Closer's Corner

T19.1 ENDORSEMENT

Thu, 06/13/2019 - 4:17pm

An endorsement is something that changes the terms of the coverage in the title policy to the buyer or lender’s benefit. It is an attachment to the policy that generally offers more coverage from what is included in the basic policy. 

One of the endorsements that adds extra and important coverage for the buyer is the T19.1 endorsement.  

What does the T19.1 do and what should an agent tell their client about the coverage?

Remote Ink Notarization “RIN”

Wed, 11/11/2020 - 6:43pm

Another Reduced Contact Closing Option

The COVID pandemic has affected how real estate transactions are handled and many of your clients want to have reduced contact closing options.  We have been able to accomplish many of these closings by doing “curbside closings” or Remote Online Notary closings, but a Remote Online Notary (“RON”) can be complicated because (1) the lender must approve use of a Remote Online Notary, (2) your client needs to have certain technology acumen and hardware and (3) many RON vendors are overloaded due to demand. 

Understanding The Title Commitment

Thu, 10/15/2020 - 5:55am

TITLE COMMITMENTS: WHAT ARE THEY?
A commitment for title insurance (“Title Commitment”) provides a buyer and lender with terms and conditions for how the final title policy will be issued.  Title insurance offers protection for buyers and lenders from certain defects or errors in the title to a property.  There are four main parts (called “Schedules”) of the title commitment. 

Property Tax Time

Thu, 10/08/2020 - 9:11am

Every year when the taxes come out we see a lot of confusion between buyers and sellers about how those taxes affect their transaction.  Since one of our taxing authorities is already available (Williamson County) and the others will be soon we wanted to send out some details on how taxes affect a real estate transaction.  

The first thing to note is that once the tax bills are out those taxes are considered to be “due and payable” to the county tax collector.  This means we should be collecting and paying them from closing. 

Homeowner’s Associations: Understanding Their Role And Possible Delays In The Closing Process

Wed, 08/12/2020 - 9:45am

There are many reasons why a real estate closing can be delayed.  Like cogs and gears in an intricate clock, there are so many parties involved in a successful real estate transaction. In visualizing this analogy, it should be understandable that delays can happen when some of the moving parts aren’t working in optimal conditions. 

Foreign Investment in Real Property Tax Act (FIRPTA)

Wed, 06/10/2020 - 2:44pm

What is FIRPTA? 
The Foreign Investment in Real Property Tax Act (FIRPTA), enacted in 1980, requires foreign persons to pay U.S. income tax on the gains they make from selling U.S. real estate.  FIRPTA applies to the sale of interests held by nonresident aliens and foreign corporations in real property within the United States. FIRPTA imposes a duty on the buyer in the transaction (not the title company) to deduct and withhold a portion of the sales price to send and report to the Internal Revenue Service.  

Adjustments To The Process

Tue, 04/07/2020 - 11:16am

Solutions & Precautions For Real Estate Transactions in a Time of Crisis 

As we navigate each day together during this difficult time, we’re all finding ourselves quickly adapting to change in daily life and business. Although the news and recommendations are evolving rapidly, here are some solutions and measures we would like for you to be aware of in order to help everyone continue to move forward in their real estate transactions with Texas National Title.

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