ADVANTAGE TITLE GROUP
Advantage attorneys are registered with the Illinois Department of
Financial Institutions to issue title insurance policies. We have
partnered with Stewart Title Guaranty Company to form our own title
company, Advantage Title Group. This arrangement allows us to
leverage the data processing resources of Stewart Title while
maintaining personal control over the title assurance process.
Advantage Title Group facilitates transactions, efficiently ensuring clear
title while minimizing the bureaucratic delay often associated with large
title companies.
Title Insurance is a policy that protects the owner's title from unrecorded
liens or hidden interests in real property. A title insurance company
issues a policy identifying all the owners and lien holders of record for a
specific piece of property, as of a certain date. If there are any other
claims against the property title which are not disclosed in the policy, the
insurance company will defend against the claim and be responsible for
any loss suffered by the insured. Title insurance policies are based on
the results of title search, which is a thorough examination of the county
records regarding a property. A title search will disclose the chain of
ownership, any liens against the property and the payment status of
property taxes. Title insurance policies are usually required by the buyer
and lender, when selling or refinancing real estate. Buyers want
assurance that they are the sole legal owners of a property and lenders
want to be sure that their liens are in the proper priority in the event of a
borrower default. An unexpected or erroneous exception in the chain of
title can provide buyers and lenders with just grounds for refusing to
proceed with a real estate transaction. Therefore, it can be very efficient
to have attorneys involved early in the title assurance process to clear up
exceptions in the chain of title before they can delay or undermine a
transaction.
REAL ESTATE TRANSACTIONS
Advantage attorneys have the experience to efficiently execute real estate
transactions. We have represented both buyers and sellers in sales
transactions, as well as borrowers in refinancing transactions.
We have also participated in the development of a unique sale-
leaseback program that allows homeowners with poor credit to take
advantage of lower prevailing interest rates:
- The owners sell their home to an individual with excellent credit.
- The new owner leases the home back to the original owners
under an eighteen month lease.
- The lease payments cover the debt service on the new
mortgage, plus insurance, property taxes and a modest profit to
the new owner (the lease payments end up being much lower
than the original owners were previously paying).
- The lease includes a purchase option allowing the original
owners to reacquire their home at a modest premium.
- The original owners use the eighteen month period to
rehabilitate their credit.
- The original owners exercise their purchase option, financing the
purchase with a new mortgage.
