Real Estate Closings / Title Insurance

Our Firm serves as a title insurance agent. This allows us to both represent our client to assure that the title to the property is suitable and to issue title insurance for additional protection. A title examination is a study of the abstract of title and sometimes of other title evidence. An abstract of title is a collection of public records relating to the ownership of a parcel of real estate. Your attorney examines the applicable title information to determine who owns the property, defects in or claims against the ownership, and any action needed to secure marketable title. This may seem like a simple operation. It is not. It requires interpreting deeds, mortgages, wills, court decrees and other instruments; considering the sequence of time of transactions and events affecting the title; and applying statutes and court decisions to the various situations disclosed in the applicable title information. A title examination is typically bolstered by issuing or obtaining for you an owner’s policy of title insurance. In such a policy, the title insurance company contracts with the insured person named in the policy to protect the title as insured against financial loss and the cost of defending the title in court. But like any insurance policy, the coverage is no greater than is stated in the policy. Any policy can list matters substantially affecting title which are exceptions to the coverage and are not insured. Another type of policy, mortgagee’s or lender’s title insurance policy, protects only the holder of the mortgage and not the owner. There is only a one time charge for an owner’s policy and its protection continues for as long as you or your heirs hold title to the insured property. In addition to representing buyers and sellers in a traditional real estate transaction, the attorneys at Korte & Wortman, P.A. advised clients and have served as a “qualified intermediary” for hundreds of 1031 Tax Deferred Exchanges which is a technique used to defer the payment of income taxes for investment trade or business property.