We offer title insurance and escrow services through our affiliate companies, Resort Title Insurance Agency Limited and Resort Title Escrow Services Ltd.
With respect to title insurance, The Bahamas has an unregistered land system. This means that real estate attorneys conduct title and cause list searches to ensure that property commences with a good root of title, in line with the provisions of The Conveyancing and Law of Property Act of The Bahamas.
During a transaction, our attorneys will provide the purchaser with an opinion on title which will confirm that the title to the property is good and marketable. If there are any encumbrances on title, these will be raised with the purchaser and included in the opinion on title. Our opinions on title will also indemnify the purchaser up to the amount of the transaction.
Another option for a purchaser or a lender is title insurance. Title insurance is an indemnity insurance that insures against potential monetary loss that may arise as a result of defects in title to real property.
There are two types of title insurance policies—an owner’s policy and a lender’s policy. An owner’s policy insures the owner from financial loss in the amount of the purchase price, while a lender’s policy insures a lender/mortgagee from financial loss in the amount of the loan.
With title insurance, our attorneys will provide the underwriter with an opinion on title confirming that title is good and marketable and listing any encumbrances on title. Once title is approved by the underwriter, our affiliate company, Resort Title Insurance Agency Limited, will issue a title commitment and upon closing of the transaction, a title policy will be issued to the purchaser or lender.
We also offer escrow arrangements through our affiliate company, Resort Title Escrow Services Ltd.
Resort Title Escrow Services Ltd. will hold legal documents and funds in escrow pending the completion of a loan, transaction or satisfaction of the terms and conditions stated in an escrow agreement. While acting as escrow agents, we act impartially and carry out the mutually agreed instructions of the clients. We also assist with the drafting of escrow agreements to ensure that this process is convenient and seamless for our clients.
For further information please contact us on +1 (242) 502 5000.