Asset Owners
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Title and Escrow
Title insurance is a vital protection for homebuyers that safeguards one of their most significant investments. While a thorough title search is conducted before a sale, it can't uncover every potential defect. Title insurance protects buyers from financial loss and legal fees due to hidden title issues that existed before the purchase.
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Why It's Needed ?
Every property has a history, and that history can include issues that might not be found in public records. Without title insurance, a buyer is solely responsible for resolving any claims that arise after closing, which can be financially devastating. For example, a previous owner's unpaid taxes or liens, undisclosed heirs, forged documents, or clerical errors in public records could all lead to a legal challenge to your ownership. Title insurance is a one-time fee paid at closing that protects you for as long as you or your heirs own the property.
The Value It Brings to the Buyer?
Title insurance provides peace of mind by acting as a safety net against unforeseen problems with the property's title. When a covered claim is made, the title insurance company will:
Protect your ownership: The insurer will defend your title in court and cover the legal costs, ensuring you don't lose your property.
Resolve financial burdens: If a valid claim is found, such as an unpaid lien, the insurer will pay to resolve it, up to the policy's value. This saves you from having to pay off the previous owner's debts.
While a lender will require a lender's title insurance policy to protect their investment, it's crucial for the buyer to purchase an owner's policy to protect their own equity and investment in the home.
Prefered Title Vendor
All new escrow please contact - auctionlook@novarenss.com
Novare National Settlement Service is a nationwide provider of real estate title and closing services for commercial as well as residential transactions fueled by Fidelity National Title insurance .
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations.
Why Escrow / a closing agent is essential in a real estate transaction?
Using an escrow or closing agent is essential in real estate transactions because they act as a neutral third party, protecting both the buyer and the seller. They ensure that all conditions of the sale are met before any funds or documents are exchanged. This process, known as escrow, minimizes risk and provides a secure, organized framework for what is often the largest financial transaction of a person's life.
The core benefit of an escrow agent is the fiduciary duty they owe to both parties. This means they are legally obligated to act in the best financial interest of both the buyer and seller, but without advocating for either side. Their role is to strictly follow the instructions outlined in the purchase agreement.
Key benefits include:
Financial Security: The escrow agent holds all funds, including the buyer's earnest money deposit, in a secure, non-interest-bearing account. This prevents either party from fraudulently taking the money or walking away with it before all conditions of the sale are satisfied. The funds are only disbursed at closing, when the deed is officially transferred to the buyer and all other financial obligations (like agent commissions and liens) are paid.
Risk Reduction: An escrow agent acts as a safeguard against fraud and human error. They ensure that all necessary paperwork, from title searches to loan documents, is in order and properly executed. This provides peace of mind that a seller can't take the buyer's money without delivering a clear title, and that the buyer won't receive the deed without providing the full payment.
Streamlined Process: The agent manages the entire closing process, coordinating with all parties involved—lenders, real estate agents, title companies, and attorneys. They collect and review documents, make sure all contingencies (like a successful home inspection or appraisal) are met, and ultimately facilitate the final signing and transfer of ownership. This simplifies what would otherwise be an overwhelming and logistically complex process for the buyer and seller.
Fidelity National Financial
Title insurance company
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations.
of this national leader, we are equipped to deliver exceptional service and support to our clients. Novare is authorized to write policies under top-tier underwriters, including Fidelity National Title, Chicago Title, and Commonwealth Land Title. Novare is a division of Fidelity National Title Insurance Company, one of the most respected names in the industry. Backed by the strength and resources of this national leader, we are equipped to deliver exceptional service and support to our clients. Novare is authorized to write policies under top-tier underwriters, including Fidelity National Title, Chicago Title, and Commonwealth Land Title. by the strength and resources of this national leader, we are equipped to deliver exceptional service and support to our clients. Novare is authorized to write policies under top-tier underwriters, including Fidelity National Title, Chicago Title, and Commonwealth Land Title.