When TitleTeam receives a title order, we begin by extracting all the public records associated with the subject property and the parties to the transaction, referred to as the “abstract of title”. The abstract of title summarizes the verifiable status of the subject property including owners of record, mortgages, liens and encumbrances attached to the property, special assessments, taxes, levies and a host of other details. Once this information has been established, a title commitment is issued to the parties to the transaction and their representatives. Within the title commitment, TitleTeam will outline the material facts regarding the subject property along with the requirements or actions required for TitleTeam to continue forward with the real estate transaction. The title commitment is just that, our commitment to issue the requested title insurance policy assuming the requirements within the title commitment are met.

After the title commitment is provided to all parties, our licensed title agents will contact each party to begin setting expectations. The title agent is responsible for clearing all the requirements listed within the title commitment and navigating all parties through the transaction with clarity and confidence. The title agent will review and comply with the conditions set forth in any contract for sale as well as provide all required documentation to any mortgage lender involved in the financing of the subject property. The title agent will order and review surveys and any payoffs for mortgages or liens attached to the subject property. Documents needed to perform the closing will be prepared by or collected by the title agent including the settlement statement that provides the financial details of the transaction. When all information has been collected, the title agent will coordinate a time and place for all parties to meet and perform the actual closing of the transaction. The closing is where all the documents necessary to complete the transaction are explained, executed and notarized by one of our licensed title agents.

Following the real estate closing, a title agent will audit the closing documents, provide specific documents to mortgage lenders when necessary, balance the transaction file and then produce proceeds and final documents for all designated recipients. Documents including deeds and mortgages are prepared and e-recorded when possible, otherwise they are sent for recording to the county where the subject property resides. Upon receipt of the recorded documents, we will perform another abstract of title to ensure that no additional liens have been attached to the property, and that the documents signed at closing are recorded accurately. This final step is necessary so that TitleTeam can prepare and issue the requested title insurance policy.

At the end of each real estate transaction, a title agent will prepare and issue the title insurance policy to the insured. The two main policies are the Owners Title Insurance Policy and the Lenders Title Insurance Policy.

Owner’s Title Insurance: This policy protects the homeowner’s interest in the real estate from any claims of interest by other parties from the date of acquisition and throughout the entire time they own the property.

Lenders Title Insurance: This policy protects the lender’s lien against the subject property, insuring the priority of their security instrument.