Be Informed

Buckeye Land Title Company - Be InformedBuckeye Land Title Company specializes in purchase contracts, FSBO, cash closings, loan closings, title insurance, opinion of title, escrow, land installment contract, lease options, short sales, and REO property. Let’s take a quick look at each area of concentration.

Purchase Contract
A purchase contract is an agreement between a seller and a buyer for the sale of real estate. The basic terms include a purchase price, closing date, possession date, financing and inspection contingencies for the buyer, and the outline of closing costs and pro-rations for real estate taxes. Purchase contracts are legally binding agreements and should be reviewed by an attorney or a competent real estate advisor.

For Sale By Owner (FSBO)
A FSBO property is offered and sold without a real estate agent. Our company and our attorney can provide assistance and legal services for FSBO deals including: preparation of a purchase contract, guidance on pre-closing inspections, conducting a title examination, taking care of the closing, disbursing funds, and recording documents after closing.

Cash Closings
Cash closings are deals where the buyer is pays cash and does not finance the purchase through a bank or mortgage lender. The buyer should still retain a title company or real estate attorney in order to conduct a title examination and assist with the closing and the disbursing of funds.

Loan Closings
You have a choice so choose a title company offering competitive costs, great service, and valuable experience. Most lenders won’t tell a customer this, but the buyer gets to pick the title company. Many real estate contracts have a title company pre-printed on the form requiring you to use a title company that you didn’t pick or don’t want. Be sure to read the fine print and the disclosures. Many times these title companies are owned or controlled by the realtor firm or the lender. You may not be getting the best price or the best service. If a seller or a realtor acting for the seller requires that you use the seller’s title company, the law requires the seller to pay for your owner’s policy of title insurance and all related title costs!

You have a choice in selecting your title company.

Our company is on the approved list with most of Cincinnati’s premier lenders. Tell your loan officer or your real estate agent that you want Buckeye Land Title Company to provide the title and closing services. If your lender is not listed, let us know and we will get on the approved list. If you are told that you cannot pick the title company, you may want to report this to the Ohio Department of Insurance.

Title Insurance
Title insurance is provided after conducting a careful examination of the public records. The premium for coverage (based on the purchase price) is only paid once. It is usually more expensive than an opinion of title (provided by an attorney) but it provides better protection. The title insurance policy would include: protection against undiscovered covered risks and forgeries, payment of legal costs to defend or correct title, and ease of presenting claims on the policy. For more information, click here.

Opinion of Title or Title Opinions
Opinions of Title are issued by licensed attorneys after conducting a careful examination of the public records. The cost for an attorney opinion is generally less than the premium for title insurance. The attorney gives a written opinion on whether the purchaser will be able to obtain a marketable title for the property. The opinion letter will list any liens or charges or easements affecting the property. If a problem arises or if there is a claim sometime after closing, the purchaser must first prove that the attorney was negligent in examining title or in rendering the opinion. For this reason, many purchasers elect title insurance over a title opinion.

Escrow is placing money or funds with an escrow agent to hold on behalf of the parties until certain conditions are met or contingencies are satisfied. For example, let’s say everything looks good for your closing except that the seller has agreed to replace the furnace that is back-ordered. The seller and buyer may conduct a closing but ask that the title company hold a portion of the seller’s funds in escrow until the furnace is delivered and installed to buyer’s satisfaction.

Land Installment Contract
Land installment contracts are becoming more popular as an alternative to traditional real estate financing. In a land installment contract, the seller agrees to sell the property to the buyer and the buyer agrees to make a down payment and then pay the balance of the purchase price over time. A common term for a land installment contract is 5 years but it can be longer or shorter. At the end of the term, the buyer pays the balance of the purchase price to the seller and the seller then gives the buyer a deed to the property. Our company and our attorney can provide a full range of services for folks wanting to purchase or sell through a land installment contract including: drafting of the land installment contract, conducting a title examination, assisting with the closing and disbursing of funds, and recording the contract after closing.

Lease Options
Lease options or lease option to buy are similar to land installment contracts. In a lease option, the buyer agrees to rent the property from the seller under a traditional lease agreement. In addition, the seller gives the buyer an option to purchase the property outright under the conditions set forth in the lease. The buyer is not obligated to purchase the property but has a right to do so. If you are trying to build up equity in the property which will allow you to qualify for a traditional loan with a lender, it is usually better to have a land installment contract instead of a lease option.

Short Sales
Sometimes a seller will be “underwater” on a loan. This means that the seller owes more than the property is worth. Before closing, the lender is contacted and agrees to accept less money usually to avoid the seller going through foreclosure or bankruptcy. Buyers are cautioned to seek competent counsel before closing on a short sale property because the short sale lender usually imposes conditions on the sale. The seller may incur income tax consequences as well. For more information on short sales, click here.

REO Property and Foreclosures
REO property (or Real Estate Owned) is property that a bank has acquired from a foreclosure or other forfeiture proceeding. Usually, the bank is anxious to sell the property and buyers are frequently able to purchase REO property at substantial bargains. REO property is buyer beware. The property is usually sold “AS IS” and a buyer should conduct all necessary inspections before closing to make sure the property is suitable and free of defects. Because most REO property has recently been in foreclosure, a buyer should consider obtaining an owner’s policy of title insurance to protect against future claims or title issues.

The foregoing is intended to provide broad general information on the topics covered and is not offered or intended as legal advice on any particular matter. Readers and visitors to this website are encouraged to seek independent legal counsel before entering into a legal contract for the sale or purchase of real estate or before considering or determining their rights or liabilities on any particular matter or situation.