|
Who
is Responsible for a Real Estate Closing?
If a real estate
broker is involved with a transaction the LISTING BROKER is responsible
for the closing of the transaction. Even if the closing takes place at
another real estate office, escrow office or a title company. The real
estate broker working on behalf of a buyer or seller is the one who should
be explaining the documents involved in a closing. If a real estate broker
is from another state it is the responsibility of the broker licensed in
Missouri to check the status of the out of state broker.
Which
Party Does a Title Company Represent at a Closing?
Title companies do not represent any party at closing. Title companies
act in the capacity of an escrow agent to follow the terms of the
contract, collect the necessary documents and disburse funds according to
the terms of the contract. Title companies can only disburse funds when
all the terms, conditions and instructions are fulfilled by the parties
involved in the transaction. Furthermore, title companies are NOT required
to explain the documents in a transaction even if they prepared them. The
real estate broker working on behalf of a buyer or seller is the one who
should be explaining the documents involved in a closing.
Does a
Title Company Have to Close a Transaction if They Performed the
Preliminary Title Evidence?
Title Companies may choose to do closings. They are not required to do
closings of any kind even if they perform title evidence, title insurance
and are mentioned in a sales contract or refinancing transaction.
Are
Title Companies Required to Have an Attorney on Staff?
Title companies are NOT required to have an attorney as part of their
staff. An attorney employed by a title company may not provide legal
services to the company’s customers, buyer’s, seller’s, or lenders.
Individual parties are responsible for their own representation in a “For
Sale By Owner” transaction.
Does a
Waiver of Marital Rights Change the Vesting on the Record Tide?
A waiver of marital rights by one spouse will not change the vesting of
the record title if the married couple originally took title to the
property as man and wife.
If
Property is Vested in One Married Person Only, Does the Spouse Need to
Join in the Conveyance Deed?
If property is vested in one married persons name only, the title company
will require that both parties sign deeds conveying interest to the
property. (Chapter 474 RSMO) A Deed of Trust is a conveyance of property.
Can
Title Companies Prepare Beneficiary Deeds, Contract for Deeds, Road
Maintenance Agreements, Easements, and Deeds out of Trusts?
Title companies CAN NOT prepare contracts for sale and purchase of real
estate. Title companies are allowed to prepare certain preprinted forms
when performing title evidence, title insurance or escrow closings. (Bar
Association of Missouri v. First Escrow, Inc., et al, (S40 S.W. 2d 839)
|
