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Title Insurance is the owners evidence that they have lawful possession of that property. It protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property.
Title Insurance is beneficial to the seller, buyer and lender. In order to be insured against various possible title defects the buyers and lenders will need title insurance.
Real Estate Closings
A meeting where the closing agent takes in money from the buyers, pays out money to the owner and makes sure that the purchaser’s Deed is properly recorded in local records along with any Mortgage liens.
STEP 1 - Start of the Process
Once all parties have executed the Earnest Money Contract it is then receipted with the title company. At that point a title search begins and tax account information, loan payoffs, a survey if necessary, and inspections are ordered.
STEP 2 - Examination of Title Search
After our abstractor has gone through the county records and pulled all documents related to or affecting title to the property one of our examining attorneys examines the findings and determines who the legal owners of the property are. A Title Commitment is then prepared, reviewed and sent out to all parties with an interest in the transaction.
STEP 3 - Document Preparation
The closing agents next responsibility is to review the revised instructions from the lender and other parties, review all loan and legal documents, gather bills for the charges, prepare the Closing Disclosure and schedule the closing.
STEP 4 - Actual Closing
The closing agent directs the closing and insures that all documents necessary get executed properly. It is customary that the seller and buyer come in for separate closings.
STEP 5 - Post-Closing
Now that all the documents have been fully executed it is the closing agents duty to finish out the transaction by paying all parties who provided services in connection with the transaction, record the documents in the County Clerks office and issue and deliver the Title Insurance Policies to the lender and new owner.
What is a Title Commitment? It is a document comprised of four parts Schedule A, B, C & D that provides you, the buyer or lender, with the terms and conditions on which the title company requires to issue a title policy.
Entails the facts (policy amount, name of proposed insured, who is currently vested in title, legal description of the property, ect.) of the transaction and should match the information provided in the Receipted Earnest Money Contract.
Is directed towards the buyer and this sections includes item that cannot be changed, they are exceptions to the coverage.
All Schedule C items must be taken care of prior to closing. It is comprised of requirements such as defects in the title to the property, judgments or liens that will have to be fulfilled in order for the title company to be able to issue the title policy. Once these items are satisfied, Schedule C will be removed off the actual Title Policy which is issued after closing.
This section discloses the parties that split any part of the insurance premium; the attorneys, the underwriters and the title agents.
ownership & encumbrance report
The result of a simple title search of the records from the last Deed to a current date.
An extension of a title search to verify that no liens have been filed against the property between the time of the original title search and the recording of the Deed or Mortgage.
Who uses these certificates/reports? Lenders, attorneys, surveyors and anyone who wants to know what is of record on a piece of property or their client/borrower.
Also known as a NOTHING FURTHER CERTIFICATE or a PRE-FORECLOSURE REPORT. We provide a report and all documents of record, on a parcel of land, coming forward from a provided particular date.
These do not warrant any type of insurance on the property and they do not protect sellers, buyers or lenders against any defects in the title to the property.