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The Closing Process and Title Insurance.

Learn about the importance of title insurance in real estate deals. Discover key concepts, such as types of title policies, title agents, and common exceptions. Get insights on the closing process and what to expect during the transaction.

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The Closing Process and Title Insurance.

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  1. Craig Haskins 201 E Pittsburgh Ave Milwaukee, WI 53204 craig@knightbarry.com (414) 727-4545 The Closing Process and Title Insurance.

  2. Because, our lawyers make me say this. While we agree that we’re pretty amazing and we have some brilliant minds at our company, this isn’t legal advice and this is the blah blah blah our lawyer tells us to include. The information contained in this presentation is not, and is not intended to be, legal advice; viewers of this presentation are strongly encouraged to obtain the advice of independent legal counsel regarding the subject matter of this presentation. The information contained in this presentation is confidential and for the use of the intended audience only. This presentation is not for distribution to the public. Any opinions or views expressed in this presentation are not necessarily the views of Knight Barry Title but are independent views and opinions of the presenter.

  3. Title Insurance! It’s complicated. I am here to give you some quick information on a few things you should know about this product.

  4. What is title? “Title” is your proof of ownership. Many think title is simply their deed and that’s sort of right. Property is conveyed from one person to the next via a signature on a deed and an exchange of something valuable - money. The deed is “recorded” at the county and the title/ownership is noted in the public records for the world to see. How do people hold title… meaning do you own the property in your own name, in an LLC, a partnership, a corporation, or what? This is a very important decision and it’s sometimes overlooked. A good real estate lawyer is key for all real estate investors. • Joint Tenants • Tenants in common • Partnerships/LLC

  5. Title Insurance protects your rights in perhaps the largest investments you’ll ever make.

  6. What are title agents? What are title underwriters? What types of title policies do I buy? In the offer to purchase, the buyer typically requires the seller provide (and pay for) an OWNERS title policy. As part of the buyer’s loan, the lender will require the buyer to pay for a LENDER’S title policy. Owners Policy = ~$900 for $300,000 policy Loan Policy = ~$350 tagalong policy Extra endorsements are important - see following slides. What do I need? Where do I buy it? __ How much does it cost?

  7. What do I need to know about the content of the title policy? EXCEPTIONS No property is “free & clear.” Usually stay with the buyer: • Easements • Restrictions • Covenants Make sure these are removed: • Seller’s mortgage(s) • Seller’s taxes • Seller’s liens ENDORSEMENTS Add-ons to your policy. • Gap • Zoning • Access • Utilities • Survey Have your lawyer decide which is best for your particular transaction.

  8. So far so good? This doesn’t sound like rocket science yet. Now, let’s get this deal closed!

  9. What to expect at the closing • Seller’s debts on the property should be paid. • Seller will sign the deed to the buyer. • Money will exchange hands. • Title closer will run the show. • Request paper or electronic copies of all documents you’re a part of and then some.

  10. What to expect at the closing • Buyer will sign all loan documents. • Buyer instantly owns the new property at the end of the closing. • What about a tax exchange? • What about notifying the local municipality (Milwaukee DNS...etc)

  11. Do I need a land survey?

  12. What happens if there is a title claim? Title Search Error Closing Mistake Fraud/Lying Buyer or Seller

  13. 76,000 Whoa! That’s a big number. This is how many transactions Knight Barry Title was involved with in 2018. When selecting a title company, make sure you pick a good one that can handle more complicated files than a typical residential transaction.

  14. 165 years 385 employees 61-4 offices - states

  15. How to start. Accepted Offer. Have a good, smart team around you. Sweat the small stuff. Trust nobody (kidding). Title Report. Closing.

  16. Thanks! Any questions? craig@knightbarry.com 424-727-4545 Local offices in: Milwaukee, Wauwatosa, Brookfield, Franklin, Hartland, Whitefish Bay, Oconomowoc, Glendale, Racine, West Bend, Port Washington, Lake Geneva, East Troy, Cedarburg.

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