Whether the transaction involves a multi-million-dollar purchase or a single family home, there is a potential for serious financial loss without title insurance. Confirming the ownership of the property being transferred is extremely important to all parties involved in the transaction. All parties want to be assured that the seller is actually authorized to sell, and that the buyer is obtaining clear and proper title with their purchase.
The process of searching and issuing a title commitment with regard to verification of the ownership of properties has many steps, and is the first course of action that we take upon receipt of a contract for the sale of property. We research the county real estate records to confirm the current owner of the property, and the county tax records to determine that taxes are paid to date. Additionally, we search the court records regarding potential suits, judgments, review divorce decrees, and look for anything that may be against either the buyer or the seller that would affect title to the property being sold and purchased. We will sometimes find that people have similar names to some court findings, and go through the process of verifying if they are a part to our transaction.
When the title commitment has been completed, this document is provided to all parties for review of the requirements to be met to proceed towards closing the sale. All requirements to be cleared that appear in the title commitment are based on the title examiner’s review of all the information that was found in the search process of the property and information regarding the buyers and sellers. These are sometimes a challenge to clear, be it documents that were not prepared correctly, lenders unreleased liens from year prior, and the list goes on. Typically most titles to properties are clear, and a breeze to close.
When a property is sold we are assuring both the seller and the buyer that we have addressed all that is required for a smooth and complete transaction.
-Maureen Dalton, CEO