Author: Capital Abstract & Title

Infographic: Why You Should Buy Title Insurance

by Capital Abstract & Title | September 25, 2019

This infographic titled ‘Benefits of Title Insurance’ lists the benefits of buying title insurance for both the property purchaser and the mortgage lender. A property title is proof of the land’s ownership. Title insurance is meant to protect the property owner against any loss due to a claim on the property.

Benefits for the purchaser

Personal protection: Title insurance provides protection against loss to the property owner in case of property title fraud. Any threat to the property title will jeopardize the investment in the property.

Group protection: If the land was bought for a commercial purpose any threats to the property title will affect the purchasing company. Commercial properties are typically quite expensive and the financial ramifications to investors could be considerable.

Protection for heirs: Title insurance also protects future generations for as long as they hold the property and even after it’s sold by a warranty deed.

Benefits for mortgage lenders

Protection against financial loss: A mortgage lender’s return depends on the property owner’s ability to pay back the loan. A financial loss to the purchaser will directly affect the owner’s ability to pay back the mortgage, resulting in loss of investment.

Protection for investors: Any threats to the title ownership also threaten the interests of the mortgage lender’s investors.

Protection for the life of the loan: Title insurance protects the lender as long as the mortgage remains unsatisfied.

For more information, please refer to the infographic below.

Title Insurance — What it is & Why You need it

by Capital Abstract & Title | September 24, 2019

One of the terms you will hear often when you are buying a property is title and title insurance. A property title is the proof of your ownership. When the ownership of a property is transferred, a record of transfer of title is recorded in the public records. You can buy a title insurance from a Parkland title insurance company to protect yourself against any threats to the property title.

What is title insurance?

Title insurance is a type of indemnity insurance. It protects you against any financial loss that arises out of defects in the title of the property Title insurance will protect you against mistakes or faults in title search, forgery, undisclosed mortgage, impersonation or missing property deeds. These mistakes can later threaten your own ownership.

Why do you need it?

Protecting your investment: A real estate property transaction involves a substantial investment. A threat to the property title will jeopardize your ownership and investment. With protection from Parkland title insurance company, you will be able to recover any loss you may suffer due to a threat against the title.

Protecting the lender’s interest: Sometimes it is the lender who insists that you buy the insurance. Any danger to your ownership also threatens the lender’s investment. Through the title insurance, the lender can ensure that his investment is also protected.

Legal protection: If another party takes you to court to stake a claim, the title insurance shows that you bought the property with a clear record. It will also cover your legal costs.

Title search: A Parkland title insurance company also offers title search services. Although you can access title history through the public records, sometimes there are omissions. An insurance company has the resources to run a thorough title search to find out if there are any liens against the property.

Be wary of wire fraud when buying a home

by Capital Abstract & Title | August 12, 2019

While homeownership rates have been rising in many markets and among many segments of Americans, so has a sophisticated type of wire fraud that takes direct aim at consumers.

By now, many of us are familiar with how real estate wire fraud operates and the “how” behind the scam is a familiar one. After years of planning and dreaming for their family’s future, many Americans are ready to take the step of purchasing a home. Sophisticated cybercriminals insert themselves into the process, sending emails pretending to be a legitimate real estate or title industry professional, instructing the target to wire money to scammers instead of the correct bank.

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Reasons You Need a Lawyer for Commercial Real Estate Purchase

by Capital Abstract & Title | July 31, 2019

The first thing you should do when purchasing commercial real estate is to hire a Coral Springs real estate attorney. Commercial property transactions involve a large investment and you’ll need the guidance of a good attorney.

To see that the paperwork is complete

The paperwork involved in a commercial property transaction is enormous. A single mistake can put the entire deal in jeopardy. A commercial lawyer will ensure that all paperwork is carefully written and filed on time. This may involve collecting inspection certificates, bank records, and many other details.

To negotiate

Negotiations are part and parcel of real estate transactions. No matter how great you think you are at wheeling and dealing, real estate negotiations are in a league of their own. Even if you do decide to do it yourself, be sure to take your Coral Springs real estate attorney along. These are fast-paced negotiations where knowledge of the legal angle can prove critical. In the end, you should consult with your lawyer before finalizing a deal.

