Title & Settlement Services
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What Is Title Insurance?
For buyers, sellers, lenders and REALTORS®, here is an overview of terms and steps involved in Title and Title Insurance. Chronos Title Solutions is a national title and escrow company that offers settlement services across the spectrum: residential and commercial; purchase, refinance, and home equity.
To legally own real estate you must hold title. Title is defined as a collection of rights you have as the owner.
When you purchase a property, its title is transferred to you from the seller as part of the closing process.
To make sure the seller actually holds legitimate title, and discover any existing claims against it, a Title Company conducts a title search. The results of the title search are written out in a Commitment.
A preliminary report is an offer to issue title insurance, subject to certain exclusions which may include liens, easements, or other encumbrances on the land. These will be listed as "exceptions" to insurance coverage.
This document gets its name from the offer implicitly made by the Title Company that once any claims by previous owners, unpaid contractors, the IRS, and any others, which are listed in the search report, are resolved, the company will okay the transfer and offer title insurance policies.
Title Insurance comes in two types of coverage that the buyer will want to have on the property: Owner’s and Lender’s. Usually sellers pay for the Owner’s title policy within their closing costs. The buyer pays for the Lender’s title policy, but benefits from a price break created by the simultaneous issues. Both describe any considerations, exclusions and exceptions there may be in the coverage, and include three “Schedules”.
Both policies also include these five sections: Covered Risks, what the policy insures against; Exclusions, limits of coverage that are outside the title company’s control; Schedule A, specific information on the title and policy; Schedule B, the exceptions to title found during title search (unreleased mortgages, easements, taxes, restrictions on use, etc.); and Conditions, relationship between the insured and the title company, the title company’s rights regarding settling a claim, and the extent of liability.