When you contact us with a title insurance order there are a lot of things that happen behind the scenes. We don’t usually talk about those a lot because we know that what we do is less important than what we do for you. Even so, it might be helpful to understand why it takes a few days to deliver your Commitment
Information Gathering
When you contact us we collect a great deal of information about your transaction. That will include everything from who is involved, and the nature of the transaction – whether it’s a purchase, or refinance, or lease, or another type of transaction. We will also ask questions about the land itself – where it’s located, how it’s identified, and who owns it.
Searching the Records
Once we have a good understanding of your transaction, we search the records. In an effort to expedite this process, we may ask if you have prior title evidence.
Then we search the real estate records to determine what recorded documents, judgements, and taxes are appearing in the real estate records. Sometimes this means searching from the beginning of the records, when the federal government gave a congressional grant to award that specific piece of land to private ownership. We follow the trail all the way down to the present day.
Examining Title
Once we’ve searched those records, we review each document to evaluate its effect on the current status of title. That can mean validating whether or not releases have adequately terminated an adverse interest in the property, and whether transfers were successful based on the recorded documents.
Commitment for title Insurance
Once we put all that together and evaluate risk, we will provide you with a commitment for title insurance. This is our agreement that if you meet the requirements set out in the commitment that we will issue a title insurance policy in favor of the named insured, subject only to those matters on schedule B part 2 which are not otherwise resolved as a part of the closing transaction.
That commitment is sent out and the paperwork is forwarded to your closing team. When you are ready to start working towards your closing, this team will start working through any title issues that may be presented along with you and your counsel. Part of that involves ongoing risk assessment, review of title objection letters and responses, and on the coverage that’s requested on behalf of either the buyer or their lender.
Those risk evaluations are generally handled by our underwriting team, who works closely with your closing team. While that occurs, your closing team will work with you on your closing statements, reviewing and collecting documents and managing the movement toward your closing date.