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What Does a Title Agency Do?

A Title Agency protects the buyer from claims against the property as a result of error or fraud.

If a claim is made against your title, the title agency protects you by:

• Defending your title, in court if necessary.
• Bearing the cost of settling the claims if they prove to be valid, in order to protect your title and keep you in possession of your property.

Generally, the seller pays for the title insurance, including: *

• Title examination
• Title guaranty (or, 1/2 the Owner’s Policy, depending on the purchase agreement terms)
• Deed preparation
• State transfer tax
• Tax search, update fee
• Cancellation of mortgage(s)

Steps In The Title Process

Step One

The title agency performs a thorough title search through the public records in your county. This includes determining the property owner of record and performing a lien search. The agency will also ensure that municipal taxes, water, sewer and other required payments are current. A judgment search is also performed to determine if there are any outstanding judgments against the property.

Step Two

The agency insures against discrepancies above. If there are issues with the title the agency will try to correct these problems.

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Step Three

To ensure there are no property line disputes a land survey may be ordered.

Step Four

If there are still no issues the agency prepares a "commitment." This states that the title agency is confident that there are no outstanding judgements, liens or property disputes against your property.

Step Five

The agency will coordinate the closing on your house and will and issue your title insurance policy.

The Process In Detail

In almost all cases where the buyer is obtaining financing by a mortgage loan from an entity other than the seller, the buyer's lender will require that it be provided with a policy of title insurance from a title insurance company. The policy insures that the lender's mortgage interest called a "lien", is valid and not subject to title defects. In many cases, whether or not a mortgage lender is involved, the buyer may also wish to have a title insurance company provide buyer with a policy of title insurance which insures buyer's ownership interest against defects in title. In some cases, both a lender's and an owner's policy of title insurance are purchased; in some cases only one or the other. The title insurance company collects separate premiums for the owner's and lender's policy. The buyer is generally required by the lender to pay the premium and other costs involved in issuing title insurance to the lender. However, the buyer does not receive title insurance for its ownership interest unless buyer also pays an additional (usually discounted) premium for owner's coverage.

The title company will issue a document called a "Commitment for Title Insurance" which indicates (a) what requirements must be complied with at or prior to closing as a condition to issuing its insurance and (b) the matters affecting title which will not be insured against if they are not taken care of at or prior to closing. Frequently, a representative of the title insurance company will administer the closing of the sale and see to it that the requirements for the issuance of the insurance are satisfied and that matters affecting title are dealt with. The title company will not necessarily address all matters affecting title unless its customer -- i.e. the party whom it is insuring, requires that it do so. The title company representatives do not represent you and are not allowed to give you legal advice - including advice regarding which matters affecting title should be addressed and eliminated, and which can remain as exceptions to the insurance being provided.

* Note: The determination regarding whose responsibility it is for paying fees can be affected by the agreement of the parties to the transaction. In addition, if the buyer decides to finance his purchase through FHA or VA, certain items can or cannot be paid by the Buyer or the Seller, so the fees will be paid according to those guidelines rather than the above lists.