Buying or selling a home can be an exciting and challenging experience. The buyers and sellers have many details to handle before and after the closing. The experienced professionals at Winona County Abstract & Title Companyy can help you handle those details.
Winona County Abstract & Title Company offers a full range of title and closing services. Put our years of experience to work for you. Our friendly staff and their commitment to excellence ensures that your closing will be handled accurately and efficiently.
As a home buyer or seller, you have the right to choose a title and closing company that you trust. At Winona County Abstract & Title Company you can put your trust in us.
Frequently asked questions:
- What is a title?
A title is the right that a person has to the ownership and possession of property.
- What is an abstract?
An abstract of title is the condensed history of title to a particular parcel of real estate, consisting of a summary of all documents of record (deeds, mortgages, easements, etc.) affecting the property and a certification by the abstractor that the history is complete and accurate. Since the abstract is merely an "overview" of the recorded documents for the examiner to interpret, it does not guarantee your rightful ownership to the land. It also does not judge the correctness of any documented item. Therefore, the abstract may be correct, while the title itself is imperfect or defective.
- What is a title opinion?
A title opinion is the opinion of an attorney regarding the marketability of the title based upon a title examination. It is not an insurance product, but is sometimes relied upon by lenders or owners to validate their interest in the property.
- What is title insurance?
Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership or use of your property. It is a policy of insurance which insures owners of property, or others having an interest therein, against loss from undisclosed liens, defective titles or adverse claims to title.
Title insurance will pay to defend against any lawsuit attacking your title as insured, and will either clear up title problems or pay the insured’s losses. For a one-time premium, an owner’s title insurance policy remains in effect as long as you, or your heirs, retain an interest in the property.
- Why is an owner's policy of title insurance necessary?
It is of the utmost importance that you receive clear title to the property you purchase. Title insurance is a means of protecting yourself from financial loss in the event problems arise regarding the rights to ownership of your property. There may be hidden title defects that even the most careful title search will not reveal. If a claim is made against your insured title, the title company will protect you by defending your title and your right to possession of your property, in court if necessary, at no cost to you, as your policy provides.
The following are examples of possible title defects:
- Indexing or filing errors in the county recorder’s office
- Errors in tax records
- Document errors
- Probate issues arising from former owners
- Failure to include necessary parties in judicial proceedings
- Federal Estate or State Inheritance Liens
- Conflicting wills or missing heirs
- Title Examiner or abstracter errors
- Creditor claims (mechanics liens; medical assistance liens, association dues, etc.)
- Will my lender's title insurance protect me?
The lender’s policy only insures that your lender has a valid, enforceable lien on your property. This does not protect you from previously existing title defects.
- How long does my coverage last?
An owner’s policy of title insurance has only one premium, paid at the time you purchase your property. That single premium will protect you for as long as you or your heirs own the property.
- What happens at my closing?
Ownership of the property is transferred at the closing. The seller will sign the deed to convey ownership to the buyer. If the buyer is financing through a lender, all of the lender's documents are also signed at that time, according to the instructions which accompany them.
In following the Purchase Agreement and instructions from the lender, Winona County Abstract & Title Company will draft a settlement statement listing all the costs and fees to be collected at closing. Buyer and seller or their agents will then be contacted either by the title company, their agent or their lender to make sure they have this information before they close.
Winona County Abstract & Title Company will receive all the funds and disburse to the appropriate parties. They are additionally responsible for recording the legal documents in a correct and timely manner after closing. Those present at the closing may include the buyer and seller, their agents, the bank's agent and Winona County Abstract & Title Company's closer.
- What do I need to bring to closing?
- What are the fees for your services?
- Who pays for what?
Fees incurred by buyers and sellers on a typical transaction are listed below. Who pays these fees can also be negotiated between the parties as part of your purchase agreement.
- Lender fees, which may include appraisal fee, origination fee, credit report, flood certificate, etc.
- Recording fees for the deed and mortgage and other applicable documents
- Mortgage registration tax
- Lender’s title insurance premium
- Owner’s title insurance premium
- Closing fee
- Name search
- Title exam fee
- Plat drawing
- Courier Fees (if applicable)
Real Estate Commission
State Deed Tax
Preparation of deed, CRV, well certificate and other seller documents
Recording fees for satisfaction of mortgages or other documents required to provide clear title
Assessment, tax and name searches
- Courier Fees (if applicable)
Still have questions? Please Contact Us or give us a call at 507-454-5520. One of our experienced professionals will be happy to help you.