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When you’re ordering title insurance, knowing the ins and outs ahead of time can streamline your closing and settlement.
Real estate transactions are often complex dealings, filled with paperwork and required tasks. Ordering title insurance is among those necessary steps and it’s one that pays to learn about. That’s because ordering title the right way can help expedite your closing and make your settlement hassle-free—and who doesn’t want that? In this article, we’ve shared some helpful information about ordering title insurance along with six expert tips to ensure a smoother closing and settlement process.
What is title insurance?
This form of indemnity insurance protects lenders and homebuyers from financial losses sustained from defects in a title to a property. The two types of title insurance are lender’s title insurance, which the borrower purchases to protect the lender, and owner’s title insurance, which is usually paid for by the seller to protect the buyer’s equity in the property.
Is title insurance really necessary?
Lenders require borrowers to purchase a lender’s title insurance policy before obtaining a home loan. It protects them against potential losses in the event that the seller is not legally able to transfer title rights. The lender is covered up to the loan amount. The owner’s title insurance policy is not mandated but it’s a smart choice. It can cover the costs of paying off a previously undiscovered lien or defending against a lawsuit filed against you by someone claiming a right to the property. The owner’s title policy can also provide a cash settlement to you if you unwittingly purchase a property with a forged deed from a fraudulent seller who did not actually own the home. And it protects your ability to sell the home in the future if a problem is uncovered during a later title search. This type of policy is optional and only needs to be purchased once, but it is a very wise investment.
When you’re ordering title insurance, follow these six pointers to set yourself up for the best possible closing experience:
- Place your title order as soon as possible.
Title issues sometimes occur and may require additional time for resolution. Please submit your request for title as early as possible to avoid any delays in the closing.
- Don’t forget your prior title policy, if applicable.
Reissue credit may be available on a prior title insurance policy, regardless of the agent or title company who issued the prior policy. This credit is subject to state-specific guidelines so please contact your closing office to determine availability.
- Do you need a new property survey?
If an existing survey of the property is available, the expense of having a new survey might be avoided. Our underwriters will review the survey and make a decision based on the type of transaction, property type, age, and quality of the survey. If a new survey is required, be sure to provide contact information for the survey company so the closing agent can provide the correct legal description and survey certifications.
- Review the sales contract carefully.
If any element of the sales contract is difficult to read, please supply supporting documentation in order to ensure the correctness of the transaction details. If revisions or addendums to the original contract have been made, please provide a copy of those documents to the closing agent.
- Provide complete, correct contact information.
To facilitate communication between all parties, please provide the following:
- Real Estate Agents: Information for listing and selling agents including email address, cell phone, office phone and address, and assistant’s contact information, if applicable. Also include the preferred method of communication and the best time to contact.
- Buyer(s) and Seller(s): Current physical address (not a post office box) for all buyers and sellers to receive documents, if necessary. Home phone, cell phone, and email address, along with the preferred method of communication and best time to contact. Please provide a forwarding address and new contact information to reach the seller once the property has closed.
- Legal Counsel: Name of attorney, firm name, email address, and phone number.
Buying a home can be stressful but there are plenty of things you can do to make it go smoothly. Having the right information and preparing accordingly when ordering title insurance can go a long way in expediting your real estate transaction. Certified’s friendly, service-minded professionals are always here to answer your questions and lend a hand.
We’ve taken leading-edge title services to a whole new level.
Certified Title is renowned for technical excellence, forward-thinking solutions, and seasoned attorney oversight. We’re dedicated to expediting the title process while delivering enhanced security and unparalleled client service. We’ve gone one better with the addition of state-of-the-art AI and mobile technology, powered by Alanna.ai. Our digital closing assistant, Buddy the Retriever, is available 24×7 via text or chat to instantly deliver any information you need regarding your closing.
If you have any questions about ordering title insurance or any other aspect of the title process, we’re here to help. Please contact us anytime.
About Certified Title Corporation: Since 1994, attorney-owned Certified Title Corporation has been furnishing residential and commercial real estate stakeholders across the nation with robust title insurance, settlement, and escrow services. Renowned for their industry-leading reliability and exemplary level of service and quality, the Maryland-based company helps clients from all walks of life achieve their asset goals. To learn more, call (888)486-5511 or visit https://www.certifiedtitlecorp.com/.
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