At Peterson Law Firm, P.A., we know that having an experienced realtor makes a world of difference.

At Peterson Law Firm, P.A., we know that having an experienced realtor makes a world of difference.

The value that a true realtor brings to a real estate transaction is immeasurable.

Here at the Peterson Law Firm, P.A. we understand the value that a true professional realtor brings to the home buying process. We also understand that the closing experience your client receives reflects directly on your reputation for professional judgment and ability. In recognition of this, we strive to ensure that your client is treated with respect at all times and receives top quality customer service. To do this, we strive to make sure that all realtors and parties are continually informed about the closing process, that communication lines are open early and often, that everyone’s time is honored and respected, and that delays are kept to an absolute minimum. Our goal is to provide the best experience possible for both you and your client, by utilizing state of the art online file tracking software so that your client knows exactly how far into the process they are and what steps remain to be accomplished. When a closing is handled efficiently and smoothly, your client leaves satisfied and so do you.

Let us handle the stress of the closing process for you and your clients. Call Peterson Law Firm, P.A. today to schedule your next closing.

WHAT IS TITLE INSURANCE AND WHY Does my client need it?

Buying a new home is one of the biggest investments your client will ever make. As you approach closing all the little details that need to be taken care of may seem overwhelming. It may be easy to overlook the most important step in the process ¬ purchasing title insurance to protect your client’s new home.

Title Insurance is insurance against undisclosed problems with the title of a property. It protects against financial loss due to title defects, unpaid claims (liens) or other matters of public record. Title insurance companies will defend your client against a lawsuit attacking their title, or reimburse your client for the actual money lost. (As always, see your client’s specific policy for details.)

Does my client really need title insurance?

The lender requires that they be provided with a lender’s title insurance policy (loan policy) to protect their interest in your client’s property up to the amount of the mortgage. While the premium for the loan policy is included in your client’s closing costs, it does not protect your client.
Their ownership interests are insured only by an owner’s title insurance policy (owner’s policy). While the lender’s coverage under the loan policy decreases as the mortgage is paid down and terminates when the final payment is made, an owner’s policy remains in effect for as long as the client and heirs own the property.

The owner’s policy is available for a one-time premium and at a discounted rate if purchased simultaneously with the loan policy at the time of closing. The owner’s policy and lender’s policy are recognized as two separate policies, each insuring a different matter. The home buyer usually pays both one-time premiums for these two policies, at the time of the purchase of the home.

I thought you were doing a title search?

There can be any number of prior problems that remain undisclosed even after the most careful search of the public records. These “hidden” defects can be very dangerous and sometimes are not discovered until years after the purchase of a home. Examples of these defects are undisclosed heirs, forgery, mistakes in recording or errors in tax records. Without an Owner’s Policy to protect your client’s home they could spend a substantial amount of money on attorney’s fees to defend your title and protect your rights.