A title insurance policy insures that, as a new owner, your title to the property is free and clear of liens and that you have clear title from the sellers. In addition, a title insurance policy insures that you will stand protected from loss or damage resulting from any title defects and will reveal to you items such as easements, reservations, and protective covenants which might have an effect on your use of the property. Some possible defects include from forged documents, mistakes in public records, fraud, incorrect property descriptions, and access to the property.
Thalken Title Co. will provide a thorough search of the public records to reveal possible liens, claims, defects, or encumbrances against the property.
A title search or report is an abbreviated summary of pertinent facts involving a parcel of real estate, including, the owner, any liens against the property, the status of the real estate taxes, and any judgments against the owner of the property. This report is prepared and executed by our licensed and registered abstracter.
The process of completing a real estate transaction during which the seller delivers title to the buyer in exchange for payment of the purchase price is referred to as the closing or settlement.
Once a purchase contract is entered into, it is submitted to the closing agent who processes and finalizes the transaction by executing the terms of the contract. This process includes such items as paying off liens against the property, ordering inspections, doing a complete search of the legal records pertaining to the real estate, and finally consummating the transaction at the settlement or closing date.
Thalken Title Co. is also available to act as escrow agent for lenders. This service can be tailored to fit you needs, from receiving the prepared package from the lender, to meeting with and explaining it to the borrower. In this capacity, all of the loan funds are deposited with Thalken Title Co. and only disbursed upon approval of the lender once all of the loan requirements have been satisfactorily completed.
Thalken Title Co. has an on staff attorney to aid you in the preparation of your documents to expedite your closings. We have taken great pride in our ability to bring the buyer and seller together and complete the real estate transaction in an efficient and accurate manner. Whether we are in a residential, commercial, or agricultural setting, we have the necessary experience and staff to solve and resolve all issues relating to the satisfactory conclusion of a closing.
A 1031 Like-Kind Exchange is a legal way to sell one or more properties in direct exchange for another property and delaying capital gains on the transaction. 1031 refers to the IRS Code which allows this sort of transaction.
Whether you are doing a simultaneous, delayed or reverse 1031 exchange. Thalken Title Co. and it’s on staff attorney will be able to guide you through your 1031 exchange. Please contact Jacob Mueller at Thalken Title Co. and he would be happy to discuss your exchange.
Determining the status of ownership of mineral rights begins with a special type of title search appropriately called a Mineral Rights Search. This specialized title search involves researching the historical ownership of the property, to locate any separation of the oil, gas, or mineral rights from the property ownership. This separation of mineral rights normally occurs as a transfer which is not part of a full property ownership transfer. In most cases, the mineral rights status does not appear on the current property deed. The time and cost of a Mineral Rights Search can vary greatly depending on a number of factors. Please contact Thalken Title Co. and we would be happy to discuss your needs.