Bay County Title and Settlement Service
Simplify Your Experience
- Let us manage your Title and Closing needs. NM Management Inc through our affiliated business arrangements (ABA) offers complete title and settlement services. We handle all types of transactions, at a time and place convenient to all parties. As part of the NM Management family, our ABA’s have close working relationships with our real estate agents. They are familiar with the title practices in all our local markets and should there be any last minute issues at settlement, they are available to solve them.
- The superb quality of our services is ensured by the outstanding quality of our highly experienced staff. Our goal of achieving a positive memorable experience and relationship with the New Millennium Team continues through the settlement process.
What is Title Insurance?
Who Is Protected By Title Insurance?
- Title insurance is an insurance policy that protects your legal rights to own, possess, use, control and dispose of real estate. It is issued only after a complete and thorough title search is performed. A title search is a comprehensive search of the public records. However, substantial defects may not be discovered. Hidden defects in the title-for example, a forged deed, undisclosed or missing heirs, mistakes in recording legal documents, even typographic errors can give rise to claims against the title. These claims can limit the buyers use and enjoyment of the property and bring financial loss as well as threaten the security interest of the mortgage lender. If a claim were made, defending the claim could cost thousands of dollars in attorney fees and, if the claim were valid, could even cause you to lose the property itself. A title insurance policy provides coverage for legal defense, as well as the coverage amount listed in the policy; which usually equals the purchase price of the real property and they are normally quite expensive to litigate.
- There are two kinds of title insurance. Lender's Title Insurance protects the interests of the mortgage lender while Owner’s Title Insurance protects the interest of the buyer. Both types of title insurance are necessary to protect against hidden defects in the title. Title insurance is purchased at settlement and requires only a one time premium.
- For most Americans, purchasing real estate represents the largest single investment we will make. Given the cost of real estate, very few of us can purchase our homes, vacation or investment properties by paying cash. Instead, we borrow the funds from banks, saving and loans, mortgage companies or other lenders, granting them a secured interest in the property. One of the conditions that lenders place on the buyer is that a lender’s title insurance policy be purchased in an amount equal to the mortgage loan. A lender’s policy only protects the financial institution in the event that a valid title claim arises. In a worst case scenario, a buyer could make mortgage payments for 20 years when an unknown title defect comes to light, creating a valid claim that causes the buyer to lose the title. The lender would be covered, to the extent of the outstanding mortgage, and the owner could lose the property and all equity acquired over the 20 years that he “owned” the property. There is an option available to the buyer to avoid the scenario outlined above — the purchase of an owner’s title insurance policy to protect your interest in the real property. If the decision is made to purchase an owner’s policy and a lender’s policy at the same time, there may be considerable premium savings. In the title insurance business, this is known as a “simultaneous issue” and the premium rates charged for the owner’s policy will be calculated on the difference between the amount of coverage provided to the lender (amount borrowed) and the amount of coverage provided to the owner (purchase price).
What will the Settlement Service providers do?
- They will expeditiously order the title search and conduct the examination that will provide the basis for the title insurance policies issued to the lender and buyer.
- They will serve as liaison to all parties, including the lender, real estate agent, municipal authorities, tax collectors, surveyors and everyone else who may be involved in this important purchase.
- They will provide escrow services and prepare the settlement statement detailing all the costs of the transaction for the seller and buyer.
- They will receive deposits and distribute payments.
- A licensed settlement officer will conduct the closing, which usually takes less than an hour. There the seller will sign the deed and other documents necessary to convey title. The buyer(s) will sign the mortgage documents and other required paperwork and pay any balance over the amount of the mortgage loan.
- After completion of the settlement, they will coordinate recording documents in the land records, disburse funds and send relevant documentation to the third parties and issue the title insurance policies.
Our Strengths and Your Protection
- Our staff has conducted thousands of closings in Maryland, Virginia and Washington D.C.
- All of our settlement officers are licensed Title Insurance Agents appointed to write policies for First American Title Insurance Company, one of the largest and most sophisticated title insurers in the nation.
- Computer generated settlement statements and documents utilizing a software that provides a comprehensive system to efficiently integrate all the necessary title and settlement related information.
- Broad Errors and Omissions coverage for protection of the parties.
- Familiarity with national and local lenders, local taxing authorities, and other settlement service providers.
- Settlements scheduled at your convenience at multiple locations.
- Timely issuance of title insurance commitments and policies.
Contact CENTURY 21 New Millennium for more information.
The services provided by Bay County title are not provided by, affiliated with or related to Century 21 Real Estate Corporation (or its affiliates) or the CENTURY 21® System.