A Title Company has several responsibilities in a real estate transaction. The Title Company is involved with all parties in the transaction from the seller, buyer, realtors and mortgage entities involved. It all starts with the real estate contract and ensuring that the contract is valid and complete enabling the title company to move forward with the title process. As soon as the title company has a complete contract, they will begin their title searches ensuring the property is free from liens or any other possible claims on the given property which allows the process to progress. From here, the title company will order a survey of the property, which the majority of lenders require, to make sure there are no possible problems. In the event that there are problems with the property, the title company will notify the parties involved so that the possible issues can be resolved before moving forward. The title company will also check that the property taxes have been paid and are up to date which will allow them to work on the title insurance commitment for the title insurance policy. Once all of the steps above have been accomplished, the title company will start preparing the documents. Upon receiving the loan documents from the lender, the title company will review and collect the information required for the closing/settlement statement and deed preparation. After the documents are prepared, the title company is ready for the closing where they will facilitate having the documents explained to and then signed by, the parties involved. Once the closing is complete, the title company will distribute the funds where needed, which includes paying off the existing mortgages, releasing the property to the new buyer, and forwarding the documents to the lenders involved. Finally, the title company will make sure that all documents, such as the new deed and the new mortgage, are recorded in the courthouse.
As you can see, the title company is very involved in a real estate transaction. So not only is it necessary to have a knowledgeable title company involved in the real estate transaction, it's in your best interest to have an experienced title company such as, Siesta Title and Escrow, involved in the process.
If you're looking for more information about the responsibilities of a Title Insurance company, please don't hesitate to contact Siesta Title & Escrow directly @ (941) 889 - 7744.