Do you have a special consultation rate?
I charge a $50.00 consultation fee for an hour of my time.
Do I need an attorney?
If you are asking this question then I suggest you contact an attorney. Often many questions and concerns can be answered with a consultation.
Do I need an attorney in a real estate transaction?
If you are purchasing real estate and a loan is involved, you are required to have a licensed West Virginia attorney involved. In a refinancing situation that is left to the lender and individual to elect if an attorney will be involved. However, as a real estate attorney deals with closings routinely most individuals do not.
Who selects the attorney to handle the real estate transactions?
In West Virginia the buyer has the right to select the attorney they want to handle the real estate transaction on their behalf. However, if lending is involved, the lender may be unwilling to accept title from your attorney. If the attorney is not approved inquire what is needed to get them approved, often it is as simple as completing a form.
Should I have a title search?
As a real estate attorney I suggest that you do, since buying a home is often the single largest investment many of us make during our lives. If you compare the cost of a title exam to the cost of potentially losing your home, that should answer your question.
What is the cost of a title exam?
The cost of a title exam varies depending on several factors such as: residential or commercial property, type of search conducted, the number of titles that must be searched, county where property is located, cost for copies, just to name a few. However, in general a standard residential, single title, forty year title exam will cost you $300.00 to $600.00.
How long will the title search take?
This again depends on many of the same factors mentioned above, however most searches can be completed within three to five days.
Give me an example of things that could increase my title’s cost or time to complete?
This is an opened ended question, however some things that could increase your costs are: Multiple chains of title so one search is really three searches; estates that are not completed, or even filed; large tracts of land; brand new subdivision; tax title or foreclosure in last ten years
What is title insurance?
Title insurance protects homeowners and lenders against potential property loss or damage they might experience due to liens, encumbrances, or defects in the title to the property. Title insurance policy insures against events that occurred with the past ownership of a property, and is paid for with a one-time premium at the time of closing. The cost for title insurance is based on the purchase price, loan amount, and the cost of certain endorsements if necessary. In comparison car, health, or life insurance protect against future events and are paid for on monthly or annual premiums, which can raise or lower each year depending on multiple factors.
Do I need title insurance?
If you are obtaining a loan on the secondary market or from a national lender then likely you will be required to pay for a lenders title insurance policy. So the question really is do I need an owners title insurance policy? This is certainly an open-ended question and should be discussed in detail with your attorney.
If the attorney completed a title search why do I need title insurance?
Attorneys are only normally only responsible for issues that arise from their negligence. While title insurance does not care who is at fault, it protects you regardless of the reason so long as it is a covered issue. Further, title insurance policy passes on to your heirs and descendants. In addition here are some items that an attorney would likely not be liable for but title insurance likely would protect you:
Forgery
Mistakes in examining records, not readily discoverable
Undisclosed heirs
Errors or omissions in deeds