
In a real estate closing, a title agency is crucial, serving as the third-party point of contact for buyers, sellers, real estate agents, and lenders. By providing this centralized, impartial support, the title agency helps to facilitate a smooth and transparent transaction for all parties involved throughout the entire closing process – from the initial title search to the final transfer of property rights.
Review the Title
A title agency conducts a thorough title search spanning back 42 years, clearing any issues that could affect the property’s title, and assuring buyers that they are acquiring a title that is free and clear.
A preliminary title report is created and serves as the commitment for title insurance, informing all interested parties of the status and condition of the property’s title, as well as information related to any type of legal action involving the property, such as foreclosure.
Issue Insurance Policies
The title agency often acts as an independent agent on behalf of a title insurance company, issuing title insurance policies. While the title company simply facilitates the paperwork for issuing the policy, the actual insurance premium goes to an underwriting company, which bears the risk of any loss under the policy.
Facilitate Closings
Title companies often serve as the closing agents for real estate transactions, which means they act as an agent for each party to the transaction. At the closing, the title company will gather signatures on all closing documents and receive and distribute payments related to the transaction.
Act as Escrow Officer
Additionally, the title agency commonly acts as an escrow officer in connection with a real estate transaction, holding money or documents necessary for closing. Money or documents held, such as a signed deed to the property, are only released according to the written instructions of the buyer and seller.
In a recent conversation with the Escrow Officer at our Portsmouth location, Maddie Tackett says that the key to ensuring a smooth real estate transaction is open communication that includes asking and answering any questions you might have and feeling comfortable to do so.
File and Record Paperwork
Following the successful closing, the title agency records the deed and mortgage as well as any additional documents necessary in the county land records office.
As an attorney-managed title agency, we believe that BesTitle stands out from others in our industry by providing genuine, professional services and exceptional communication to each of our customers. We pride ourselves on being a trusted partner serving lenders, realtors, and neighbors with cutting-edge technology, streamlined processes, and caring team members.