Frequently Asked Questions
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FAQS
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General Questions
Answer: The title company's primary task is to provide title insurance to the borrower and any lender involved in financing the transaction. The title company also handles the real estate settlement or closing to make certain that the documents necessary to convey clear title have been properly executed and filed, and that all previous interests in the property have been properly transferred and/or disposed.
Answer: A title search is essentially a review of all recorded documents affecting a parcel of property in order to determine the current condition of title.
Answer: Yes, there are various items that a title search cannot reveal. A title search will only reflect what recorded among the public records. Anything not yet recorded, incorrectly indexed or items that have failed to be recorded will not appear in the results of the search.
Answer: Title insurance is an insurance policy that protects real estate owners and lenders against any property loss or damage because of liens, encumbrances or the defects in the title to the property. The policy states that if the status of the title to a parcel of real property is other than as represented, and if the insured suffers a loss as a result of covered defect, the insurer will reimburse the insured for that loss and any related legal expenses, up to the face amount of the policy.
Answer: Some examples of items that title insurance protects against are: errors in the deed, forgeries, undisclosed heirs, fraud, duress, improperly recorded documents, liens, encroachments and easements.
Answer: Typically, when a lender is involved the amount needed at closing will be available twenty four hours in advance. In certain situations the amount may not become available until closer to the settlement or closing. Under those circumstances borrowers should wire funds or obtain a certified check based on the amount disclosed on their Good Faith Estimate or GFE.
Answer: At closing a wire transfer or certified funds including cashiers or official checks are required.