What is the primary role of the "Settlement Agent?"

• Coordinate settlement with the lender, broker(s), borrower(s), seller(s), realtors, etc.
• Disburse funds at settlement to the appropriate parties to insure that all existing liens and mortgages are properly released from records
• Insure that the mortgage documents are property executed by the borrowers
• Insure that the settlement is performed in accordance with the mortgage and title company's requirements
• Record all of the new documents with the appropriate governmental agencies
• Review all documentation for the settlement to insure conformity
• Issue Title Insurance Binder(s) and Policy(s)

What is Title Insurance?

• It is assurance that every possible cloud on the title to the land you are purchasing - which can be discovered from public records - has been made known to you so such defects can be corrected before you buy.
• It is insurance that, if any undisclosed claim covered by your policy arises out of the past to threaten your ownership of real estate, it will be disposed of, or you will be indemnified, exactly as your title policy provides.

What is Clear Title?

• Clear Title means that you will be informed of claims against your property so that you can make certain they are cleared up before you buy. [Is this correct?]
• Clear Title also means that you are protected against any undiscovered claims that may arise in the future to threaten your property.

How Are Claims Against the Property Revealed?

• Claims against property are revealed by a search of the public records. This is the first step taken in order to insure your title. A title search reveals any unpaid taxes, liens, mortgages, judgments against previous owners, easements, and many court actions or recorded documents which can affect title to real estate.
• Title Abstractors report such defects in the title to the property you wish to buy, so that these matters can be examined and cleared up.

Are there Title Defect(s) that Don't Show up in the Public Records?

• Yes. This can happen. These defects are called "hidden risks" - the undiscovered claims which may arise long after you have bought your home. The title to the home you have paid for - and to which you have received a deed - could be threatened or completely lost by such circumstances as a forgery, confusion due to similar names, or error(s) in the records.
• Protection against loss from claims on real estate which cannot be discovered by examination of the public records is a benefit which title insurance provides.

What is a Title insurance Company's Role in Protection Against claims?

A Title Insurance Company protects you by:

• Defending your title in court at no cost to you.
• Bearing the cost of settling the claim if it proves valid, thereby protecting your title and keeping you in possession of your property.