New Jersey Title Settlement Services
Title Settlement Services in New Jersey
At Cortes & Hay Title Agency, Inc., we take pride in the detail-oriented settlement assistance services we provide our clients. Whether you are an individual who is purchasing, selling, or refinancing or an attorney who is looking to streamline their business, we can customize a system that will work best for you.
What are Title Settlement Services in New Jersey?
Title settlement services in New Jersey are a set of professional services that are provided to facilitate the transfer of ownership of real property from a seller to a buyer. These services include conducting a title search, preparing and reviewing documents related to the sale, coordinating the closing process, and disbursing funds to the appropriate parties. The goal of these services is to ensure that the property being transferred is legally and financially ready to be transferred and that the transaction is conducted in a smooth and efficient manner.
What are the Steps of Title Settlement Services in New Jersey?
The specific steps involved in a title settlement process can vary depending on the location and the parties involved, but generally, the process includes the following steps:
- Ordering a title search: A title search is conducted to determine if there are any outstanding liens, judgments, or other legal issues that could affect the transfer of ownership.
- Reviewing title commitments: The title company or attorney will review the results of the title search and prepare a title commitment, which is a document that outlines any potential issues that must be resolved before the transfer of ownership can take place.
- Clearing title issues: Any issues that were identified in the title commitment must be resolved before the closing can take place. This can include paying off liens, obtaining releases from judgments, or other actions as needed.
- Reviewing and preparing closing documents: The title company or attorney will prepare a package of documents that are required for the closing, such as the deed, the mortgage, and any other necessary legal documents.
- Conducting the closing: The closing is where the buyer and seller sign the necessary documents and the funds for the sale are exchanged. The title company or attorney will typically coordinate and conduct the closing.
- Recording the transfer of ownership: After the closing, the title company or attorney will record the transfer of ownership with the local government, making it official.
- Policy issuance: Once the title has been recorded, the title company will issues the title policy which guarantees the buyer the clear ownership of the property.
The closing process and title settlement services can be done in person or remotely these days.
Why You Should Work With a Title Agency for Title Settlement Services
There are several reasons why it can be beneficial to work with a title agency for title settlement services:
- Experience and expertise: Title agencies are specialized organizations that have experience and expertise in handling the complex legal and financial aspects of real estate transactions. They understand the specific laws and regulations that apply to the transfer of ownership, and have the knowledge and skills needed to navigate the process effectively.
- Access to resources: Title agencies typically have access to a wide range of resources and tools that can be used to conduct title searches, prepare and review documents, and coordinate the closing process. This can help to ensure that the process is completed in a timely and efficient manner.
- Risk management: Title agencies can help to manage and mitigate the risks associated with real estate transactions by conducting thorough title searches, identifying and resolving any issues that are found, and providing title insurance to protect against potential challenges to ownership.
- Time-saving: working with a title agency will save you a lot of time and effort, instead of having to take the responsibilities on your own. Title agency have a team of professionals to take care of the process, which could make the process smoother and less stressful.
- Cost-effective: Title agencies can often provide a more cost-effective solution than hiring an attorney or handling the process on your own. They have the experience and resources to handle the process efficiently, which can help to keep costs down.
Overall, working with a title agency can provide peace of mind and help ensure that the real estate transaction is handled professionally and in compliance with all legal requirements and industry standards.
Attorney Assisted Services
Over the years, we have developed various attorney assistance programs for you. As the attorney, you can maintain complete control over your transaction. You can do as much or as little of the support work you want.
We have developed these services in response to our client’s growing needs. In some cases, your long-time staff have either moved on or retired, and you are the sole attorney needing the support staff without the expensive overhead.
Larger law firms may be looking to increase their available time for other more profitable aspects of their practice, thus outsourcing the functions of the settlement process to us.
Below, we have broken down the necessary steps in working a file from start to finish.
Attorney's Checklist
Every attorney responsible for reviewing pertinent documents, providing feedback, and attending the closing. Details that should always be part of your checklist include:
- Reviewing the contract
- Review all inspection reports
- Attend the closing
Cortes & Hay Title Agency, Inc. New Jersey Settlement Agent Services
At Cortes & Hay, we maintain our own settlement agent services checklist. With years of experience, we recognize the fact that there are several moving parts, and we specialize in getting everything where it needs to go, on time, and, most importantly, accurate. Here are some of the steps of our process.
- Arrange for title searches and insurance
We begin with a search of the property history. We look for liens, judgments, divorce agreements, other mortgages, overdue taxes, and other debts. - Arrange for a survey
We need to make sure there aren’t any boundary issues, easements, and other restrictions or historical designations we need to be concerned with.
- Obtain payoff figures from the seller’s mortgage holder
- Order flood certification
- Property flood zone designations must be correct
- File the Notice of Settlement
- Coordinate the settlement date with all parties
- Prepare a computerized HUD-1 Settlement Statement or Closing Disclosures showing the detail of the settlement.
- Conduct the settlement at our office or a location convenient for all parties.
- Prepare the Buyer’s Affidavit of Title
- Present all mortgage documents to Buyer at settlement
- Disburse all funds at settlement in accordance with the HUD-1 Settlement Statement or Closing Disclosures and lender’s instruction
- Notarize all Settlement Documents
- Provide copies of all documents to the Buyer
- Record legal documents with the County
- Send post-closing documents to the lender
- Send recorded Deed and title Policy to you after the settlement
As you can see, there are several critical steps in the settlement process. Getting each step correct is paramount to the whole process. A miss in any one step can affect the entire process. In other words, at Cortes and Hay, our 50 years of experience help us deliver the settlement services you need when you need them. Call us today to learn more about what we do and how we do it. We will be glad to help.