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 OVERVIEW: All the details concerning title, payments of liens, and financing are finalized at a a real estate closing. A title company will produce an owner's title policy insuring title for the property at the closing. Prior to the closing, the title company verified the chain of title for the property to verify that the same was being transferred free and clear of all liens. Covenants, restrictions, and encumbrances that have been dully recorded on the property are noted and excepted from the owner's title policy. Depending upon what the title search may reveal, an attorney may be necessary to assist in clearing a cloud upon the title. For example, an old judgment may be of record that now acts as a lien; a construction person that was not paid for his work may have filed a mechanic's lien; or a city may have outstanding tax or fines administered against the property. In either event, these liens will need to be removed prior to the closing. Likewise, all closing documents including all mortgage instruments will need to be reviewed for accuracy.
KEY BENEFITS: Review of all transactional documentation. Preparation of necessary affidavits or other instruments to eliminate clouds on title.
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