Title Insurance

What is title insurance?

Title insurance is a contract of indemnity that guarantees a property’s title is as reported and recorded. If the title is found to be faulty, the title policy protects the insured for their loss up to the amount of the policy. It provides assurance that buyers are acquiring a marketable property from its true owner and eliminates risks from past defects.

Your title policy will pay for defending against lawsuits attacking your title, clear problems and pay losses.

Escrow

What is escrow?

Escrow provides one central place where all funds and documents of a transaction may be deposited. It is a disinterested, independent third party who can perform these services within the limitations of a written contract, which protects both the buyer and the seller.

Why do I need an escrow officer?

The escrow officer is ultimately responsible for the final settlement between the buyer and the seller. The officer handles the recording of required documents, payoff of existing liens or mortgages, and prorating of real property taxes, lease rents, maintenance fees and other property expenses. The officer handles the intricacies of the transaction, providing you with the assurance that your interests are being protected.

What is the escrow process?

A real estate transaction typically requires 30 to 45 days to complete, after a written contract containing all the terms and conditions of the sale of a property is signed by the buyer and the seller. After this contract is established, escrow is opened.

Once escrow is opened, the officer will order a title search of the property and order a payoff statement to establish if there are any liens or encumbrances against the property. The officer will execute the necessary documents to complete both the title and payoff processes. After the conditions of the contract have been satisfied, all funds and documents are disbursed and the property is officially transferred to the new owner.