To avoid bad investments

With the amount of money involved, the last thing you want is getting stuck in a bad investment. Commercial properties have to follow certain zoning or coding laws. There are factors like fire codes to be considered. Ignorance or overlooking such critical factors can result in delays of commercial permits or other losses. A lawyer will always ensure that your interests are protected and that you do not make bad property investments.

For title search and insurance

A number of Coral Springs real estate attorneys also offer title searches. A title search will reveal any outstanding liens or claims against the property titles that can put your ownership in jeopardy. A lawyer will also guide you on title insurance.

What to Consider When Buying Title Insurance

by Capital Abstract & Title | June 24, 2019

Title insurance protects your investment in a property in case the title comes under dispute in the future. It covers against losses caused due to title disputes. If you are planning to buy title insurance, you need to first pick the right title insurance company. There are few factors that you must keep in mind when choosing a title insurance Boca Raton company:

Checks review and get referrals: Whenever you look for an insurance company, check reviews and testimonials. You can check for reviews at company websites. You can also ask in online real estate forums which have genuine buyers. Other reliable sources include real estate agents. These are professionals who work in this field and hence, have a good idea of reputable companies in the field. Ask them about companies that are known for their diligence and fair settlement.

Title search: Look for companies that also offer title search services. This is different from insurance but can be equally important. A title search can expose any outstanding dues, liabilities or other claims that threaten the ownership of a property. An insurance company is better placed to carry out such searches because they have the kind of contacts and network that you cannot match. Though most title insurance Boca Raton companies will carry out some basic title search, it is always best to clarify this at the beginning.

Communication: A company or agent’s communication skills and patterns tell you a lot about their working. Are they prompt in answering your concerns? Are you satisfied with their explanation or communication? Is their communication clear, concise and complete?

Location: It is better to go with a local title insurance company. The rates of title search vary from one place to another. So, find out the rate for title insurance Boca Raton. There are other issues like filing documents and face-to-face discussions/clarifications that become easier with a local company.

Why You Need a Real Estate Lawyer for a Commercial Sale

by Capital Abstract & Title | June 22, 2019

If you are looking to sell a commercial property, it is always best to go through an agency that also offers the services of a real estate lawyer Coral Springs. A real estate lawyer has many skills that can be useful in such cases:

Looking out for your interests: When it comes to hefty real estate investments, remember everyone is looking out for their own interests. The developer and the buyers will often come out with a list of reasons to knock down the price — from zoning laws, environmental costs to property condition and liabilities. An experienced lawyer has the tenacity and skill to handle negotiations while ensuring that your interests are always protected.

Handling big deals: Big commercial real estate projects must be handled carefully due to the sheer amount of money and legalities involved. Any mistake can threaten your investment and jeopardize the entire enterprise. A real estate lawyers Coral Springs can handle deals for you. They have the skills in negotiation to see that you get the best deal possible and they can handle the massive volume of paperwork, checking it in legal terms. This not only saves you time, money but offers you a level of protection in the future.

Ensuring zoning laws are observed: When it comes to commercial property, zoning laws are important. These laws determine the type of commercial work and the environmental laws that must be followed for a given piece of property. A real estate lawyer will research the zoning laws ensuring that any deal you sign protects your investment and interest.

Title search/insurance: Real estate lawyer Coral Springs also deals with title search and insurance. A title search is conducted to see if there are liabilities or claims against the property that can threaten ownership. Title insurance protects against any losses due to a title dispute.

What You Should Know About a Contract

by Capital Abstract & Title | June 18, 2019

Buying a house is a very important decision and entails a significant investment. Although it is not necessary, hiring a Coral Springs real estate lawyer is highly recommended. An attorney will ensure that real estate transactions always protect your interests. A lawyer will also help you understand the legalities surrounding any such transaction.

One of the essential aspects of the sale is the purchase contract. This contract will determine your ownership and the price you will pay. There are some crucial aspects that you must know, and a Coral Springs real estate lawyer can help you with it. At the very least, you must know the essentials of any contract. To be legally viable, a contract must have:

Written: A contract must be made in writing to be enforceable. Verbal contracts where an owner has sworn to sell your property will not be considered valid.

Price: The contract must clearly define the purchase price of the property and clear terms on how those are to be carried out.

Address: The property should be clearly identified. A legal definition of the property should be included and often contains more than just the property address to ensure there is no ambiguity surrounding the location of the property.

