Real Estate Law

Closings and Title Insurance

Real Estate Law

Overview

Whether buying, selling, renting or developing property, the parties on each side have certain rights and obligations. A wrong move or overlooked detail can expose you to financial liability and legal action. Lallemont Law, LLC can assist you in all stages of real estate transactions, from negotiating and drafting the purchase agreement to delivering documents for the closing. Lallemont Law, LLC represents purchasers or sellers of all types of property, including single family and multi-family homes, office buildings, apartment buildings, and land for commercial and residential development. Let us assist you in negotiating and preparing all the necessary documentation.

Real Estate Law Frequently Asked Questions

What is an Owner’s Policy of Title Insurance?

Owner’s title insurance is different than home or auto insurance. Those policies protect you against future events (like an accident or hailstorm) that could happen while you own the insured property. Title Insurance protects you from potential title issues in the ownership of your new home due to an event involving a previous owner.

There is confusion surrounding title insurance because there two kinds of title insurance:

  • Lender’s title insurance policy (required by your bank or lending institution to protect the money loaned for the purchase or refinance of the home); and
  • Owner’s title insurance policy (an optional policy you elect to protect yourself and any equity in your home).

Owner’s title insurance is the only thing that may offer protection if someone files suit against your ownership rights to your real estate. Common claims that could arise include:

  • Disagreement about the property lines
  • Disputes about whether or not the seller had a proper right to sell the property to you
  • Discovery of undisclosed liens or lawsuits against the property
What are the key points in a Purchase Agreement?
  • Identifying the Address and Parties Involved
  • Price and Terms
  • Closing Date and Costs
  • Real Estate Taxes and Special Assessments
  • Homestead Classification
  • Items that are Included or Excluded
  • Required Disclosures
  • Contigencies
  • Delivery, Acceptance Date, and Offer Expiration
  • Default
Why do I need an Attorney when I sell or buy a home?

An attorney can draft offers to purchase for homes, farms, vacant land and commercial property; land contracts; offers to purchase; deeds; easements; leases; and other rental documents.

Lallemont Law LLC can assist Buyers of real estate by:

  • If you are working with a realtor, reviewing the real estate contract and its terms prior to signing.
  • If you are dealing directly with a seller, preparing a purchase agreement.
  • Helping you understand and clarify your purchase contract.
  • Assist you in understanding how you will take title.
  • Making sure you have clear title to the property.
  • Work with your lender to ensure a timely loan.
  • Closely review the proration and adjustments (including property taxes owed) prior to the actual closing.
  • Prepare and assist you in filling out a homestead application (if necessary).
  • Prepare all legal documents.
  • Review your closing documents and help you clearly understand the documents you are required to sign.
  • Issue the title work required for the property (in Minnesota).

Lallemont Law LLC can assist Sellers of real estate by:

  • Prior to signing, reviewing your purchase agreement and its terms.
  • If you are purchasing a rental property, assist in creating an business entity for your rentals.
  • Preparing all necessary closing paperwork, including deed, bill of sale, powers of attorney, tax forms, etc.
  • Dealing with title issues if they occur.
  • Deliver documents for closing on your behalf if you choose to pre-sign, or review all the papers with you at closing that you will be required to sign.
What is a Bill of Sale?

The bill of sale categorizes and inventories any personal property, such as appliances, that are to be included as part of the real estate transaction.

What is “Title Work?”

In general terms, “title” refers to evidence that proves a person’s legal right to ownership of a property. Title work involves an examination of the abstract and/or search of all of the pertinent land records at the County Recorder’s office related to a particular piece of property.

An attorney’s abstract examination uncovers unsatisfied mortgages, easements, plats, or other types of property restrictions. The attorney also searches both state and federal court records for any type of legal proceedings that could affect property such as bankruptcy or foreclosure.

All lenders require buyers to purchase title insurance before closing. Angela Lallemont is a title agent in Minnesota and can issue the title insurance policy required by your lender.

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