What You Need to Know About the Property Title Search & Insurance Process
While most home and businesses owners are familiar with property insurance requirements, title insurance can be a gray area. Designed to protect ownership and cover a legal defense against valid title claims, your title insurance policy requires only a one-time premium paid at the property’s closing.
Title Insurance Steps
The title insurance process may differ from client to client, but Black River’s Certified Title Professionals and escrow agents will help you navigate each phase. The process typically includes these steps:
- After your real estate contract is signed by a buyer and seller, Black River Title:
- Gathers tax information, loan payoffs, applicable HOA fees, property inspections, hazard insurance information, and other legal papers.
- Orders a title search.
- The property title search process consists of a comprehensive evaluation of public property records such as mortgages, liens, deeds, easement assessments, wills and divorce documents, and other information pertinent to the property’s title. The title search is designed to verify property ownership and determine debts owed against the property. When the title search is complete, Black River escrow agents prepare a title commitment and distribute it for the review of all involved parties.
- Your settlement agent schedules a closing, reviews all lending instructions and legal documents, and prepares closing paperwork that includes loan terms, costs, and provisions.
- Our qualified settlement agents oversee your closing. All closing documents are reviewed and signed by buyers and sellers, the deed is recorded, and outstanding loans are paid in full. Sellers receive funds due for the property’s sale, and attorney and real estate fees are paid at this time.
- Once all document signing is completed, your settlement agent sends payment to the prior lender and records all documents with the proper county. Your title insurance policy is prepared and is sent to you—and your new lender. *Note: Title policy premiums correspond to the value of your property. Call a Black River Team member at 908.979.8982 to discuss the cost of title insurance for your real estate transaction.