Names: The contract must clearly name the parties involved. If there are multiple sellers or buyers, each party’s name must be clearly mentioned.

Particulars: The contract should list everything included in the property sale. For instance, residential properties often include window treatments, heating or cooling systems, stove, or gas range. Commercial properties may include inventory and equipment.

Time: The contract sets a time frame and will include a closing date, and time that the transfer of ownership will take place.

Finally, a contract must be signed by both parties. Furthermore, each party must be of sound mind and legal age. Sometimes, particularly in commercial transactions, the contract can be signed by a legal representative. It is essential that you get the contract reviewed by a Coral Springs real estate lawyer before signing.

Factors to Remember Before Commercial Closing

by Capital Abstract & Title | June 17, 2019

The closing of any property negotiation is often the most important part of the process. This is when all details are documented and the contract finalized. There are some factors that you must keep in mind before a Boca Raton commercial closing:

Setting the date

The closing date is agreed upon during the signing of a purchase and sale agreement. It is usually set at a certain future date to allow both parties time to prepare for the final sale. When agreeing on a closing date, it is always better to avoid dates that are just before or after an important holiday. The closing date should also be set well before an important deadline, such as a tax filing, to ensure that last minute delays don’t interfere.

Be available

Make sure you are available on the date of your Boca Raton commercial closing as well as the day before and after. Your lawyer and real estate agent will be finalizing the paperwork and you may be required to supply last-minute documents, paperwork validation, or other important information.  Matters can also crop up that may push back the closing date by a day.

5 Reasons to Hire an Attorney when Buying Commercial Property

by Capital Abstract & Title | June 14, 2019

Buying a commercial property usually involves a substantial investment in time and money. So, it’s important to see that your investment is protected by hiring Coral Springs real estate attorney.

Save time and effort: Buying any property can be a time-consuming process that requires a lot of effort. Apart from searching for the right property, there are inspections, negotiations and other matters to be settled. It can be particularly hard for someone who already has a business to run. Hiring a lawyer is a bit like outsourcing all those tedious details to an expert.

A network of professionals: A Coral Springs real estate attorney will have a wide local network of reputable professionals including inspectors, that are necessary when securing financing for real estate purchases. Without a lawyer, you will have to find these people yourself.

Handle negotiations: Property transactions involve a lot of research as well as negotiations. Unfortunately, driving a good bargain is not everyone’s cup of tea. You must also have some knowledge of property sale trends and price ranges in Coral Springs. An experienced lawyer will have a good understanding of price changes and property appreciation.  This is critical in negotiations.

Comply with zoning laws: When it comes to commercial properties, zoning laws are very important. They dictate how a property can be used and developed. Some properties are meant to be residential, while some are for commercial use. If you do not comply with these zoning laws, you may end up with a property that is of no use to you. A Coral Springs real estate attorney will ensure that you are always in compliance with zoning laws.

What You Should Know About Title Insurance

by Capital Abstract & Title | June 12, 2019

If you are buying a property, you may have heard about title insurance. Title insurance protects the buyer from any threats to his/her ownership in the future. This may include debts, liens against the property or unknown heirs. Buyers are typically advised to buy Boca Raton title insurance. But there are some things you should know about this insurance before you buy:

It is not necessary to buy title insurance. The law does not make it mandatory. You can buy a house without the assurance of title insurance. However, any losses in such cases will be completely borne by you.

While title insurance is not mandatory, you may have to buy title insurance if you are looking for a mortgage lender to finance your investment. Most lenders will demand title insurance to protect their own investment. After all, any threat to your ownership will jeopardize their returns.

Choose your title insurance firm carefully. You can compare the different terms offered by different companies. This will give you an idea about the costs and usual protective terms offered under the insurance.

Boca Raton title insurance is a one-time cost. Unlike other insurances, you will not be required to pay premiums every year.

Find out if the insurance company offers multi-tiered pricing on their policies. Many insurance companies offer standard and enhanced policies. Some of these firms will only quote the enhanced price and not disclose the standard pricing. This is because the standard pricing is lower.

Even if you did not buy title insurance at the time of buying a property, you will probably ask to buy one if you plan to refinance.

Boca Raton title insurance companies fight aggressively to get customers. As a buyer, you must educate yourself on the different options in the market and look for the most favorable terms. You can also ask for discounts or negotiate with the insurance company.