When you purchase a new home, there are several important things that need to be done as part of the transfer-of-ownership process. Fortunately, you don’t need to complete these steps alone. A title settlement services company can help ensure, among other things, that your property’s title (proof of ownership) is devoid of issues. Here is a close look at what is involved in title settlement services.
What To Expect From Your Title Settlement Services Company
A title settlement company works with both you and the seller to verify that the home sale is carried out smoothly. This includes ensuring that all steps in the process are recorded and that all documents are submitted correctly and on time. Here are five basic services every settlement company provides.
Your Title Will Be Examined
One of the main services that a title settlement company offers is title insurance, which is typically necessary to finalize the purchase of your home. Your company will have a title search conducted to make sure that the title being transferred is “clean” amongst the land records. This means that your new property’s title should be free of defects such as liens, encumbrances, easements, unpaid taxes. Your settlement company will also issue your title commitment, which is essentially the company’s promise to offer you a title insurance policy for your home after closing. A title commitment generally has the same terms and conditions as your title insurance policy will ultimately have.
You Will Be Prepared For Closing
Your title settlement company will also schedule your settlement and prepare you for closing by sending out settlement notices. They will also be present for closing and fully explain to you the purpose of all title and lender documents. The process of preparing for closing also includes verifying that deposits are received and credited at closing, as well as creating an ALTA Settlement Statement – an itemized list of all the fees you and the seller will pay as part of the settlement. Your settlement company will also disburse all proceeds from the closing and help your lender prepare the Borrower’s Closing Disclosure.
Will Handle Any Title Transfer
The title transfer process involves the use of a significant number of complex legal terms, but there’s no need to feel overwhelmed. Your settlement company can help you understand this jargon. It’s also the company’s attorney who will prepare the new deed (for you) and record this new document and mortgage with the local county clerk or another similar official.
Have Proof Of Post-Closing Documents
Most title settlement companies today provide you with electronic copies of all post-closing documents via email in order to simplify the process and avoid the risk of you losing this important paperwork. (These documents should be kept in a secure location.) They will also issue both the lender and owner title insurance policies.
Works With Any Mortgage Settlement Types
Regardless of the type of mortgage settlement you have chosen, your title company should be able to assist you with all of these services. Remember to always ask for clarification if you are ever confused by any legal terms and to request an itemized list of all the fees you owe at closing. Additionally, keep in mind that, depending on the state you live in, you may or may not be responsible for paying for title insurance. You should also be sure to specify whether you are interested in a standard owner’s title insurance policy or an extended owner’s policy, which can protect you from additional liabilities or future issues.
Talk With Mathis Title Company For More Info
Reach out to the professionals at Mathis Title Company for more information on title settlement services and how they can help you when you purchase a new home. We are dedicated to providing real estate settlement services and legal advice to buyers, sellers, and lenders throughout Northern Virginia. Robin Mathis is an attorney who has more than 35 years of experience in real estate settlement services and has performed thousands of closings, both small commercial and residential. Ann Andreatos is a title agent with over 20 years of experience in the title and closing industry.
Mathis’s professionals are highly knowledgeable about Virginia regulations regarding title and title insurance. We always begin by ensuring that the title to your new home is clean. Once the title has been approved for transfer, we will contact one of our trusted underwriting companies to issue a title insurance policy. Your title insurance policy is valid for as long as you own your property and in certain circumstances even after you sell the property.