Discover More About Our Role
Title companies play several critical roles in typical real estate transactions. We generally act as the combined agent of the insurance company, the buyer, the seller, and any other parties related to a real estate transaction, such as mortgage lenders. We also review real estate titles, issue insurance policies, facilitate closings, and file and record paperwork.
What Does a Title Insurance Company Do?
At Platinum Title Group, we wear many hats to handle your real estate needs efficiently and effectively:
Title Review
We have a sophisticated real estate title search and review department that informs all interested parties of the status and condition of the subject property’s title.
At Platinum Title Group, we provide all parties a preliminary title report or a commitment for title insurance, and we can offer title research information on foreclosures and other types of legal action involving real estate.
Closing Agent
Do you need a closing agent? Platinum Title Group is here for you.
We serve as closing agents for real estate transactions, meaning that our title company is an agent of each party to the transaction. In our role as an agent, we obtain signatures on all of the closing documents, and we also receive and distribute payments related to the conveyance transaction.
Escrow Officer
Yes, we also serve as escrow officer!
That means we hold documents or funds as a part of the transaction according to the parties’ instructions.
Insurance Issuer
We also issue policies on behalf of insurance companies as their independent agent. Such companies pay us a commission for issuing a title policy. However, all your premiums go directly to the insurance company bearing the risk of any loss under the policy. Platinum Title Group merely facilitates the paperwork.
Our job is to coordinate all parties’ interests in a real estate transaction, including buyers, sellers, mortgage lenders, and real estate agents, ensuring that all requirements for settlement are fully satisfied. After ratifying the sales contract, we review for accuracy and completeness and to begin the title process, which involves the following steps:
Title Abstract
We research the property’s title through a title abstract, which provides a history of the property and its ownership. It is our job to examine the title and clear any liens or claims on the property. Our due diligence ensures that the new buyer receives a clear and marketable title to their new property.
Survey
Most lenders require a survey or a house location drawing of the property. We will order a survey (with the buyer’s authorization) and review it for any potential problems. Should any issues arise on the survey, we will notify the real estate agent, lender, and buyer immediately.
Property Taxes
We verify with the local or state taxing authority that the property taxes are paid. Similarly, we check with the water company and Homeowners Association to confirm that all payments are current. On the HUD-1 Settlement Statement, we will prorate the amounts based on the billing period and the settlement date.
Title Insurance Policy
Platinum Title Group also prepares the insurance commitment for the lender’s title insurance policy and issues both owner’s and lender’s coverage. Furthermore, there are two types of title insurance:
- Lender’s insurance is required by the mortgage company and protects its investment in the property.
- Owner’s insurance may be purchased at settlement for the benefit of the new owner.
We strongly recommend that all buyers receive an owner’s title insurance policy which protects them against any unforeseen claims, hidden risks, or fraud against the property. This insurance policy protects from financial loss and payment of legal costs necessary to clear such claims.
Loan Documents for Closing
We also coordinate with the mortgage lender to receive the loan documents for closing. Platinum Title Group reviews all forms and complies with the lender requirements for the closing.
With these documents, we can complete the HUD-1 Settlement Statement, which is one of the most important documents to sign as it details all of the costs associated with the purchase and sale of the property. We also prepare the deed and other documents necessary to comply with state and federal laws.
Closing
At closing, we explain all documents to the parties before signing. Settlement lasts approximately one hour. After closing, we disburse all the monies collected at settlement and pay vendors such as the surveyor and pest control company. We also pay off and release the existing mortgages on the property and prepare the loan documents to be returned to the lender.
Documents Recorded in the Courthouse
We ensure that all documents are correctly recorded in the courthouse, such as the new deed and mortgage. We also ascertain the release of any existing liens on the property.
Platinum Title Group is here to handle all the documentation to ensure that your property transfers hands flawlessly. Call us for your real estate transaction.