Who does what and when? The title report

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Mortgage and Lending with The mortgage help you want when you need it.

Okay. You know what your loan officer does for you, what your mortgage processor's role in your loan transaction is, who will order the property appraisal and have a basic idea of what they look for and now on to the pesky title report.

This is very State specific so I will only give a brief overview of this step. If you have a relationship with a title/escrow company or an attorney who does this type of work you can certainly use them. Just let your mortgage processor know so they can check to make sure this company is approved with your lender. If you do not have a relationship established, in purchase transactions I typically advise that you use one of the companies that your Realtor recommends and in refinance transactions I typically advise going with one of the companies that your lender recommends.

The title company will order a courthouse search of the property and compile that information into a preliminary title report. This will include the current and previous owners, the legal description of the property, any easements or other issues as well as any liens against the property. Any liens must be cleared prior to or at closing. If you are purchasing the property, this is the seller's responsibility. If it is a property you own, you will need to take care of the liens.

Every lender requires title insurance and when you buy a home you also need it. This protects you from title defects (undisclosed liens, boundry disputes etc.) and it protects the lender's lien position.

The title/escrow company is also responsible for the actual loan closing, notorizing signatures on legal documents, recording of the mortgage and deed and dispursing any funds.

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Rainer
178,991
Erik Hitzelberger
Louisville - Middletown Real Estate
RE/MAX Alliance - Louisville REALTOR-Luxury Homes

Beth - This is a great series for consumers and agents alike.  If you have a few minutes to link the articles, I think it would be really helpful. 

October 20, 2008 02:47 PM
Rainer
20,050
Beth Forbes
Your 24/7 loan officer
The mortgage help you want when you need it.

Melissa- I've always felt that the title companies are completely over looked in the mortgage transaction and the consumer should know who they are and what they do. Thanks so much for stopping by.

Erik- Thanks for the compliment. I do appreciate it. I'll figure that link stuff in a few minutes!

October 20, 2008 03:45 PM
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Rainer
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Beth Forbes

Your 24/7 loan officer
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