The determination of whether or not a title company will close and insure a real estate transaction is based primarily on a complete and thorough examination of the real property records of the county in which the real property is located. These records are normally contained in a title plant owned or leased by the agent that has been asked to insure the transaction. Once the agent has searched the real property records and determined which records affect the property, an examination of the documents is undertaken, and underwriting standards are applied to determine the current status of title, any encumbrances on title, and any additional documents or information that are needed by the title agent before the closing can occur. The result of this search and examination process is reflected in a Title Insurance Commitment.
This webinar will review the basics of the search and examination process, including:
•The definition of “title plant” and examples of different types of plants
•The definition of an “abstract of title”
•A review of the various types of legal descriptions, including metes and bounds and lot and block descriptions
•The definition of “title” as it relates to the title insurance industry and a discussion of the various methods used to search the chain of title
•A discussion of the goals and purposes of examining title
•How to disclose various title matters discovered in the title examination process, either as exceptions in Schedule B of the Commitment or as requirements in Schedule C of the Commitment.
Presenter: Lisa M. Beville, CTIP, Fidelity National Title Group
1.0 Escrow Credit
For those new to the topic and/or the title industry. May include basic concepts, definitions, industry history and/or general information.
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