Title Insurance Commitments and Policies
At the core of our business is title insurance. As much a process as a product, a title insurance policy is the end result of a partnership with our clients during which title defects are discovered and cured. We will investigate the condition of title to the land you are acquiring, selling or mortgaging and advise what steps are needed to be sure that title is clear in the way that you intend. Once the process is complete, we will issue a title insurance policy that backs our advice.

A commitment will provide you with the results of our investigation and identify the steps needed to complete your transaction. Once those steps have been taken, the policy indemnifies the insured against loss that might be sustained in the event that title is not as it is stated to be in the policy. Losses covered include past forgeries, recording errors or undisclosed interests in the land.

The policy issued may be one of several types. For residential transactions, we recommend the extended coverage policies for both mortgages and owners. For commercial transactions, the ALTA (American Land Title Association) policies are available together with any endorsements needed to customize the transaction to your needs. Short form policies, issued right at the closing table, are also available.

Escrow Services
In addition to title insurance, LaMont Title offers a full range of escrow services. These include holding earnest money deposits or documents to be held in escrow pending the occurrence of identified events, assistance in preparation of the documents needed to complete the transaction, conducting a closing and recording the documents at the Register of Deeds needed to evidence the new status of title. If the transaction is a construction loan, LaMont Title can review the sworn statements and waivers to assist in administering the construction funds on behalf of a lender.

The closing is the consummation of the transaction. LaMont Title can act as the neutral third party as a repository for money and documents. We can assure that documents are properly signed and notarized, and then collected and assembled for recording. We can receive all needed funds to pay off prior lenders, costs of the closing and final disbursement of the proceeds to the owner-seller or borrower.

Title Searches
A title search provides a history of the title existing back to whatever date is requested by our client. It is often necessary for litigation or environmental research. The title is searched for the period requested and copies of all instruments of record provided. The parameters of the search can be modified at your request. Common requests are for the last deed forward, the last purchase money mortgage and all other liens since that date or all encumbrances for a period of time with or without tax information.

A title search is most fundamentally distinct from a title insurance policy in that no insurance coverage is provided. The product is purely informational and no assurance of title is given.

Initial Title Work
Often, initial title work is sought to determine the quality of title for large assemblages of land. The product is similar to a title commitment except tax information is not obtained and often, the requirements will not be as comprehensive as they will be for a title insurance commitment that will result in a policy. Frequently, initial title work will reveal the need for further services such as tax re-notification services.

The information provided in these products is informational only. No insurance is provided.

Mortgage Foreclosure Guarantee
Historically, title companies were unwilling to insure lenders seeking to foreclose mortgages for default of the terms of the mortgage. The reason for this reluctance was that an insured cannot be protected against its own actions. Therefore, title insurance would not cover any defects arising from flaws in the foreclosure process. This left lenders without the useful information needed for the foreclosure to proceed efficiently.

LaMont Title Corporation is now able to provide a lender with the useful information it needs without actually insuring the actions of the insured. A commitment is issued identifying the outstanding interests in the title in conjunction with a guarantee, issued with copies of the vesting instruments for those outstanding interests, guaranteeing the vesting of title and against defects in title.

Tax Reversion Curative Process
A common title defect in urban properties is related to the forfeiture process instituted by the State for non-payment of property taxes. Under the old tax collection act, the State would institute forfeiture proceedings and recover properties from delinquent taxpayers. Frequently, the notices sent (or not sent) to the various persons with an interest in the property would not be sufficient to render the properties insurable. LaMont Title offers services to render such titles insurable. The services include an underwriting analysis and, if necessary, re-noticing the parties who may not have received notice in the original proceeding. Click here to learn more about these services.

Tax Foreclosure-Related Services
In 1999, the General Property Tax Act was amended by Public Act 123. This Act created a new process for the foreclosure of properties for non-payment of taxes. Because this legislation is new, it is relatively untested in the courts and therefore the insurability of these parcels is not clear. In addition, the information needed to determine the insurability of these parcels is beyond the traditional sources of information used to prepare title insurance commitments or searches. We will obtain the information necessary to determine the insurability of these parcels and, in most cases, provide title insurance. Click here to learn more about these services.

Tax Lien Purchaser Related Services
Before it was amended in 1999, the General Property Tax Act provided for an opportunity for purchases of tax liens at the annual county tax sale. Various steps must be taken to perfect these liens and acquire title. The information necessary to insure such titles or to insure a property without exception for such interests is not located at the Register of Deeds but in the County Treasurer’s office. LaMont Title is able to locate this information and determine the insurability of such titles.

Internal Revenue Code §1031, Like-kind Property Exchange Services
Under §1031 of the Internal Revenue Code, a person selling property that has been held either for investment or for productive use in a trade or business (e.g., rental income property), can reinvest the proceeds of that sale in “like-kind” property” that will be held for investment or for productive use in a trade or business and avoid current recognition of capital gains on the sale.

The rules and procedures for these transactions are complex and must be strictly followed in order for the transaction to qualify for non-recognition treatment under Code §1031.

LaMont Title Corporation personnel can help you make arrangements for Qualified Intermediary services for delayed §1031 Exchange transactions and for Exchange Accommodation Titleholder services for so-called “reverse” exchange and “build to suit” exchange transactions.