We understand that a lender goes to great lengths to minimize the risk in lending a borrower money needed to buy a home. The lender first checks the buyer’s credit as an indication of the ability of the borrower to pay back a loan. Then, the lender goes a step further. He or she makes sure that the quality of the title to the property a borrower is about to buy, and which the borrower will pledge as security for the loan, is satisfactory. The lender does this by obtaining a lender’s policy of title insurance. This policy only protects the lender’s interest; it does not protect you! That’s why you need an owner’s policy, which can be issued at the same time as the lender’s policy.
Title insurance for property owners, called an Owner’s Policy, is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and is valid for as long as the owner or his heirs have an interest in the property. Only an Owner’s Policy fully protects the buyer should a covered title problem arise with the title that was not found during the title search. Possible hidden title problems can include errors or omissions in deeds, mistakes in examining records, forgery, and undisclosed heirs. On your behalf, PCI Advance Title performs a property title search and produces a title report for you.
Prior To Closing
- Conduct title search and deed search
- Coordinate all aspects of title services with appropriate parties
- Prepare all necessary documents, including a preliminary title report
- Schedule settlement
- Account for all funds
- Review closing documents
- Disburse all mortgage loan or sale proceeds
- Satisfy all lender requirements
- Record Transfer Documents
- Issue Title Insurance Policy