What do title agents do?

Title agents are responsible for certifying the validity of a title on a property. This includes the proper ownership of a clean title. They also can secure title insurance to protect buyers from any undue harm after a sale. Title agents usually work alongside other members of a buyer or seller’s real estate team. Title agents can also act as the closing agent for a real estate purchase.

What benefits can a title agent provide?

Title agents provide buyers with the security they need to successfully purchase a property, through both owner’s title insurance policies and lender’s title insurance policies. They make sure that the seller has the proper ownership of the property they're selling, by diligently and skillfully researching everything from liens to a property’s chain of ownership.

How to Obtain a
Title Insurance Policy

How to Obtain a Title Insurance Policy

How do you obtain a title insurance policy? It’s simple. Available for a one-time premium payment at the time the property is purchased and/or financed, purchasers may obtain an owner’s policy of title insurance, and mortgage lenders a loan policy of title insurance, to protect their respective needs.

A title insurance policy premium is based on the purchase price/loan amount and is typically collected at closing with all other funds for the transaction. There is no annual premium to pay as there is for other lines of insurance such as automobile or homeowner’s insurance.

Most mortgage lenders require the borrower to purchase a loan policy of title insurance on behalf of the lender. It’s important to remember that this loan policy of title insurance only provides protection for the lender’s interest in the property. It does not provide any protection for the purchaser’s interest in the property. The purchaser must obtain their own policy. The additional cost of obtaining an owner’s policy in addition to a loan policy depends on the difference between the loan amount and purchase price. In most cases, it is a very small incremental additional charge.

Opting for an owner’s policy at closing time is always prudent. The incremental additional cost far outweighs the additional costs that can arise in the future, for example, if an owner’s policy of title insurance is not purchased and a defect becomes known after ownership of the property is acquired. Without an owner’s policy, the owner will be left to defend their title and settle the dispute without the benefit of a title insurance company. The result: the owner will likely incur significant legal fees. In a worst case scenario, the property can even be lost if there is a complete failure of title.

Conestoga Title Offers Thorough Title Search and Examination

A title agent for Conestoga will conduct a thorough search and examination of the title to the property prior to closing, making a complete and diligent effort to discover any potential defects, liens or encumbrances.

A title insurance commitment will then be prepared showing all defects, liens and encumbrances discovered during the search and exam. This commitment will specify requirements that need to be met, including liens that need to be paid. It will also list specific exceptions that will not be covered by the policy, including easements and restrictions that are of public record.

Conestoga’s agent will work to clear all known liens and defects and conduct a closing. Instruments such as deeds and mortgages will be executed at closing to transfer the title, and funds will be collected to pay open liens, taxes, etc. The title insurance premium will also be collected at closing. Conestoga’s agent will ensure the instruments are duly recorded at the local courthouse, then issue the title insurance policies that were paid for at closing.

How does an attorney benefit from joining your network?

Attorneys benefit in these ways: Minimal paperwork required No binders or policies for the attorney to prepare Fees paid directly by the client Competitive pricing for your services Access to Conestoga’s state-wide network of title agents, for quality title searches that can be secured for any county