Saturday, March 30, 2019 / by Dixie Simon
What a great question for both the Seller and the Buyer
A Title Company is an insurance agency. They represent title insurance companies that ensure clean title to buyers and lenders. A title needs to be free and clear of encumbrances or any cloud on said title that would cause a financial loss. The potential financial loss is what is insured.
The settlement transaction (the order in which documents are executed and filed for public record) together with the financial accounting of said transaction is insured in the event any error or omission. For the title insurance company to ensure the closing, they will require that it be done by a qualified closing agent who represents their company. A title company is used to close the deal.
In many areas, especially in smaller communities where there are no title insurance company offices, attorneys can close a real estate transaction. The attorney submits a resume and ...