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What is a Title Company Responsible for?

Written by Posted On Monday, 05 November 2018 03:51
What is a Title Company Responsible for? What is a Title Company Responsible for?

What is a Title Company Responsible for?

Have you been advised to hire the services of a title company, but are wondering how they can be of help to you? A Title Company plays a crucial role in the real estate industry. Unfortunately, most people don’t know how crucial that role is. Most of the time, they act as an agent for the buyer, the seller and the insurance company, and take part in the transaction process. In this article, we discuss a title company’s function and responsibilities in more detail.

What are the responsibilities of a Title Company?

They conduct title searches.

One of the key roles of a title company is to conduct title searches. In real estate, title actually refers to equitable interest and numerous legal rights that pertain to a particular piece of property. A title search is a crucial process that helps provide valuable information about a property that is about to be sold or bought. A title search will help to disclose existing lines of credit, judgments, special assessment, and unpaid taxes, and other issues. The title search will also help to uncover any leases, easements or any other restriction that should be a concern to the buyer. Once the title company has successfully conducted a title search, it will issue a detailed report of their findings to the parties involved in the sale and purchase.

They issue Title insurance policies.

If a title search is conducted properly, then the buyer should have absolutely nothing to worry when they close the deal. However, regardless of how thoroughly the search is performed, it is possible to miss something.  Some of hidden problems that can arise later include things like defective deeds, land mineral rights that were previously unknown, forgotten wills, invalid court proceeding and undisclosed heirs. Title insurance is crucial because it helps to protect the buyer against unforeseen issues that may arise later. It also helps to protect buyers from fraudulent ownership claims.

They act as closing agent.

The title company usually act an agent of each party involved in the transaction process. As a result, they are closing agents. One of their main role is to ensure that all parties involved in the transaction process sign valid closing documents. Once the deal is closed, they usually record all documents and present them to county’s recorder’s office. The closing process is quite complicated, especially for mortgages. Many signatures, forms and documents are needed. The title company will help ease the process by acting as the closing agent. They will act as the intermediary between the buyer and seller as well as ensure that all necessary documentation is served, signed and recorded.

They serve as escrow office.

If you hire the services of a title company, then they will most likely act as your escrow officer. This means that they will be responsible for handling all funds including down payment and closing costs. They will ensure that all funds are paid and disbursed properly. They will work closely with all parties involved as per the instructions provided to them.

Should you have any questions or would like to schedule an appointment,
contact us.

Weston Title & Escrow Inc
2500 Weston Rd Ste 404, Weston, FL 33331
(954) 384-6168
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Website:https://westontitle.com
Original source: https://westontitle.com/weston-title-news/title-company-responsible/  

 

About Roy:
He founded Oppenheim Law in 1989 with his wife Ellen Pilelsky and uniquely positioned the Firm as one of Florida’s leading boutique law firms in Weston, Florida. In addition, in 1994, he co-founded Weston Title & Escrow, the oldest title company in Weston, Florida, and he currently serves as its Vice President.

Tags: Sellers & Buyers, Realtors Investors, Foreclosures, Lenders, Mortgage, Refinancing, Developers & Builders,What is a Title Company Responsible for?

