Many ask about the process of title insurance. Some common questions include: how does it work? How long does it take? What paperwork is involved? Below is the process that takes place for those who decide to purchase title insurance.
- Initial Request for Title Insurance – An order is opened with a title insurance offer.
- On-Site Searching and Examining – The title officer performs three searches: property, name, and tax searches.
- Technical Review – The officer uses knowledge and learned skills to review the title insurance in detail.
- Inspection Analysis – The title insurance is inspected and makes sure everything is accurate with no other off the matter issues that could affect the title insurances policy.
- Reinsurance – The title insurer will insure up to the total sale price or loan amount, and then employs another title insurance company to insure them.
- Coinsurance – The proposed insured may only allow the title insurance company to insure up to a certain amount.
Above is the basic process in the title settlement process. The documents used in the settlement process include the following.
- Preliminary Report
- Commitment – This shows the condition of title in the way we are willing to issue it.
- Pro Forma – Specimen of what the requested policy, as requested, will look like. Underwriting issues not completed. Not binding upon the company.
- Policy – Final contract of indemnity between named insured’s and the company.
If you have more questions regarding what is performed in these specific steps or what is typically written and signed in these documents, do not hesitate to contact us via phone or email.