Steps in the Title Process

You've spent quite a bit of time building up your credit and saving to buy a home. Your dream home. Owning your dream home is something you've worked hard and made sacrifices to achieve. Buying a home is such a huge transaction, you've found a trustworthy real estate agent to help. The agent has explained the transaction process involves a title company. But what happens during that process? As a buyer - what happens to be sure your purchase is successful? It's important to know that a title company operates independently in a real estate transaction. 

Here are eight steps a title company takes to ensure your transaction is a success:

Steps in the Title Process

Initial Request Submitted

Your agent submits the contract on your behalf and the initial order to get our process started. 

Preliminary Report is Built

A researcher on our team begins to research the history of the real estate title. They collect information about any previous ownership, liens, encumbrances, etc. This initial research includes documents filed with the Recorder of Deeds, Circuit Court, County Assessor, and Collector of Revenue. The researcher compiles a preliminary report.

Technical review

The preliminary report gets reviewed, and the research continues! A more technical analysis begins of the documents on record for the property. Interpretation of all recorded matters helps check their impact on the title to the property. This analysis reveals anything that could affect your ownership rights.

Preparation for Title Insurance Commitment

The chain of the title gets reviewed to prepare a Title Insurance Commitment. The Title Insurance Commitment will show the current ownership and legal description of the property. It will also show anything that is an exception to the title insurance coverage. The Title Commitment gets prepared and distributed to all parties. 

Processing

The closing processor receives the title commitment. The processor begins gathering and organizing information for the closing. 

Prep for Closing

Our Closing Agent reviews the contract. Then, the agent processes the package, the title commitment, and closing instructions. This process helps to prepare for settlement and closing. Congratulations, you've made it to closing! 

Document submission 

After closing, the work continues! The recording clerk sends the appropriate documents to the Recorder of Deeds office. After they get sent to the recorder, they are recorded in the county records, and then the deed is mailed to you. 

Policy Prep

The Policy Examiner prepares the title insurance policy according to the closing instructions. 

A title company's work will ensure that no issues crop up with you owning the home down the road. You can rest easy knowing that your dream property is now yours and protected!