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Roy Oppenheim

Roy Oppenheim has been practicing law since 1987 focusing his practice on all phases of real estate and real estate development and redevelopment from land acquisition to multifamily, retail, office hotel, industrial and mixed use development, as well as single family home development for sale and rent. Mr. Oppenheim has routinely represented developers, investors, home buyers and lenders in these commercial transactions in Florida and elsewhere in the United States. He has been involved in virtually every stage of the development process from acquisition, due diligence, title insurance, financing and closing of such projects. Mr. Oppenheim’s client turn to him for his sharp legal acumen along with his entrepreneurial background that allows Mr. Oppenheim to approach each matter from a pragmatic and refreshing background. Further, clients enjoy Mr. Oppenheim’s infectious passion for his involvement in their business as well as his unbiased legal opinion based on a holistic approach; rather than from a siloed perspective. From analyzing, negotiating to structuring deals, Mr. Oppenheim’s clients turn to him time and again for his advice. Mr. Oppenheim also represents Florida real estate brokers and Realtors, individual buyers, and sellers in connection with the purchase and sale of Florida real property as well as litigates real estate disputes involving both residential and commercial properties. Mr. Oppenheim also served as outside general counsel for various Florida companies over the past 30 years providing sound legal advice to start ups as well as mature businesses concerning various business and corporate matters including governance, expansion, acquisitions, borrowing, commercial litigation, and employment related matters. The myriad of businesses Mr. Oppenheim represents is vast including from the fields of retail, hospitality, entertainment, healthcare, technology, import-export, and wholesale. Many of these businesses have both a physical and/ or online presence. Mr. Oppenheim here again brings his over three decades of legal knowledge and business experience to his clients and their respective businesses. After Working for Milbank Tweed on Wall Street and White & Case in Miami, Mr. Oppenheim founded Oppenheim Law in 1989 with his wife Ellen Pilelsky where they began representing Arvida development and its various home builders amongst numerous national banks such as Northern Trust, Chase Bank and SunTrust Bank for over 15 years. Serving national, international, and local clients, Mr. Oppenheim has the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S. He has also been selected as a “Best Real Estate Lawyer in the United States” since 2012, a designation of only 5% of all Lawyers. The Firm also has a 10.0 rating, the highest rating from AVVO another distinguished national rating service. In 1989, Mr. Oppenheim also co-founded and served as general counsel to ShopSmart Corp., the company that originated and owned the GNC Gold Card Program, a program that continues to this day and was one of the first cross-promotional programs of its kind. In addition, in 1994, Roy co-founded Weston Title & Escrow, the oldest title company in Weston, Florida that serves all of Florida and has closed in excess of three billion dollars in transactions. Mr. Oppenheim currently serves as its Senior Vice President. In 1999, Mr. Oppenheim also served a one-year term on the board of directors for Catalina Lighting, a publicly traded company on the New York Stock Exchange. Mr. Oppenheim is also designated by the Florida Secretary of State as an International Civil Law Notary, one of only 137 out of 106,000 attorneys in the State. In 2008, during the foreclosure crisis and the Great Recession, Mr. Oppenheim and his team of lawyers represented 1000’s of homeowners that were unable to pay their mortgages and were facing foreclosures. Facing daunting odds and the rath of large foreclosure mills funded by the big banks Mr. Oppenheim helped establish a new legal practice area of foreclosure defense while helping these homeowners defend themselves against the banks. During that time Mr. Oppenheim became an outspoken critic of the banks and started the Southfloridalawbog.com which was voted the best business and technology blog by the South Florida Sun-Sentinel. The blog was syndicated to Yahoo! Homes, and Newsweek. Mr. Oppenheim routinely appeared on HuffPost Live, FOX News, and Lifetime TV and on WLRN Radio. In addition, he has been quoted in prominent national publications, including USA Today, The New York Times and Huffington Post, among others. Mr. Oppenheim has also co-authored and two law review articles, Deconstructing The Black Magic of Securitized Trusts, published in the Stetson University Law Review’s Spring 2012 Edition, and The Emperor’s New Clothes, published in the William & Mary Business Law Review Volume 6. Both addresses systemic legal problems with the residential foreclosure process at the time. During that time Mr. Oppenheim became an outspoken critic of the banks and started the Southfloridalawbog.com which was voted the best business and technology blog by the South Florida Sun-Sentinel. The blog was syndicated to Yahoo! Homes, and Newsweek. Mr. Oppenheim routinely appeared on HuffPost Live, FOX News, and Lifetime TV and on WLRN Radio. In addition, he has been quoted in prominent national publications, including USA Today, The New York Times and Huffington Post, among others. Mr. Oppenheim has also co-authored and two law review articles, Deconstructing The Black Magic of Securitized Trusts, published in the Stetson University Law Review’s Spring 2012 Edition, and The Emperor’s New Clothes, published in the William & Mary Business Law Review Volume 6. Both addresses systemic legal problems with the residential foreclosure process at the time. Admissions Florida Bar, 1987; Member of the Real Property Probate and Trust Law Section New York Bar, 1987; United States District for the Southern and Eastern Districts of New York, 1987 U.S. District Court, Southern and Middle Districts of Florida, 1993 Education Princeton University, A.B., cum laude, 1982 Northwestern University School of Law, J.D., 1986 Member of the Northwestern University Law Review Member of the National Moot Court Team

https://www.oppenheimlaw.com

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