Steps in the Title Process
You’re buying a home, congratulations! All the steps, inspections, and paperwork can feel like an overwhelming process. We are here to help and walk you through the steps in the title insurance process. Protect the biggest purchase of your life with True Concept Title.
The process starts with the title agency ordering a preliminary report to request title insurance. This can be done with minimum information; without even identifying the buyer or the terms of the sale. The time frame on the initial response is typically within 24 to 48 hours.
Title Search
There are three searches your title officer will perform: property, name, and tax searches. A preliminary report is then created from the search information. This process of obtaining hard copies of recorded documents can be expedited with our full range of title and escrow services.
True Concept Title is a national provider constantly seeking out the most innovative products and services to serve our clients in the most efficient way possible. We are committed to developing a customized client service agreement to suit each client’s unique needs, give us a call to help with your title closing at 866-651-6224.
Documentation Prep
Technical Review
At True Concept Title, the title report will be prepared by a skilled title officer. The review will begin with a technical analysis of the documents once the report is issued. To evaluate their impact on the title to the property an interpretive view of all recorded matters is made.
The examiner will ask: Would any of the recorded materials prevent the buyer from using the property for its intended purpose? Per a review of the current leases can antiquated leases be eliminated from the policy.
Inspection Analysis
A site inspection is ordered in anticipation of ALTA coverage. The initial title result is complemented to show any violations or other off-record concerns that would ultimately impact the title from the inspection report.
Documents in the Title Process
- Preliminary Report
- Commitment – Confirms the condition of title in the way we are desiring to issue it.
- Pro Forma – Specimen of what the requested policy, as requested, will look like. Underwriting issues not completed. Not binding upon the company.
- Policy – Final contract of indemnity between the company and named insureds.
We can assist you with all the required documents for your title closing check us out and give us a like on Facebook.
Other Types of Title Insurance
Reinsurance and Co-insurance are used by national title insurance companies and insured parties to spread the risk of large real estate transactions. These processes help protect against potentially catastrophic losses for a single title company. In the case of jumbo loans, these types of insurance may be needed:
Reinsurance
Up to the total sale price or loan amount can be insured by the title insurer, another title insurance company will be employed to re-insure the first title company. There isn’t an additional charge for the premium paid to the re-insurance title company.
The re-insurance is then deducted from the title fee and handled by the Title Department when it is required based upon self-imposed or statutory title insurance limits or requested by the proposed insured.
Coinsurance
The title insurance company to insure up to a particular amount (i.e. not the total sale price or loan amount). To ensure the remainder of the sale price or loan amount, the insuring company must employ another title insurance company.
Customers are charged based upon each company’s filed rates for the portion of the total liability covered by that company when there is co-insurance. The customer may choose the co-insurance company.
Trust our National Title Agents
We can help you every step of the way to ensure your biggest purchase is protected from day one. True Concept Title upholds excellence across the U.S. by providing a complete line of title and escrow services in every state. Accompanying our national strength is our local approach to sustaining the needs of your business that in turn enables you to expand your client relationships to reach a broader spectrum of opportunities.
We understand the sensitive balance of the interests of the parties to a transaction and by professionally and gallantly managing concerns as they arise, we can proficiently guide a transaction to a successful conclusion. Reach out to our national title company today, 866-651-6224.
