Document Drafting/Review

Documents, such as agreements to purchase, sell or lease real estate, deeds, mortgages and promissory notes may involve the biggest single investment of your life. The proper drafting or review of such documents BEFORE signing is critical for your protection.

Examples:

Contract for Sale and Purchase

1. When can the buyer take possession?
2. Who pays for the title insurance for the property in the event the offer is accepted?
3. Should a surveyor be employed to locate the improvements on the property and confirm that there are no encroachments onto or from abutting properties? Who should pay for the cost of the survey?
4. Can the buyer cancel the contract and obtain a refund of the deposits if the buyer is denied a loan, and if so, under what conditions?
5. Who is responsible for paying of property taxes?
6. What are the remedies if the buyer or seller defaults?
7. Should the purchase be contingent on any outside matters such as the availability of financing on acceptable terms or the sale of the house which you presently own?
8. Whose responsibility is it to pay for governmental special assessments that arise prior to closing? Payable after closing? What about homeowner or condominium association assessments?
9. Remember that even printed form agreements are negotiable, but this requires knowledgeable and independent professional guidance.

Title Insurance

In such a policy, the title insurance company contracts with the insured person named in the policy to protect the title as insured against financial loss and the cost of defending the title in court.

But like any insurance policy, an owner's policy of title insurance coverage is no greater than as stated in the policy. Any policy can list matters substantially affecting title that are exceptions to the coverage and are not insured. Another type of policy, mortgagee's or lender's title insurance, protects only the holder of the mortgage and not the owner. You should not forego owner’s title insurance coverage because your lender has its own loan policy. In fact, obtaining both the owner’s and lender’s title policies at the same time is not much more expensive than obtaining a single policy.

We can advise the extent of protection given by your owner's policy. Even if we do not issue your title policy, we can advise you whether the exceptions from coverage listed in the title insurance commitment will be appropriate under the contract or detrimental to you when they are included in the final title policy.