Locally Owned and Operated by lifelong Montanans. We focus on customer service and integrity in the industry as our core values and pride our business on the relationships we make with customers and professionals in the Montana real estate community.
Montana Attorney Closing is an up-and-coming Title and Escrow service in the Billings, Montana community who is owned and operated by lifelong Montanans and residents of the Billings area. The company was founded by Attorneys and their families who take pride in excellence and integrity in the real estate industry. We are detail oriented, and customer focused. We strive to achieve the best result for each and every customer and professional we work with in Montana. Montana Attorney Closing provides complete real estate transaction services from selling title insurance, running a title search, escrow services, and finally to closings. We are community oriented and strive to be outstanding members in the community by contributing to and helping our community and the many Montanans who live here.
Montana Attorney Closing receives an order for insurance on the property listed in the buy/sell agreement. Then, a title officer researches the documents recorded in the public records pertaining to the property listed in the buy/sell. We then have one of our attorneys also look at the findings of title search. We will then produce a preliminary report which is provided to the parties involved in the transaction, usually the buyer and seller, that lists any exceptions to coverage of the property. It is our responsibility to find any existing defects on the title of the property.
However, it is not our duty to fix any defects listed as exceptions to title insurance coverage. Some title issues require legal advice and/or litigation from attorneys. Our attorneys cannot help either the buyer or the seller with any legal issues that may arise as our attorneys are not representing either party nor are they offering legal advice. The title insurance policy is then issued when the ownership rights are transferred to the buyer and all previous liens and loans on the property are released or paid off.
Title insurance is an insurance policy that protects your legal rights to own, possess, use, control, and dispose of land. A standard coverage insurance policy typically covers:
There are two types of title insurance that are offered: Owner’s Insurance and Lender’s Insurance.
The owner’s insurance policy insures the purchaser that the title to the property is free from issues such as defects or encumbrances that would make title unmarketable except those found during the title search listed as exceptions in the insurance policy. The seller in the real estate transaction purchases owner’s insurance.
A lender’s insurance policy is purchased by the buyer of the property and insures the validity and enforceability of the lien of the lender’s mortgage or deed of trust. The lender is then insured for the total loan amount. As the loan on the property is paid off, the amount of coverage decreases until the balance is paid off in which case the policy terminates.
Escrow is a legal concept describing a financial agreement whereby an asset or money is held by a third party on behalf of two other parties that are in the process of completing a transaction.
Escrow accounts are managed by the escrow agent. The agent releases the assets or funds only upon the fulfillment of predetermined contractual obligations or upon receiving appropriate instructions.
The buyer will place funds, usually referred to as earnest money, in an escrow account held by Montana Attorney Closing which allows the buyer to make a good faith deposit or perform due diligence on a potential property acquisition. The escrow account also assures the seller that the buyer is serious about the purchase.
