Welcome to our FAQ’s:

Exchanging ownership of a house or piece of property can be a daunting task. Escrow Processors act as an intermediary between clients, realtors, lenders, HOA managers, town officials, and county representative We are here to answer any and all of your questions about the process. We are your advocates from the moment we receive your contract to your reception of the final warranty deed. Below you will find a few common questions that purchasers and sellers tend to ask:

 

What does “holding title” mean?

Title is a recorded claim of ownership to a property (real or actual). Holding title refers to the way an individual, a group of people, or a company takes ownership of the property.

 

What is the title insurance policy?

This is an insurance policy that verifies ownership of the person, business or trust selling the property: The policy protects the purchasers from potential losses caused by

This is an insurance policy that verifies ownership of the person, business, or trust selling the property: The policy protects the purchasers from potential losses caused by past events. When we issue the title policy (which will arrive with your closing package), we are verifying the land is clear of any easements or liens that would void your purchase.

 

What comes first: A commitment or a policy?

A commitment precedes the issuance of Policy and outlines requirements and exceptions.

 

What are the elements of a commitment?

A commitment is sent out shortly after reception of contract and after a title Examiner has done appropriate research on the property in question.  The commitment includes three sections:

Schedule A

  • States who is to be insured, purchase price, property legal description, lender, the current owner, title insurance fees, and effective date.

Schedule B-1 (requirements)

  • This section lists the requirements of the title company that must be fulfilled before the closing and issuance of the title policy.  Some common requirements are:
    • warranty deed from the seller to the buyer
    • A payoff of the existing deed of trust
    • A release of mechanic liens
    • if a business is selling the property, a copy of the operating agreement may be required

Schedule B-2 (exceptions)

  • This section shows the items that will not be insured by the title company.   It also shows any burdens to the buyer that can affect the property after the closing.   Some examples are:
    • easements
    • mineral reservations
    • CCR’s (covenants, conditions, and restrictions)

Many delays in closing can be avoided just by reviewing the title commitment and informing the title company of any issues.

 

What are the elements of a Policy?

A Policy is delivered to purchasers after closing and disbursement occur.  Alpine Title includes their policy with the shipment of closing documents.  The following are the three sections

Policy Jacket

  • The jacket of your policy covers  risks, exclusions from coverage, and policy conditions

Schedule A

  • Within Schedule A you will find basic ownership info including Policy Number, Address, Insurance Amount, Name of Insured, Property Legal,  and vested interest.

Schedule B

  • Schedule B includes any exclusions of coverage found during the search and examination period.

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