Read More

Blog

I was honored to be interviewed by @PropertyShark on the most important aspects of the title process.

Education and advice from prominent real estate professionals are key to learning about the complexities in selling and buying real estate. This is particularly true when title — or ownership — of a property is transferred from buyer to seller. To better understand this process, we turned to industry leader and subject expert Glenn Asher.

After joining the firm in a business development role in 2003, Asher became an Executive Vice President at Kensington Vanguard National Land Services, one of the largest title insurance agencies in the nation servicing commercial and residential transactions. With a focus on the residential side of the business, Glenn closed more than 30,000 transactions and transitioned his team from New York to South Florida, where he opened offices for the company in Miami, Broward, and Palm Beach counties. With credentials such as these, Asher is an excellent source to educate us about title related matters on residential property.

Glenn Asher, Kensington Vanguard National Land Services

In the U.S., a title report is evidence of title – or ownership – and is prepared by a title insurance agency or by a title insurer directly. It contains a legal description and chronicles the history of ownership — or chain of title — based on public record deeds, which are legal documents wherein transfers from one owner to another are recorded.

But, most important, a title report shows all possible encumbrances — or legal claims against a property by someone other than the seller — that may place a cloud on title, impede the transfer of the property from seller to buyer or make the title unmarketable. Examples of possible encumbrances include easements — which give other parties rights to use the property — as well as liens or the legal right of creditors to use the property as an asset.

As such, it is imperative to conduct a title search through public records, which provides potential buyers the assurance of clear title. This also assures buyers that the title (or ownership) can be transferred to them from the seller free and clear of any encumbrances. This is where Asher comes in and describes to us some of the most important aspects of the process.

Q: What is typically included in a title search report and how long does the process take?

A title report consists of searches on the subject property, sellers and buyer based on the specific type of transaction that is being done. All reports include tax, judgment and lien searches, as well as patriot and bankruptcy searches. They also include the current deed of record showing ownership.

Title report turnaround time varies based on the jurisdiction. Many of the nation’s counties have online public records while others require title examiners that physically search records in the county of the subject property.

Q: What process does a broker need to follow to ensure that a property has no prior encumbrances before a buyer takes ownership?

Brokers must communicate with the title insurance providers and their curative departments to work through any issues that may hinder clear and marketable title for their respective clientele.

Q: Describe the role and importance of title insurance.

There are various types of title insurance policies that insure different types of transactions. On purchase transactions, two policies are typically issued. The first is a lender policy, which ensures that the new lender will be in first lien position. This first lien position ensures the lender that in the event of foreclosure, they have priority to collect the money owed from their mortgage. There is also an owner’s policy which protects the new buyer from any legacy issues on title before they close. Unlike most types of insurance, title insurance covers past acts. Title is insured up until the closing and recording of any new deeds so that the seller’s history does not affect the new buyer once they close on the sale.

Q: What are some of the most common encumbrances you find?

Mortgages, liens and easements are the most prevalent encumbrances on title that must be cleared and resolved prior to insuring a transaction. Encumbrances are obstacles to the use and marketability of a property by the titleholder and can be considered a cloud on a title.

Q: Describe the most common challenges you see in clearing title when a property enters probate.

We are at the mercy of probate court, which determines the legacy of a property and the subsequent heirs that take possession of the property in case of the owner’s death. We must obtain death certificates and ensure that there are no outstanding heirs to the property or debt owed by the deceased, and that the proper administrative requirements have been followed, which [will] result in ownership. Probate-related transactions often come with issues that must be clarified so that the buyer can avoid a possible insurance claim on the property by one or more members of the deceased’s family.

Q: Are there any specific differences or challenges in clearing title for luxury properties, in particular?

Luxury properties have the same search criteria and subsequent work as any other transaction. Oftentimes, higher valued properties may have attorneys involved that can be helpful in the process should there be an issue with the title, and we need to obtain clearance items, such as mortgage satisfactions and past title insurance policies.

Q: Has the COVID-19 crisis had any effect on the title process?

COVID-19 has affected title work in many fashions. Primarily, if a county does not offer online services to obtain information and they have closed the records room, there will be significant delays in obtaining real-time information. In addition, there are many travel restrictions, safety precautions and additional steps that we must take to ensure closing protection. At Kensington Vanguard, we have been fortunate enough to be able to limit the amount of COVID-19 issues by being proactive and thoughtful in our practices, communication and approach.

Andreea Popescu

Andreea Popescu

Andreea Popescu is a copywriter with ten years of legal experience, including real estate and marketing. She is an ABA-certified paralegal and has an MBA with a concentration in Marketing from California State University, Northridge. She worked as a legal manager at a marketing firm and as a legal writer. Currently, Andreea brings her combined knowledge of the fields to report on real estate developments for PropertyShark. Reach her at andreea.popescu@yardi.com.

An Interview With Shoutout Miami: Meet Glenn Asher | Title Insurance

We had the good fortune of connecting with Glenn Asher and we’ve shared our conversation below.

Hi Glenn, what do you attribute your success to?

My brand ATTG (Ask The Title Guy) has to be consistent at all times. Brands become successful as a result of a level of expectation that does not waiver regardless of the situation. We consistently raise the bar industry-wide and set the pace for others to emulate.

Can you give our readers an introduction to your business? Maybe you can share a bit about what you do and what sets you apart from others?

The Title Insurance industry is a highly competitive market both locally and nationally. Graduating with a degree in Education with a specialization in history and sociology, I began as a high school teacher and then motivational speaker prior to Title Insurance. In an industry driven by compliance and regulatory standards, I strive to create a network that allows for leverage. Driving business and relationships is sales to me, creating opportunities and establishing an operation that is seamless and consistent. Creating technology, while maintaining an unparalleled level of customer service is a balance that is the cornerstone of our business model separating us from our competitors. In addition, having a toolbelt that affords us to do anything either locally or nationally in the industry. Commercial, Residential, 1031 Exchanges at the highest level in any asset class on a national scale as a Super agent for multiple Underwriters is a game changer!

Any places to eat or things to do that you can share with our readers? If they have a friend visiting town, what are some spots they could take them to?

Miami has always been a destination for a good time. When I first moved here the phone would ring every Thursday, “I’m coming down to Miami for the weekend” a ritual from the northeast. I would always like to show people the new Miami and the ever-changing landscape of the Magic City. My favorite places would always include an array of venues with good food, good music, and of course a vibe that Miami is known for. The pool parties, beaches, brunches, and nightlife of course.

Who else deserves some credit and recognition?

My level of success is a direct result of an amazing TEAM of Hard Working and professionals. I work for them and the operation as a whole, continuing to be a student of the Real Estate Industry and all of its ancillary parts, to create the betterment of our work family. As a leader, I strive to perform at the highest level as I continue to push myself to set the tone and breakthrough “Industry Standards”

Website: www.askthetitleguy.com

Instagram: #askthetitleguy

Linkedin: https://www.linkedin.com/in/glenn-asher-01998515/

Facebook: https://www.facebook.com/KVNTitle

Youtube: https://www.youtube.com/channel/UCBZtZ5vIl-K22-846urKb9g

Other: www.askthetitleguy.com/app

The Venetian Islands



Greetings!

 

Taking a moment to thank you for attending my event on March 15th to see the spectacular home at 608 W. Dilido Drive. Please take a moment to view the VIDEO & PICTURES from the event.

Thanks again for coming and if you or someone you know is interested in this home please reach out. We’ve had a great response from the event and currently working on a couple of potential buyers.

 

Thank you,