When you think of a title insurance agency, you may imagine a team working behind-the-scenes to ensure “clear title” prior to settlement day. And while bringing this peace of mind through our comprehensive search is certainly a large part of our daily operations, title insurance agents and professionals wear a lot of hats!
One of the biggest roles of a title company (in addition to ensuring a property is free and clear of title defects, of course) is the liaison between the many different involved parties. Leading up to settlement day, Security Abstract’s team coordinate the transaction’s real estate agents, mortgage company, conveyancer, any involved attorneys, builders, or other professionals. Our agents coordinate the ALTA or HUD-1 settlement sheet, collaborate fees and forms with the loan officer, and ensure that all conveyancing is completed in a timely manner.
The title insurance company is also typically the host on settlement day. The documents will usually be signed at the title company (we’re fortunate to have a beautiful office just off of the Kulpsville turnpike exit!), and the settlement agent orchestrates the closing. If the loan officer is not in attendance, the settlement agent is the one who will review all of the mortgage paperwork with the borrowers.
Lastly, the title insurance company is responsible for transferring the funds between all involved parties and submitting all necessary documentation to the county for recording. For more complex transactions, our team personally delivers and “walks through” any recordable documents.
In many ways, the title company is the “last stop” to ensure that everything goes securely and smoothly on settlement day – and for years to come.