What Does A Title Company Do?
In this video Deirdre P Brown gives an overview of what a title company does in a real estate transaction.
Hello this is Deirdre Brown your settlement agent serving Maryland, DC, and Virginia. Today I'm going to answer the question of what does the title company do. s
When the selling agent provides us with a copy of the ratified contracts we open up title or basically we open up the file. The first thing we do is we will check the land records to make sure that the seller is actually the person who has the right to sell the property. We are also checking to make sure that there is no unreleased liens on the property and if there are liens that need to be paid off that we're collecting the funds at settlement. The title company will reach out to the HOA association and the condo association and make sure that those dues get paid up. We will reach out to the office of tax revenue make sure that the taxes are paid up. In this area the water is a lien on title so we also are responsible for paying the water bill and collecting escrow to make sure that the final water bill is paid. We will transfer the water account from the seller to the buyer
One of the major things that we do is we make sure that the property is insurable. In other words you want to make sure that we can issue title insurance. Whether it is lenders and owners or just lenders on the property.
Another part of the includes looking at the survey. Looking to see if there's any easements recorded in the land records.
We also fix issues so if there is an issue in the land records that wasn't corrected before we will go ahead and fix that and we call that clearing title. Basically make sure that everything is fixed so that we can issue you the title insurance.
We are also responsible for issuing the seller's closing disclosure statements. The buyer's close the disclosure statement is issued by the lender. We do work with loan officers to make sure they have the numbers they need from us to put on the closing disclosure statement but we are only responsible for issuing the seller's closing disclosure statement.
Finally we go to closing. At settlement we sit down with everyone we make sure everyone signs all the documents and that they are executed property. We collect all the funds at settlement. After settlement our job isn't done. We now disperse the funds and make sure that every invoice that need to be paid gets paid off.
Finally, we record. We will record the deed, the deed of trust, the note and any other document that needs to be recorded in the land records.
if you have any additional questions please reach out to me at closewithdee.com