The video below, explains the process handled by a title agency during a real estate closing. Here’s a summary:
Title Agency Selection: The party paying for title insurance chooses the title agency. Initial Steps: The sales contract and escrow deposit are delivered to the title agent. The agency then orders a title search, lien search, estoppels, and possibly a survey, as well as any necessary loan payoffs. Title Search: The agency searches public records to verify property documents and ownership. Title Commitment: After the title search, a title commitment is prepared and sent to relevant parties. Closing Documents: The agency prepares and collects all necessary fees, creates a closing statement, and schedules the closing. Closing Process: The title agency oversees the signing of documents, pays off mortgages, liens, and other costs, and then sends the documents for recording. Post-Closing: Once recorded, the title policies are issued to the new owner. Title insurance protects against future claims after closing. The title agency manages the entire process to ensure a smooth closing.
