How important is the title company
Joan Taylor is Sales and Marketing Executive with Title Partners Agency, L.L.C. Title Partners Agency is an exceptional resource, offering a team of in-house title insurance attorneys licensed in Missouri and Illinois and service-oriented professionals to ensure that every property closing proceeds smoothly and efficiently.
Joan shares the role of the title company and what happens at the title company after you are in escrow.
Joan says: So, you’ve found a home and written a contract? The offer is presented by your agent and accepted. Congratulations! So what happens next? It’s time to make the next key decision in “the process”, choosing a title company to handle your transaction.
The role of the title company when purchasing a home is to act as the coordinator, investigator and all-around planner that gets you to the closing day with assurance that the property you are purchasing has clear title.
So what’s the difference in title companies?
One of the most important things to consider when choosing a title company is who underwrites for them. The reputation and financial stability of the underwriter should be at the top of your list. After all, if you have any issues that need resolving or have to file a claim, these are the people you’ll be dealing with in the end. The title company you choose will issue you an “Owner’s Policy” from their underwriter protecting your investment and ownership of that property. Unlike other types of insurance, this one-time payment will protect you the entire time that you and possibly your heirs own the property.
Other things to consider when choosing a title company are its reputation on customer service and perhaps any locations that they may have that may be convenient to the property you are purchasing. Your real estate agent and/or lender may have some suggestions for you if you are unfamiliar with this.
Once you’ve chosen a reputable title company
Your real estate agent will send the accepted contract to the title company. This is where the investigation begins. They will conduct a thorough search of the property to disclose any and all items that may jeopardize your ownership. Existing loans, judgments, taxes, subdivision assessments and liens are just a few of the items that could affect your purchase. If any these are discovered during the title search, they will have to be resolved before the closing takes place.
The title company will work closely with your real estate agent and your lender in the weeks leading up to your closing date to make sure that all matters of this transaction are handled smoothly and any title issues are resolved. In addition, you’ll be instructed to choose a time that you’d like to meet with the escrow agent (closer) on the scheduled closing date to sign the documents necessary for the closing on the property.
On the day of closing
The title company will have prepared all of the documents necessary for the closing, along with all documents from your lender as well. The escrow staff at the title company will also coordinate with your real estate agent and lender to ensure that your settlement statement is correct. Your settlement statement is an itemized breakdown of all charges that pertain to your purchase.
Once you and the seller have both closed on the property, the title company will send documents to the Recorder of Deeds office to be recorded, including the Warranty Deed, which is the document that shows that the title of the property has been transferred from the seller to you, the buyer.The only thing left for the title company to do is disburse all funds, including paying off any existing loans, unpaid taxes or other financial matters. Once this is done, the deal is officially CLOSED and you get your keys to your dream home!
Congratulations!
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