Our title policies go through a vigorous search and examination process with the help of our professional staff. Through our turn key process we offer two types of insurance policies, an owners and a mortgage policy. Before we issue any policy, it becomes a report or what we call a commitment. This commitment states who the deed holder (owner) is, any outstanding liens, encumbrances and other defects which might affect the title of the property. This information is very important to you and will be used as a guideline to fulfill all requirements to convey clear title. Upon completion of all requirements, a closing will take place. After it closes, our final policy department will issue a title insurance policy. This policy sets out the new ownership, if any, and incorporates all other changes which took place up to the date of closing. Separate policies are written to protect both the interests of the property owner and the lender.
Our insurance policies are a contract of “indemnity”. The policy will protect you against any hidden title hazards for as long as you own the property. Remember, many things can go wrong during the title process which can affect clear title to the property, like clerical mistakes in the public records, previously undisclosed heirs with claims against the property, a forged deed that transfers no title to real estate and many more. That is why you need a title company that has the experience, knowledge and financial backing like we do. We can help you fix past title defects and secure your most important investment for the future.
The escrow process was developed to help facilitate the sale or purchase of your home. The escrow holder accomplishes this by:
■ Acting as the impartial “stakeholder,” or depository of documents and funds.
■ Processing and coordinating the flow of documents and funds.
■ Keeping all parties informed of progress on the escrow.
■ Responding to the lender’s requirements.
■ Securing a title insurance policy.
■ Obtaining approvals of reports and documents from the parties as required.
■ Prorating and adjusting insurance, taxes, rents, etc.
■ Recording the deed and loan documents.
■ Maintaining security and accountability of monies owed and owing.
People buying and selling real estate often open an escrow for their protection and convenience. The buyer can instruct the escrow holder to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions. The seller can instruct the escrow holder to retain possession of the deed to the buyer until the seller’s requirements, including receipt of the purchase price, are met. Both rely on the escrow holder to carry out faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out.
An escrow is convenient for the buyer and seller because both can move forward separately but simultaneously in providing inspections, reports, loan commitments and funds, deeds, and many other items, using the escrow holder as the central depositing point. If the instructions from all parties to an escrow are clearly drafted, fully detailed and mutually consistent, the escrow holder can take many actions on their behalf without further consultation. This saves much time and facilitates the closing of the transaction.