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WHAT IS A 1031 EXCHANGE?

 

A 1031 exchange, also known as a tax-deferred exchange, allows you to exchange investment property and defer the "capital gains", which is the difference between the purchase price and selling price, when the selling price is greater, and "depreciation recapture taxes", which is the element of capital gain attributable to depreciation deductions taken on your property in prior years.

 

 


 

Barrister Title Company is here for all your Real Estate Needs

 

 

 

Title insurance is necessary to protect one of the most important investments you'll ever make - your home. When you buy a home or commercial property, you are entitled to enjoy certain benefits from the ownership of the property. Be free from debts or obligations not created or agreed to by you, and to be able to freely sell or pledge your property as security for a loan.  

At Barrister Title Company we conduct a title search that involves learning the legal history of the property. We accomplish this by researching the public records to disclose the previous owners of record, prior deeds, mortgages, court judgments, proceedings and divorces, foreclosures, tax and construction liens, and other things that can affect title.

 

The purpose of title insurance is to protect against these types of defects. At Barrister Title Company your title examination is done by trained professionals, including attorneys with 30 years legal experience in real estate law this is your first line of defense-and protection. The title insurance policy issued by one of our underwriters is the second line of protection for everything the title exam would not have revealed.

 

There are hidden defects that may or may not surface even in the course of a thorough title examination and any one of these could put the ownership of your property in question even after you've closed, which is why title insurance is so critical and having a title company affiliated with attorneys with over 30 years experience to help you rectify any problems that may occur as a result of these hidden defects. An example of hidden defects include the following:

  • Clerical errors by courthouse clerks
  • Incorrect legal description of property
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  • Lost deeds
  • Forged deeds
  • Claims of undisclosed heirs
  • Contracts signed by minors
  • Contracts signed by mentally incompetent persons
  • Improperly probated will
  • Hidden defects not disclosed by the public records

As a result, you may be held fully accountable for any liens, judgments or claims brought against your new property. However, your owner’s title policy insures that if such an occasion arises, you will be defended, free of charge against all covered claims and paid up to the amount of the policy to settle valid claims.

 

      Many borrowers also are not aware that they have the right to

                             choose title insurance agents.

 

Under the Federal Real Estate Settlement Procedures Act ("RESPA"), the seller cannot require you to buy title insurance from a particular title company. The lender may request that you use a title company it finds acceptable, and it likely will recommend some companies, but in most cases you have the choice.  So be wise and protect yourself and choose the company with the legal expertise.

 

Many companies sell title insurance. But a title company that is not affiliated with a law firm can only prepare documents for closing and issue your title insurance policy. Since your ownership rights must be legally protected, a person trained in the complexities of real estate law is best qualified to issue your owner's title insurance policy.  Since our fees are the same as other title insurance companies, it makes sense to get the added value of an attorney's legal advice and counsel.

 

Barrister Title Company and title insurance will provide you:

  • The purpose of title insurance is to secure your legal claim to the property and protect you against title "defects".
  • The title insurer not only pays the costs if you're ever forced to defend your ownership in court, but covers any financial loss if the title defects can't be settled.
  • You will be reimburse for loss due to defects existing prior to the issue date of your policy, up to the policy amount.
  • The policy also provides for the cost of legal defense of your title.
  • Title insurance provides the insured with peace of mind in knowing that you are receiving good and marketable title to the real estate you are purchasing. 

A preliminary telephone call to our office (850) 434-3310 or a title order (title request page)  begins the settlement process. A file for the transaction is opened, title work is ordered and a professional member of our staff of knowledgeable agents will contact you. 

 

 

Contact us at Barrister Title Company and let us show you how much money you can save (850) 434-3310.