the property’s title. It typically lasts for as long as the property owner holds an interest in the property.
Lender’s Title Insurance: Lender’s title insurance, also known as a loan policy, protects the mortgage lender’s financial interest in the property. It is usually a requirement for obtaining a mortgage loan and remains in effect until the loan is paid off or refinanced.
A title search is a thorough examination of public records to determine the legal ownership of a property and identify any potential issues or claims on the property’s title. Galaxy Title & Escrow can help you get a title search in Florida.
A title search can reveal various issues, including unpaid liens, unresolved legal disputes, outstanding mortgages, property boundary disputes, and any other claims or encumbrances that could affect the property’s ownership.
While a title search is comprehensive, it may not uncover certain hidden or undisclosed defects, fraud, or issues that have not been recorded in public records. This is where title insurance comes into play.
Title insurance provides financial protection in case of undiscovered title defects, disputes, or hidden issues. It safeguards against financial loss or legal problems related to the property’s title that may arise after the purchase.
Closing is the final step in a real estate transaction when the property’s ownership is transferred from the seller to the buyer. It involves the signing of all necessary documents, payment of closing costs, and the exchange of keys.
No, not all title companies are closing companies, but our team offers closing, title, and escrow services in Florida. While title companies often handle title search and insurance, closing services can be provided separately or as part of the same company’s services.
Yes, many title companies also provide escrow services. Escrow involves holding funds and important documents during a real estate transaction until all conditions are met and the deal can be closed.
Real estate agents typically have some knowledge of the title process but may not be experts. They can provide general information about the title and recommend title companies.
No, title insurance is typically a one-time premium paid at the closing of a real estate transaction. There are no monthly payments for title insurance.
In many real estate transactions, the buyer has the option to choose the title company. However, this can vary depending on local customs and the terms of the sales contract. We can provide guidance on how to pick a title company, whether it’s us or another company.
Transferring the title to real estate is more complex than transferring titles to other items because real estate involves legal rights, encumbrances, and various public records that must be thoroughly examined and documented to ensure a clear and legal transfer of ownership.
The closing agent, often a title company or closing attorney, is responsible for facilitating the real estate closing process. This includes preparing and reviewing documents, ensuring all parties sign and notarize documents, handling the transfer of funds, and recording the transaction with the appropriate authorities.
A title company primarily handles the title search, issues title insurance, and facilitates the closing process. A closing attorney, on the other hand, is a legal professional who can perform the same functions as a title company but also offers legal advice and representation during the transaction, making sure all legal aspects are in order.
The choice between a title company and a closing attorney depends on local practices and personal preferences. When you choose Galaxy Title & Escrow to help you, we have title experts and a licensed attorney on our team.
Pre-closing procedures involve tasks such as a title search, property inspection, finalizing the loan, preparing closing documents, and addressing any outstanding issues to ensure a smooth closing process.
At the closing table, the buyer, seller, and their respective representatives gather to sign all necessary documents, including the deed, mortgage, and other legal paperwork. Funds are exchanged, and ownership of the property is transferred from the seller to the buyer.
After the closing, the title company typically records the deed and mortgage with the appropriate government office. The buyer receives the keys to the property, and the seller receives the proceeds from the sale.
Mitchell has been a licensed attorney since 2014 and has practiced in both the transactional and litigation fields of law. His experience allows him to approach every transaction with a depth of knowledge and practical experience most attorneys do not possess. Mitchell prides himself on providing top notch service to his clients.