Answers To The Most Frequently Asked Questions
Below are some of the “Most Frequently Asked Questions.” If you have a question that is not answered below, our experienced team at the Law Office of Kimberly A. Abrams & Associates, P.A., and its subsidiary title company, Evolution Title & Escrow Services, LLC, located in Hollywood – Fort Lauderdale, is standing by to answer your questions. Please contact us by sending an email or calling 954-546-7399.
What Is A Title Company; What Is A Closing Agent?
“Title Company” and “Closing Agent” are used interchangeably in real estate transactions. A title company/closing agent is the office that physically conducts the closing of real property. The title company/closing agent will order the title search, lien search, survey, association estoppels, payoffs, etc., clear any title issues, prepare and/or review the requisite closing documents, facilitate the signing of the documents, collect and disburse the funds, and write the title insurance.
What Is The Difference Between A Title Company And A Title Attorney?
The main difference between a title company and a title attorney is the type of services each may perform. A title company is limited to the mechanics of conducting a real estate transaction i.e. ordering searches, facilitating the closing, disbursing funds, and writing title insurance; a title company cannot provide you with any legal advice or negotiate on your behalf. A title attorney performs all of the services that a title company performs, but may also negotiate on your behalf, provide you with legal counsel, prepare your legal documents, and provide a significantly heightened review of title related issues/matters. When retaining a title attorney such as the Law Office of Kimberly A. Abrams & Associates, P.A., and its subsidiary title company, Evolution Title & Escrow Services, LLC, you receive the benefit of both a title company and a title attorney; one office, one price, two services.
Do I Need An Attorney For My Closing?
A closing agent may conduct a real estate closing, however by law, only an attorney may give legal advice, provide representation, and draft legal documents. Without the representation of a real estate attorney, you may be unable to identify and/or resolve critical issues that arise during your closing. Title problems, processing issues, lack of contractual compliance of the buyer or seller and/or disagreements over closing documents, can delay or even end your transaction, potentially resulting in your loss of time and money. Whether you are a first-time buyer or experienced investor, having an attorney represent you in your closing ensures that your interests are best protected. When you retain the Law Office of Kimberly A. Abrams & Associates, P.A., and its subsidiary title company, Evolution Title & Closing Services, LLC, you will receive the dual benefit of working with both a title company and a law office, as we can be both the closing agent and legally represent you in your purchase and/or sale; one office, one price, two services.
What Is Title Insurance?
One of the most important aspects of a closing for the buyer of real property is the writing of the title insurance. Title insurance protects the buyer and/or lender from financial loss due to any defects in the title to the property stemming from either the chain of ownership or a claimed interest in the property as the result of an unsatisfied mortgage, judgment or claim of lien, etc. The Law Office of Kimberly A. Abrams & Associates, P.A., and its subsidiary title company, Evolution Title & Closing Services, LLC, provides title insurance underwriting services through Old Republic National Title Insurance Company. Old Republic National Title is one of the oldest and largest national title insurance underwriters.
Do I Have To Be Present At The Office To Sign My Documents?
Documents that do not require original signatures such as the Contract, may be signed electronically in a signing format such as DocuSign. These documents may also be “wet signed” and returned to our office via email as a “PDF” if electronic signing is not an option.
For those documents that require original signatures such as the ones signed at closing, there are two alternative remote signing options: 1. Remote Online Notarization (RON), where you would electronically sign your documents online using a Remote Online Notary (RON) platform (for this option you will need some basic computer knowledge and have a computer with video/sound capabilities); 2. Mobile Notary, where a notary public would come to you at any location of your choosing, sign your documents with you and then the mobile notary would return the originals to our office using an overnight delivery service such as FedEx or UPS.
From in-house closings during normal business hours to after-hours closings, mobile closings, mail-away closings, and electronic (RON) closings, the Law Office of Kimberly A. Abrams & Associates, P.A., and its subsidiary title company, Evolution Title & Closing Services, LLC, will accommodate our clients needs no matter how and where they choose to sign.
What Are The Different Types Of Deeds And Which One Is Right For Me?
There are many types of deeds (General Warranty Deeds, Special Warranty Deeds, Quitclaim Deeds, Traditional Life Estate Deeds, and Enhanced Life Estate Deeds also known as Ladybird Deeds), and they all differ considerably in their purpose, what they include and what they are for.
General Warranty Deeds: This type of deed is used when the seller “warrants” the title to their property to the buyer. The warranties of title that the seller makes to the buyer are as follows: 1. That the seller will warrant and defend the property against the lawful claims of all persons whomsoever; 2. That the seller is lawfully seized of the property in fee simple; 3. That the seller has good right and lawful authority to sell and convey the property; and 4. That the property is free of all encumbrances, covenants, conditions, restrictions and easements. The General Warranty Deed is the most common type of deed used in a sale and purchase transaction in Florida and is most likely what will be used in your closing.
Special Warranty Deeds: This type of deed is very similar to the General Warranty Deed, with the exception of the first warranty of title. In a Special Warranty Deed the seller only warrants and defends the property against the lawful claims of all persons claiming by, through or under the seller, not “all persons whomsoever” as in a General Warranty Deed. The Special Warranty Deed is most often used in certain types of commercial closings, sales from an estate or when property is being sold after a foreclosure.
Quitclaim Deeds: Unlike the Warranty Deeds, there are no warranties of title contained in a Quitclaim Deed. This type of deed is used when the seller merely intends to transfer to the buyer whatever interest in the property he/she may have. This type of deed is the most common form of deed used to add or remove someone from title.
Traditional Life Estate & Ladybird Deeds: These types of deeds are estate planning tools used to designate who will receive your property upon your death and are most often used as a tool to avoid probate when you pass away. In both of these deeds the person who has the life estate is known as the “life tenant” and the person who receives the property upon the life tenant’s death is known as the “remainderman”. A life tenant has the exclusive use and possession of the property during his/her lifetime. In a Traditional Life Estate, the remainderman must sign together with the life tenant if the life tenant wants to sell, mortgage, transfer or assign the property. In a Ladybird Deed, otherwise known as an Enhanced Life Estate, the life tenant may act without the joinder of the remainderman so the life tenant may sell, mortgage, transfer or assign the property without the signature of the remainderman.
As an experienced transactional real estate attorney, Kimberly A. Abrams, Esq., can guide you in identifying which type of deed best serves your needs and can then prepare and record your deed in the Public Records of the County where the property is located.
Do You Have Further Questions?
We will provide you with the answers and guidance you need. Contact us by sending an email or calling 954-546-7399. Se habla español.