Title Insurance
A Title Insurance Policy protects a consumer against losses arising through defects or problems in the title to the real estate. The Title Insurance Company agrees to provide the owner and mortgage holder a legal defense of the title if a claim arises. It protects you from loss if a property dispute occurs.
- The owner’s policy insures a purchaser, for life, that the title to the property is free from defects or encumbrances, except those which are listed as exceptions in the policy. It covers losses and damages suffered if the title is unmarkable. Possible defects include but are not limited to: Forged Deeds/Documents, Unknown Heirs, False Affidavits, Unpaid Judgments, & Unfiled Liens.
- The lender’s policy only insures that the financial institution has a valid, enforceable lien on the property. Most lenders require this type of insurance when financing a mortgage.
** An owner’s policy issued simultaneously with a lender’s policy, is the best title insurance value a property owner can get**
Title Search/Informational Report
A title search or sometimes referred to as an informational report is a close examination of all public records that involve title (deed) to a piece of real estate. The person conducting the search looks at past deeds, wills, probate court, and trusts to make sure the title has passed correctly to each new owner for the previous 50 years. The examiner tries to verify that all prior mortgages, judgments, and other liens have been paid in full. A title search should uncover potential problems, such as rights others may hold (right of ways, view easements, power line easements, mineral rights), claims by prior undisclosed heirs, and pending legal actions that could affect the property.
Ownership & Encumbrance Certificate
An O&E is a title search similar to an informational report however the search is shortened to only two owners’ back and does not include easements. It solely discloses the current owner and if any liens exist on the property.
1031 Exchange
A section of the U.S. Internal Revenue Service Code that allows investors to defer capital gains taxes on any exchange of like-kind properties for business or investment purposes. Taxes on capital gains are not charged on the sale of a property if the money is being used to purchase another property – the payment of tax is deferred until property is sold. The idea behind this section of the tax code is that when an individual or a business sells a property to buy another, no economic gain has been achieved. There has simply been a transfer from one like kind property to another. St Joseph Title works closely with many third party intermediaries on completing relinquished and replacement property exchanges. For more information regarding a 1031 Exchange please visit https://www.irs.gov/uac/Like-Kind-Exchanges-Under-IRC-Code-Section-1031
Escrow/Closing Services
Our experience professional closing agents serve as a neutral third party and key communicator throughout the entire real estate transaction. Your closer should serve as a trustworthy person who is obligated to safeguard the funds and documents until transaction is fully closed. Following instruction precisely and in a timely manner for the buyer, seller, real estate agent, loan officer, mortgage broker, and funding lender is a priority to ensure a quick and efficient process. Other duties the closing department may do include but not limited to:
- Ordering termite inspections, mortgage payoffs, & requesting data from either the client or clients real estate agent
- Depositing of earnest money and issuing receipts
- Clearing requirements from Schedule B of the title insurance commitment
- Preparing the required documents in preparation for the closing
- Issuing CPL to lender’s, preliminary settlement statements & wiring instructions
- Providing accounting for the escrow transaction using either a closing disclosure form or HUD 1 settlement statement
- Paying all bills/invoices from the settlement
- Overseeing the terms of the contract are complete and true to everyone’s satisfaction
- Assuring funds & property will not change hands until all of the conditions necessary to the transaction are complete
Notary Services
We have 5 full time Missouri Notary Publics available to assist walk in customers.
Voter Registration
Save a trip to the courthouse. New residents moving to Buchanan County can also register to vote while they are here closing on their home. Jennifer Brown is a Deputy Registrar for the Buchanan County Clerk’s office.