Below is a list of the more common steps involved in a residential transaction.
Your situation may vary and it is best to contact your real estate professional for more information.
Find a Home
Agent Presents Offer
Submit Loan Application
Obtain Homeowners Insurance
If applicable, obtain Home Warranty insurance Sign Documents
Buying or selling a home is, for most people, the largest financial endeavor they will ever undertake. You need to secure the professional services of a title company to efficiently and accurately handle this important transaction. The experienced staff at Lawyers Title has been helping to settle real estate loans for buyers and borrowers in Minnesota for more than 30 years.
Lawyers Title will perform a “Title Search” which requires searching the real estate records in the county where that particular piece of property is located. The 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 that affect the property.
After the Title Search is completed, Lawyers Title will issue a Title Insurance Commitment. The title insurance commitment will set forth all things that need to be completed, and any Title issues that need to be corrected before the sale or refinance can be completed.
Title insurance is protection against loss or damage arising from Title problems to your property. The home you are purchasing probably was owned by others before your purchase and the land upon which it is located may have had many more prior owners. There may be a weak link at any point in that chain of Title that could emerge to cause trouble. For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party against loss or damage that could arise out of such problems.
Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all institutional lenders also require title insurance to protect their interest in loans secured by real estate.