Almost as soon as the real estate purchase agreement is signed, the title clearing process begins. Throughout the closing process, your team will be working to build a complete picture of the title history, issue a title commitment, and clear any known liens or defects on the title.
As closing approaches, the title team will gather, prepare, and order any necessary documents to ensure proper transfer of title. Once those documents have been signed and properly disbursed and recorded, your file moves into the policy preparation stage.
Issuing a title insurance policy requires a review of the title commitment, all title clearing documents, the settlement statement, and the recorded documents from your closing.
Each document is reviewed for accuracy and to ensure each of the requirements on your title commitment have been met, addressed, and cleared for the transfer of clear title. Lender instructions are also reviewed once more at this time to ensure the lender receives the proper coverage and endorsements requested.
Both the owner’s and lender’s policies are then issued, providing coverage against certain defects in title, limited by the terms of the policy and any exceptions that may be listed. In most circumstances, your coverage date is the date your deed was recorded and insures you for the covered risks outlined in your policy that may have occurred prior to your ownership.
Once an owner’s policy has been issued, it is sent to the buyer(s) with a copy of the recorded deed by U.S. mail or by email. Our software allows for the buyer(s) to log into our secure portal and retrieve this information as well. The lender’s policy and the original recorded mortgage, or deed of trust, is sent to the lender via FedEx.
Final policy issuance marks the final step in the title and closing process. Issuing the policy requires the recording of documents and is typically completed within 30 days of your closing.
The information provided in Peak Title Professionals, does not, and is not intended to, constitute legal advice. All content is for general informational purposes only and is not intended to provide a complete description of the subject matter. Specific processes will vary based on applicable law. The title and closing process will be handled by a third-party attorney to the extent required by law. Product offerings vary by jurisdiction and are not available or solicited in any state where we are not licensed.
