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Title Insurance from Beginning to End.
Part 5: The Closing Table

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.

Part 5: The Closing Table

Happy Closing Day, Patty Purchaser!

Before Patty came to the closing, the Title Agency performed a run down, which is a process that ensures nothing has been added to the public record since the original search was completed. This key step allows the title agency to ensure with confidence that title is clear and Patty Purchaser’s investment is safe.

Along with the Title Report, a Title Invoice is also issued. This invoice shows the rates for both a Fee (Owner’s) Policy and a Loan Policy which, in New York State, are regulated by the Department of Financial Services.

Recording fees can also be shown on the invoice. Recording fees include items such as transfer tax, mortgage tax, RP-5217 and TP-584 filing fees, deed and survey recordation fees can be found here. The Title agency will also list their own fees for recording, processing, and searchers where applicable.

If a lender is involved, the closing will often take place at the lender’s attorney’s office. Otherwise, it can be held either buyer or seller’s attorney’s office or the title agency’s office, depending on what works best for the transaction and the parties involved.

Prior to or at closing, the title closing agent (or closer) will complete a markup of the title report. They will confirm the individuals and property to be insured are correct, and will mark the various items to be omitted or to be excepted from the policy. The closer will also review the documents signed at closing to be sure nothing is missed; everything is notarized and in an acceptable form for the County Clerk’s Office to record.

Once the closer and attorneys are satisfied, the parties thank each other for a job well done and return to their respective offices.

Congratulations Patty Purchaser! You are a homeowner!

Stay tuned and follow Maverick Title Services for the final part of this six-part series:

Part 6: Delivery of Title