WHAT DOES A TITLE COMPANY DO?
Customarily the realtor will put in a request to THE PREFERRED TITLE GROUP, INC. to begin to research the title. THE PREFERRED TITLE GROUP, INC., then takes that request and delivers it to one of the REAL ESTATE ATTORNEYS on retainer, for a thorough review of the chain of title. We then order a lien certificate from the municipality in which the property is located. The lien certificate is a critical document in the settlement transaction as it tells THE PREFERRED TITLE GROUP, INC. if there are liens against the property that may have been filed by either the state, the city or the County in which the property is located. Depending upon the municipality, it might also tell us whether or not there are any housing code violations against the property that either need to be cleared up, or in the case of foreclosed property, become the responsibility of the purchaser.
Upon delivery of the title report from the attorney, we issue what is called a title commitment. This document is a summary of the research performed by the attorney. It will state for the benefit of the lender and the purchaser, such items as the seller's name, the name of the lender, the name of the purchaser, the purchase price, and the loan amount, if applicable. It is also at this time that THE PREFERRED TITLE GROUP, INC., takes the steps necessary to clear title issues that may have been revealed by the research performed by the attorney.
THE PREFERRED TITLE GROUP, INC. works hand in hand with the realtor, the lender and the buyer and seller to insure that all parties are kept abreast of the progress of the title work, they also coordinate the closing with all parties.
After closing is complete, THE PREFERRED TITLE GROUP, INC disburses all funds as necessary and records the deed and deed of trust, if applicable. We also take the steps necessary to release existing liens on the property so that the new owner will not have a problem in the future.
Upon receipt of the deed after recording, a title insurance policy is issued. The policy replaces the commitment that was issued at the closing and remains in effect until the property is resold.