What is the title process? Find out how the title insurance process works. Contracts are going to differ a great deal. Normally, the contract states what title company they are going to hire. The contract...
Contracts are going to differ a great deal. Normally, the contract states what title company they are going to hire. The contract states the location. So say we were selling 123 Bay Street for $300,000. The buyer is going to get a mortgage through a mortgage company. Then the title company has a title search done on the property. The title company compares their findings on the title search with the buyer and seller, and then they prepare the closing documents. They collect affidavits to ensure that the title policy is correct. These are statements by a variety of different people. They could be from the existing mortgage company to show that all debts have been taken care of. They could be from a home owner's association. All documents ensure that the real estates taxes are paid, and there is no pending assessment.
Title companies file according to the buyer's lender. They will coordinate with the bank, get the bank's documents prepared the closing statement that lists all of the incoming and outgoing funds, collect the fund, and have a formal closing. At the closing, everybody signs everything and notarizes all of the documents. Title companies send the documents to be recorded, and they issue the title insurance policies. One title insurance policy is for the mortgage company, and the other title insurance policy is for the deeds.
