Commercial Title Insurance
Typically dealing with larger amounts of money, commercial real estate is more intricate and title coverage is more complicated. Due to the nature of the transaction, there are more parties involved, typically a sellers attorney, buyers attorney and lenders attorney. Additionally a title search and examination relating to commercial real estate transaction can be integral part of the due diligence phase. Pacific Alliance Title has separate fees for each transaction and specific endorsements tailors to the need of both the buyer and lender.
After a complete evaluation of the title report is established. We will work diligently to clear all liens, judgments, any other discrepancies that can appear within the title report. While ensuring transparent communication with clients on updates on the progress of their transaction.
Preparing the final ledger breakdown of fees for both parties individually based on terms set forth in the initial Purchase and Sale Agreement. To increase the productivity of the transaction, all of our Escrow Officers in Yakima are LPOs (Limited Practice Officers), passed by the Washington State Board Association, certified to prepare and execute legal documentation in order to sell, transfer or refinance real property. Our Escrow Officers will schedule prompt signing appointments individually for buyers and sellers and notarize all documentation at signing. We provide a secure exchange of earnest money and closing funds between parties.
A property title search is the process of retrieving documents evidencing events in the history of a piece of real property, it determines relevant interests in the property and includes the review of the documentation of ownership. A review of the public records which are unique to the property is made, this is based on the public records. Real property taxes, special assessments, liens, encumbrances, easements, restrictions, covenants and any other matter which would affect the property are considered. After consideration of all the pertinent matters a commitment for title insurance is issued with the results of the title search shown.
The main purpose of title insurance is to eliminate risks and prevent losses caused by events that happened in the past. No policy of title insurance can promise that there will never be a question or controversy regarding the title, but title insurance is there to defend the title if necessary. Monetary encumbrances, such as deeds of trust, mortgages, liens, judgments that belong to the existing owner are usually cleared before the closing can occur. With the except of taxes and assessments, these generally do not become the responsibility of the new owner. Without title insurance, a purchaser runs the risk that there are unsatisfied financial obligations. Even the most well-intentioned seller can forget to disclose something. Matters affecting the record title that do "run with the land" are items like easements, covenants, restrictions and agreements. A potential purchaser should review these matters to be sure they are in line with their plans for the property.