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What Does a Title Company Do?

Understanding title insurance can be overwhelming process. For many homebuyers title tends to be one of the last steps on the journey to owning their dream home. While most homebuyers don’t meet their settlement agent until they are at their closing, there is a ton of work done behind the scenes that leads up to, and after the closing table. We have teams of people working in several different departments that ensure that the closing will go smoothly. Here is a step by step detailed description of the title process, from the agreement of sale to post-closing!

Commonly Used Title Terminology

1 Contracting

Once the agreement of sale is reached, the real estate agent/lender sends the information to the settlement officer.

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The settlement officer will be in touch with the buyer to introduce themselves and to collect any information that they require for the file.

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2 Title Order

Background information is submitted to the Intake and Scheduling Department.

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Tax information, loan payoffs, maintenance fees, inspections, Patriot act, domestic relations, insurances, as well as legal papers, are ordered.

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A file is created, letters are sent out to all involved parties and a title search is ordered.

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3 Search & Examination

The search of public records begins. Deeds, mortgages, liens, wills, divorce settlements and other documents that could affect the title are searched.

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Once the search is completed, a title commitment is created by the commitment department, outlining any issues that may have been found.

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The title commitment then goes to our examination department. The examiners work with the settlement officer to fix any issues that were found.

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The title commitment is reviewed, completed and then sent out to all parties involved in the transaction.

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4 Document Prep & Review

The settlement officer reviews any new instructions and requirements from the lender or other parties involved.

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The settlement officer or processor will then prepare closing statements and contact all parties to schedule the closing.

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5 Closing

Your settlement officer will oversee the closing of the transaction. Generally present at closing will be the buyer, seller and real estate agents for both parties.

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The seller will sign 1099, closing disclosure, ALTA/HUD, and closing documents required by the lender (if applicable.) The buyer will then sign the closing package, closing disclosure, ALTA/HUD, and buyer's affidavit (if applicable).

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Funds will be dispersed at this time to appropriate parties.

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The buyer will receive the keys to their new property.

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6 Post Close

Settlement officer prepares the file to go to Post Closing. Monies are wired out to the appropriate parties and lender package is sent out.

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The transaction documents will be E-recorded in the county in which the property is located. Title insurance policies will be prepared and sent to the new lender and the buyer.

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The buyer will receive their new deed generally within 30-45 days following settlement.

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