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Title Company Responsibilities

A title company's responsibilities extend beyond providing title insurance. They conduct thorough research to ensure a clear title, reducing the risk of post-closing title issues.

Closing

On closing day, the title company oversees the signing of documents by buyers and sellers, usually at separate times. The title agent ensures all necessary paperwork, including items required by the lender, is ready. During closing, the buyer/seller, their agents, and the title agent review and sign documents together. Any outstanding funds can be provided via cashier's check or wire transfer beforehand.

Owner's Title Insurance

Owner's title insurance is an option for homebuyers to protect their interest in the property for as long as they own it. Typically priced around 0.5% of the purchase price, it:

Shields against unforeseen financial obligations like contractor's liens
Safeguards ownership rights from undisclosed claims
Helps with legal expenses
Provides financial protection in case of home loss due to a claim.

Lender's Title Insurance

Lender's title insurance is crucial when securing a home loan. It's a fee you pay to safeguard the lender's financial stake in case there are ownership disputes after closing. If someone claims your property after buying it and you still have a mortgage, the lender's title insurance policy steps in to protect the lender's investment, which is your mortgage.

Escrow

Holding money in escrow is a common practice facilitated by title companies. They typically hold funds for the lender, buyer, and seller from the time a purchase agreement is signed until the sale is closed.

Importance:

Buyers often deposit earnest money, demonstrating their commitment to the purchase.
If the sale falls through, the seller may be entitled to keep the earnest money. The title company ensures fair distribution of these funds.