What is the Role of a Title Company?

 

1. Upon receipt of the title order the title officer will:

a) order a title search; b) a location survey (if required), payoff statements, and c) real estate tax information in preparation of closing.

 

2. Schedule a closing date with the lender and the parties involved.

 

3. Clear title and issue title insurance commitments to the respective parties.

 

4. The settlement officer will prepare the final HUD-I Settlement Statement and conduct closing with the parties, which normally consist of the settlement officer explaining the documentation and obtaining the signatures of the parties.

 

5.   At the time of closing or shortly thereafter, the lender will remit funds to the closing agent's escrow account for disbursement.

 

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