A title insurance company’s main objective is to ensure that clear & marketable title is conveyed with every real estate sales transaction or refinance. The process begins with a title search which will reveal potential title flaws and requirements that must be met in order to provide clear title. Examples of flaws include improperly vested deeds, wills & trusts; outstanding judgements & liens; easements; and incorrect notary acknowledgements. There are always an array of requirements which may include confirming HOA/municipal liens & assessments, obtaining payoff statements for mortgages & tax liens, confirming trust/LLC information, providing affidavits, and obtaining corrective deeds. Occasionally there are hidden title defects which may include mistakes in the recording of legal documents; forged deeds, releases & wills; undisclosed or missing heirs; liens for unpaid taxes; deeds by minors or persons of unsound mind; deeds executed under invalid or expired power of attorney; and fraud. A diligent title company will recognize these red flags and will take the proper steps to rectify them.
Most title companies also act as the escrow agent, holding escrow money deposits and disbursing funds to all parties involved. At the conclusion of a real transaction, the title company will prepare the deed, settlement statement, other necessary closing documents, and provide a title insurance policy which will protect the new homeowner for as long as they own the property.
The purchasing of a home is the single largest investment for most people. In addition to protecting that investment, a good title insurance company will strive to make the process seamless and carefree for buyers and sellers. The goal is to be professional, knowledgeable, and provide superior customer service!---written by Amanda Curran, owner/agent Superior Title