1. Jim Burton, Ph.D. Marketing & Real Estate College of Business
Title & Closing
Jim Burton, Ph.D.
Marketing & Real Estate
College of Business

2. Overview Transfer of Title Marketable Title Title Insurance
The Torrens System
Closing Statements
Debits/Credits to Buyer
Debits/Credits to Seller
Prorations

3. Transfer of Title
Deed
Gift
Escheat
Will
Adverse possession

4. Marketable Title Title examination Title search - chain of title
Title opinion
Title abstract summary of chain
Recording system
Marketable Title

5. Title Insurance Insurance against title defects or claims
Mortgagee’s policy
Owner’s policy

6. The Torrens System Land Registration Legal Registration Proceeding
Certificate of Title
New owner - new certificate
Only 11 states use

7. Closing Statements Debits/Credits to Buyer Debits/Credits to Seller
Prorations
Financial fairness
Uniform Settlement Statement, p. 143.
Negotiate everything

8. Typical Buyer’s Costs Get Financing Title opinion Survey
Property insurance
Property inspection report
Loan fees & discount points
Appraisal & credit report

9. Typical Seller’s Costs
Prepare deed
Remove encumbrances
Pay off existing mortgage
Provide termite bond
Pay broker’s commission
Transfer tax & recording