REAL ESTATE CLOSINGS with #everyonesfavoriteclosingattorney™
Purchasing a home is one of the most important milestones in someone’s life. However, not many people are fully aware of the work that goes into a real estate closing. Because of the substantial investment, it is important to fully understand your rights and to protect your interests. Our experienced attorneys and team are prepared to help you address any residential real estate issue, including but not limited to:
- Contract preparation
- Lease agreements
- Title searches and opinions
Our firm is devoted to working efficiently and avoiding unnecessary delays and expenses. We make sure our clients have a smooth and stress free transaction, by keeping our fees low while minimizing our client’s financial risk.
Whether you are buying, selling, refinancing, or simply need an answer to a legal question, our firm will provide you with outstanding personalized service. We understand every transaction is unique and we will tailor our services to your transaction. We pride ourselves on being available to our clients to give them the answers they need.
Let The Hawes Law Firm help protect your interests and provide you with peace of mind. Contact our firm to schedule an appointment. Our office hours are Monday-Friday from 9:00 a.m. to 5:00 p.m. We respond to all calls and inquires. Our office also travels to any location that is convenient for our clients to conduct closings.
Refinancing your home loan has become popular in recent years as interest rates have been generally going down. When you refinance, you substitute one loan at a higher interest rate with another loan that has a lower interest rate. With the lower interest rate, your monthly payment should be lower but may not always be the case. There might be other aspects of a loan that can make its value questionable, such as your real estate taxes and homeowners insurance. You should almost never go from a fixed interest rate mortgage to a variable rate mortgage, because the variable-rate mortgage could end up being worse over time than the original loan.
The sale of a residential or commercial real estate property is a highly complex process, and title insurance has become an indispensable component of a successful transaction. A mistake in a prior deed, an outstanding ownership claim, a hidden lien or outright fraud – any of which may result in losses for the owner or lender – are surprisingly common occurrences. When owners and lenders suffer losses related to a covered risk, title insurance provides indemnification against those losses.
Benefits of Title Insurance for the Owner
Owner’s title insurance protects you against defects in the title to your property which originate prior to the policy date. While lenders often require property owners to purchase the lender’s title insurance to protect their interests, property owners must purchase a separate owner policy to protect themselves from covered losses – including court costs and attorneys’ fees – that could result from title defects.
The risks covered are not obscure improbabilities – nearly a billion dollars in claims are paid every year in the industry. An owner’s policy involves a one-time premium for coverage that lasts as long as you own your property or are liable under warranties after selling. The only time it may be necessary to purchase additional coverage is when the value of the insured property has increased significantly since the date of the original policy.
Expanded coverage policies are also available in most markets. These policies insure above and beyond the basic covered risks of a standard policy including losses related to some matters which may occur after the policy date. For information on owner’s title insurance, visit our Resource Center.
Benefits of Title Insurance for the Lender
Lender’s title insurance insures that the lender’s lien is valid and in the intended lien position, and that title to property is as shown on the policy. Lender’s title insurance protects against title defects which originate prior to the date of the policy.