Frequently Asked Questions:
What is a Purchase Agreement?
A residential real estate purchase agreement is a binding contract between a seller and buyer for the ownership transfer of real property. The agreement outlines the terms, such as the sales price and any contingencies leading up to the closing date.
What is title insurance?
Title insurance is an insurance policy that protects you against loss that could result from defects in the title of the property you are buying. The premium is paid only once and is good until the property’s ownership changes. Unlike most types of insurance which protect policyholders from future events, title insurance protects you against defects that could already exist. Title insuring begins with a search of public land records affecting the real estate concerned. An examination is conducted by the title agent or attorney on behalf of its underwriter to determine whether the property is insurable. The examination of evidence from a search is intended to fully report all "material objections" to the title. Frequently, documents that don't clearly transfer title are found in the "chain," or history that is assembled from the records in a search. Here are some examples of documents that can present concerns: Deeds, wills and trusts that contain improper wording or incorrect names; Outstanding mortgages and judgments, or a lien against the property because the seller has not paid his taxes; Easements that allow construction of a road or utility line; Pending legal action against the property that could affect a purchaser; or Incorrect notary acknowledgements.
What is an Abstract?
A property abstract is a collection of legal documents that chronicle transactions associated with a particular parcel of land. Generally included are references to deeds, mortgages, wills, probate records, court litigations, and tax sales—basically, any legal document that affects the property. The abstract will show the names of all property owners.
What is a Title Search?
A title search is a detailed examination for the historical, public records concerning a property. These records include deeds, court records, property and name indexes, and many other public documents.
Counties we frequently work with: Polk County, Clearwater County, Mahnomen County, Red Lake County