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home equity loans and Texas mortgage refinance loans for all types of borrowers
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Title Company
What is a title company and what do they do, is a common question asked by many
first-time home buyers and existing homeowners. A title company is a third party
company that completes a title search, to make sure the property title is clear,
and they provide title insurance for homeowners and lenders.
At the onset of a real estate transaction, a preliminary title search is
performed to determine any outstanding liens against the subject (purchase or
refinance) property.
The title company will also prepare the final documents for closing and provide
the final closing service for all parties involved.
The title company makes sure that the deed, mortgages and satisfactions get
recorded at the Register of Deeds.
Title companies also sell title insurance. This is insurance to protect the
lender (and, optionally, the borrower) against problems associated with the
properties title. Examples of this include illegal transfers (forged signatures)
and unpaid taxes or liens.
As is the case with most title companies, the closer is also the notary for your
new loan. They will stamp the necessary paperwork and make sure that the
paperwork is filed correctly.
If there is ever a mistake on the loan documents, you will be contacted by the
title company and expected to make arrangements with them to fix the errors.
It is best to let your loan officer pick the title company.
The title company will also arrange various disbursements of funds. For example,
if credit cards are to be paid off at closing, the title company will handle the
payoffs.
Most real estate mortgage brokers, agents and loan consultants will have
existing relationships with title company representatives that will have
reputable service and fast turn times.
Title insurance policy
A contract in which an insurer, usually a title insurance company, agrees to pay
the insured party a specific amount for any loss caused by defects of title on
real estate in which the insured has an interest as purchaser, mortgagee, or
otherwise.
When you purchase a property, there is title insurance for both the lender and
you as a new owner.
Title Insurance is a policy which insures a property owner should a prior claim
arise against the property after the purchase has been completed. Title
insurance will also cover the lender should a question of ownership arise. When
you are completing a refinance transaction many times you may be able to get
issued a reissue rate (a discounted rate) on your title insurance if you have
the original title policy from when you purchased the home. Ask your mortgage
consultant or title agent about this to see if you may qualify.
Title Insurance protects the current owner or buyer of a property from defects
in title. In a purchase transaction this is usually paid for by the seller.
Lenders usually require this on all real estate financing transactions.
There are two parts to every Title Insurance policy, a lender's policy and a
owner's policy. The two policies are usually purchased together. Home buyers get
a discounted rate when these two policies are issued simultaneously.
Protects you up to a certain amount against any loss coming from a claim against
your property, due to a mistake in the title. A lender's title policy does not
protect you. Your coverage may be bought to protect your equity in the property.
For such a cheap dollar amount this insurance is worth purchasing since it
protects you and your property should anything arise!
When refinancing your home it is actually the homeowner that pays for the
lenders title insurance policy.
The title company handles the title insurance fee and the calculations of how
much the fee is, based on their title insurance provider. The title insurance
provider is actually the one that provides the insurance, not the title company.
When purchasing a home the seller and buyer negotiate who is paying the charges
for the title insurance policy. Often the fees are split in half. However it is
the seller (in California) who determines which title company to use.
Title insurance protects both the lender and the bank in case of a "cloud" on
the title.
Call me today 281-597=9234 or e-mail me.
Vinni100@netzero.net
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