Title Services

Why Do I Need Title Insurance?
In Minnesota, you will be required to buy mortgage title insurance as part of your property purchase. This is a contract between the lender and the title company to protect the lender's interest in your property against losses through defects in the title. In other words, it insures that the lender is in first lien position. However, the lender's policy will not protect you, the owner. In order to protect yourself, at closing you may wish to purchase an owner's policy of title insurance. Generally, this policy protects you against any loss of marketability resulting from insured title defects. In addition, this policy protects your ownership in the event another party states they have a right or claim to any portion of your property.

For example...
Betty and Jerry bought a home for $95,000, making a $20,000 down payment. Their lender held a $75,000 mortgage lien and required them to furnish title insurance to protect this interest. A month after closing, a relative of a previous owner made claim to the home and the claim proved valid. The title insurer reimbursed the lender for their cost and the mortgage note was then turned over to the title company. Because they did not have an owner's title insurance policy, Jerry and Betty have lost their $20,000 down payment, they have lost their equity in the property, have had to move out of their home and they still owe the remaining balance of the loan.

Burnet Title

Burnet Title 201 East Lake Street, Suite 100 Wayzata, MN 55391 Phone: 952-473-3000

Burnet Title, a wholly owned affiliate of Coldwell Banker Burnet Home Services, is a title insurance agency offering complete title products and services. Burnet Title was founded with the sole purpose of servicing the real estate customer - seller, buyer, sales associate, lender, attorney, etc. Since its' inception in 1981, Burnet Title has committed to providing quality abstracting, multiple title insurance products and closing services for a large and diverse customer base. Burnet Title leads the industry in providing the consumer the best title policy with the most inclusive coverage available resulting in maximum value for your dollars. With 19 offices located throughout Minnesota, we have a location convenient to service your title insurance and closing needs!

Selling and buying real estate can be confusing; Burnet Title is an expert at making this process as stress-free as possible. When partnering with Burnet Title you can be comfortable in knowing that your transaction will receive the attention it deserves. Our pledge to each customer is to give the best title policy and the best service before, during and after the closing. Burnet Title is Excellence in Title Services.

The closing process in Minnesota:

• Upon acceptance of the purchase agreement, the realtor deposits the earnest money and forwards the purchase agreement to the closing company administrating the closing for the seller.
• The buyers apply for financing with their lender.
• The lender places an order for a title commitment from the buyer's title company.
• The buyer's title company gathers the title evidence, which includes an assessment, tax, name and county records search along with a property location inspection.
• The buyer's title company examines the title evidence. The end result of the examination is a title commitment for issuing a lender's and owner's title insurance policy.
• All parties receive a copy of the title commitment for review.
• The seller's and buyer's closers review paperwork, assist in resolving any title issues, order payoffs on existing loans or contracts and facilitate the scheduling of the closing.
• The closers set the closing date, time and location. All parties are notified.
• The closers continue to collect necessary information and begin to prepare closing documents.
• The lender prepares and sends the financing documents and closing instructions to the buyer's closer.
• After the buyer's closer receives the financing documents and closing instructions, the closer prepares the remaining closings documents and the settlement statement.
• At the closing, the closers will present the figures (settlement statement) and closing documentation for review and signatures. Funds are collected and disbursed at the closing.
• After the closing, the buyer's title company issues the title policies and records the documents.