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WHAT WE DO
Here's how we carry out the title insurance and closing process.
Once you open an order with First Title Company, we:
Begin conducting a search on the property’s title. We pore through property records looking for potential problems that might prevent a smooth transfer of ownership, such as old liens, tax liability and housing code violations.
Next, we send a commitment for title insurance to home buyers, their realtors and lenders. The commitment shows the ownership rights of a specific parcel of land, as well as the liens and encumbrances that would be excluded from coverage in the title policy unless removed or eliminated before closing. If there are any problems with the property, we bring them to the attention of all parties involved. (Learn more about title commitments here.)
Meanwhile, our settlement agents are hard at work coordinating details for closing. First, they look over the purchase contract to make sure it’s complete and accurate. If you’ve paid a deposit or “earnest money,” our agents place the funds into an escrow account. They also coordinate the payoff of any existing mortgage, making sure the payoff figure is valid through the final closing.
The settlement agents work alongside the new lender, reviewing their instructions and requirements, as well as instructions from other parties to the transaction. They review legal and loan documents, assemble charges, prepare closing statements and schedule the closing.
We close the transaction. The seller signs the deed, and the buyer signs the new note and mortgage, as well as loan documents.
After the signing, our settlement agents make sure everyone is paid and documents are placed of record. We forward payment to any prior lender, and pay all parties who performed services in connection with your closing (if they have not been paid). The transaction documents are recorded in the county in which the property is located.
We prepare your title insurance policies and send them to the new lender and to you.
In short, we coordinate many behind-the-scenes activities and gain the cooperation needed to ensure a smooth transaction.
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