In this six-part series from Maverick, we will describe the process that a title company uses to ensure a buyer’s property’s title is clear for the issuance of a title insurance policy.
Step 6: Delivery of Title
Finally! The closing is complete, and Patty Purchaser is a homeowner! But what happens behind the scenes after the closing?
Once the parties have signed and monies have been exchanged, the title company will make any necessary payments or payoffs, review the closing documents and submit them for recording at the County Clerk’s Office.
The Clerk will review the documents as well and let the title company know if anything needs to be added, corrected or revised. Once they are satisfied, the documents will be accepted and recorded.
The final part of the process is the delivery of the Final Policy of Title Insurance. The Final Policy will include the items listed in the Title Report, some of which will be omitted from the policy, while some will be accepted. This will differ from property to property.
It is important for attorneys and purchasers to understand each of the items in the Title Report and how they will be treated post-closing.
There we have it! Title Insurance from beginning to end.
Although each of the posts in this six-part series were relatively short, the title process can be complicated, and small details often make a big difference.
Feel free to reach out to the Maverick team with any questions or to learn more. And, don’t forget to follow our page for more fascinating posts from the world of title.
