Tek Title, LLC | Title Settlement and Escrow Services

HOW MUCH DOES A SETTLEMENT COST?

Title Settlements costs can vary depending on the amount of research necessary to pass clear title, but there are common costs to all settlements, including Title Search, Title Exam, Title Binder, Settlement Fee, Title Insurance and any other variables. For a quote of our services, please contact us. We will be happy to prepare a FREE quote for you.

WHY DO I NEED TITLE INSURANCE?

Owners Rights to Property If you are purchasing a condominium, a home or any other type of building, or even vacant land, you must have a complete Title Search made on the property. Because real estate has such great value, there are many special laws which have been enacted for its protection. As a result, the owner of land has exceedingly strong rights, as do his family and heirs. Liens on Property There may be others who have rights in the property – Banks and lenders who have secured the property with outstanding mortgages, local city or county governments who are due unpaid property taxes

WHY DO I NEED A LOCATION SURVEY?

Location Surveys are necessary on all financed purchases. The Title Company must order the survey through a licensed Surveyor in advance of the settlement to make sure there are no discrepancies or structures on the property which appear to encroach over building restriction lines, property lines, or drainage and utility easements. Boundary surveys are much more involved, more time consuming and much more expensive. They are not required by banks unless the property is being rezoned or subdivided, or there’s a boundary problem. If you are refinancing a loan and have a prior location survey, an

HOW LONG DOES IT TAKE TO PERFORM A TITLE SEARCH AND PREPARE FOR SETTLEMENT?

Generally, we like to allow at least one week for the examiner to perform the search, submit a report, examine it and review it for liens and judgments. The more time we have to prepare, the faster we can resolve problems and perform the settlement. However, there are times when you are in a RUSH. Please let us know, and we will do our best to get the title work done in a day or two.

WHAT IS INVOLVED IN A TITLE SEARCH?

Chain of Title – A history of ownership, usually starting 60 years back and going forward to the present owner. We’re determining who bought and sold the property over the years and if there are any open liens, such as Mortgages, Deeds of Trust, etc. Tax Search – To determine the present status of real estate taxes. A Lien Certificate from the County of City will reveal whether any taxes are open and due from previous years. Judgment and Name Search – To determine if there are any unsatisfied judgments, federal or state income tax liens, mechanics liens, etc. against the seller or prior owners

WHY DO I NEED A TITLE SEARCH?

f you’ve decided to purchase a home and hope to take possession as soon as possible, and all financial arrangements have been met, there is one important detail remaining before the transaction can be closed, A TITLE SEARCH MUST BE MADE. A Title Search is the process of determining from the public records what rights there are to the property, and who owns them. A title search is a means of determining that the person selling the property has the right to sell it and that the buyer is getting all the rights to the property that he or she is paying for.