Resolving Gaps in Real Estate Titles for Paralegals
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Learn more on how to resolve issues that paralegals face while reviewing real estate titles.Paralegals working in the real estate department across the country face different obstacles, while reviewing real estate titles and assisting with the closing of commercial and residential real estate transactions. They need to know how to find title defects, which title defects can be cured and how to do it. Different types of title defects will be discussed based on real life examples. In addition, you will gain insight into what is a gap in title, why title insurance is required, what to anticipate before the closing, what to prepare for the closing and how to resolve obstacles during the closing and post-closing.
AuthorsMariana Fradman, MBA, Nixon Peabody LLP
A Quick Recap: A Word About Real Estate
• What Is Real Estate?
• Who May Have an Interest in or Lien Upon the Property?
Why Do You Need Title Insurance?
• Protection During the Gap Period
• Title Defects
- Gap in Ownership and How to Fix It
- Title Commitment Schedules
• Placing Documents on Record: How Big Is the Gap?
Steps to Close the Gap
• Continuation of Title
• Gap Endorsement and Gap Coverage
• Owner's Affidavit and Indemnifications
• Closing Instructions and Escrow Letters
• Date Down Search
Closing the Transaction
• Traditional Closing
• Gap Closing