Jim Burton, Ph.D. Marketing & Real Estate College of Business

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Presentation transcript:

Jim Burton, Ph.D. Marketing & Real Estate College of Business Title & Closing Jim Burton, Ph.D. Marketing & Real Estate College of Business

Overview Transfer of Title Marketable Title Title Insurance The Torrens System Closing Statements Debits/Credits to Buyer Debits/Credits to Seller Prorations

Transfer of Title Deed Gift Escheat Will Adverse possession

Marketable Title Title examination Title search - chain of title Title opinion Title abstract summary of chain Recording system Marketable Title

Title Insurance Insurance against title defects or claims Mortgagee’s policy Owner’s policy

The Torrens System Land Registration Legal Registration Proceeding Certificate of Title New owner - new certificate Only 11 states use

Closing Statements Debits/Credits to Buyer Debits/Credits to Seller Prorations Financial fairness Uniform Settlement Statement, p. 143. Negotiate everything

Typical Buyer’s Costs Get Financing Title opinion Survey Property insurance Property inspection report Loan fees & discount points Appraisal & credit report

Typical Seller’s Costs Prepare deed Remove encumbrances Pay off existing mortgage Provide termite bond Pay broker’s commission Transfer tax & recording

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