What is Title Insurance?
Title insurance is a form of insurance that covers claims of interest against a property that may arise after a real estate closing. Your title insurance is a one-time premium paid at closing and it provides coverage for future claims or future losses due to title defects created by a past event.
Your personal security is our highest priority.
Learn how to Protect Your Money from Wire Fraud Schemes When Buying a Home
In 2020, Colorado became the 26th state to sign Remote Online Notarization (RON) legislation into law. The law reshapes how notarial acts can be executed in the state, allowing the use of technology to complete a notarial act when the signer is not in the same location as the notary public.
Notarization is an essential fraud-deterrent process that ensures the authenticity of signers and documents by utilizing a system of vetting, certifying, and record-keeping. With RON, signers and notaries are able to get documents signed and notarized without the need for a physical meeting. Through live video chat on a secure technology platform, the notary will verify signer identities using authentication ID technology. Key documents are signed and stamped digitally, and the process is recorded using a secure audio video platform. The notary’s journal of remote online notarizations is also 100% digital.
Land Title partners with a reputable, industry-leading third-party for multi-layered email encryption services. This encryption ensures teams can instantly encrypt sensitive data, share it externally, and then decrypt it so it is accessed only by intended persons. We value your personal information and take every precaution to protect it.
We sweat the small stuff, so you don’t have to.
Our seasoned, experienced and locally-based team will oversee and handle critical aspects of your transaction ranging from title research and insurance, to maintaining escrow accounts, dispersing funds and, ultimately, finalizing the purchase or sale of a property.
Real estate transactions can be complicated but our approach is simple: we focus on trust, relationships and results.
Basic Steps of a Closing
The first step! A sales contract is signed by the buyer and seller and delivered to the closing agent, usually with a deposit check. The escrow is accepted typically at a title company given the safety, security and neutrality offered. Next, a title order is opened and this involves researching the chain of title, and collecting tax information, loan payoffs, homeowner/maintenance fees, inspections/reports, hazard and other insurances, as well as legal papers.
Title Search and Examination
Records searched include public records, deeds, mortgages, paving assessments, liens and other documents affecting title to the property. A critical step, this is when verification of the legal owner is made and the debts owed against the property are determined. Upon completion, a title commitment/ preliminary report is prepared, reviewed and sent out to interested parties.
The closing agent, in conjunction with the title company, will now review the new lender’s instructions and requirements, key instructions from other parties to the transaction, real estate and loan documents, charges. The title agency will prepare all closing statements and schedule the closing.
Closing the Transaction
Almost there! The closing is overseen by the title company and entails that the seller, the buyer, real estate agents, and sometimes attorneys are present to sign critical documents. In some instances, the closing can be conducted electronically via our e-signature platform or RON (see the RON article in our Blog).
Among other documents, the seller signs the deed and closing affidavit and the buyer signs the new note and mortgage.
Post Closing Procedures
After the signing has been completed, the title company will follow the terms of the contract and the lender instructions to disburse all funds. The transaction documents are recorded in the county in which the property is located. Title insurance policies are prepared and sent to the new lender and to the buyer.
Land Title did an awesome job. I will 100% hire them again if I’m selling a property. We had some tricky stuff happening with my mortgage and HOA, and they worked through everything with me, were super responsive and on top of things. Their office is also super nice, everyone is professional, we got closing done in 15 minutes.
We closed on selling our house here. The hospitality from the front desk was outstanding, making sure we were comfortable. The process was painless and they offered to help with anything we needed throughout the meeting. Thank you for a pleasant experience!
Great experience handling title and closing on our house… they are insanely well organized and easy to put your trust and confidence in.