Hi priyankmk,
Each state in the U.S. will have its own guidelines regarding title
insurance companies but generally they are usually responsible for the
title search and any documents necessary for the title transfer and
financing, which all eventually lead up to the final "Settlement
Statement". The "Process Document" is a list of procedures needed to
be done to accomplish the task.
>>> Procedure
An individual company's "Process Document" (procedures) may look like this:
1. Search Title and issue insurance commitment.
2. Arrange survey with surveyor.
3. Place homeowner's insurance policy with client's agent.
4. Receive loan closing package from lender.
5. Obtain pay-off terms from present mortgage holder.
6. Order deed from seller?s attorney.
7. Coordinate information among all parties.
8. Establish time and place of settlement conference.
9. Assembly pre-closing package for lender review.
10. Determine funds needed by buyer at settlement.
11. Receive loan proceeds check from lender.
12. Conduct settlement conference.
13. Record title documents at courthouse.
14. Handle all financial disbursements after closing and recording.
15. Issue final title insurance policies to lender and buyer.
http://www.virginiatitle.com/FAQs.htm
>>> Documents
A Title Insurance Company is generally responsible for doing the Title
Search and preparing the documents for the Title Transfer, Financing,
and Settlement Statement.
Document Preparation And Settlement
In addition to the title search, the title company is usually
responsible for the preparation and/or obtaining of the documents
necessary for the transfer of title, financing and settlement. These
include the Deed, Mortgage or Deed of Trust, Note, Settlement
Statement, and other related papers necessary for the transaction."
http://www.citizens-title.com/document_prep.html
SETTLEMENT STATEMENT: line-by-line explanation.
http://www.citizens-title.com/document_prep.html
>>> ALTA
The AMERICAN LAND TITLE ASSOCIATION (ALTA) has an excellent website
which describes all aspects of what is needed during the closing
process. If you have Real Audio installed, you can even listen to
numerous audio explanations.
The Closing Process Explained:
http://www.alta.org/consumer/closing.cfm
The HUD-1 Form Explained
http://www.alta.org/consumer/hud1.cfm
III. Your Settlement Costs
1100. Title Charges: Title charges may cover a variety of services
performed by title companies and others. Your particular settlement
may not include all of the items below or may include others not
listed."
1100. TITLE CHARGES
1101. Settlement or closing fee to
1102. Abstract or title search to
1103. Title examination to
1104. Title insurance binder to
1105. Document preparation to
1106. Notary fees to
1107. Attorney?s fees to
(includes above items numbers; )
1108. Title Insurance to
(includes above items numbers; )
1109. Lender?s coverage $
1110. Owner?s coverage $
http://www.hud.gov/offices/hsg/sfh/res/sc3secta.cfm
ALTA Homeowner's Policy of Title Insurance 2003
OWNER'S INFORMATION SHEET
http://www.vuwriter.com/vuforms.jsp?displaykey=FM109949003800000008
Our requirements for issuance of the ALTA Homeowner's Policy:
http://www.vuwriter.com/vuguidelines.jsp?displaykey=GL108869319200000229
>>> RESPA
Real Estate Settlement Procedures Act (RESPA)
Real Estate Settlement Procedures Act (RESPA) is a federal statute,
originally passed in 1974, that contains provisions that govern the
way companies involved with a real estate closing must treat each
other and the consumer."
http://www.thinkglink.com/Real_Estate_Settlement_Procedures_Act_RESPA.asp
>>> Additional Links of Interest:
RESPA:
The Real Estate Settlement Procedures Act
http://www.hsh.com/pamphlets/respa.html
Document Process:
? accept documents
? prepare documents
? issue documents for signature
? retrieve documents after signature
? manage title search process
? document seller loan payoff
? originate new buyer mortgage
? investigate title defects
? order property survey
? calculate and document closing costs
http://64.233.167.104/search?q=cache:3JMaaQKPA-QJ:www.hometoday.com/WAA/PDF_Documents/B10_Offer_Acceptance_Brief.pdf+%22TITLE+COMPANY%22+%22PROCESS+DOCUMENT%22&hl=en&client=firefox-a
Texas: Title Insurance Basic Manual,
Section IV, PROCEDURAL RULES:
http://www.tdi.state.tx.us/company/titlemm4.html
Title Insurance:
* Deeds, wills and trusts that contain improper wording or incorrect names;
* Outstanding mortgages and judgments, or a lien against the property
because the seller has not paid his taxes;
* Easements that allow construction of a road or utility line;
* Pending legal action against the property that could affect a purchaser; or
* Incorrect notary acknowledgements.
http://www.san-fernando-valley-real-estate.com/title_insurance.htm
Title Insurance
http://en.wikipedia.org/wiki/Title_insurance
I hope I've helped to shed some light on this complex subject. If you
have any questions or if I've misunderstood your question, please post
a clarification request *before* closing/rating my answer and I'll be
happy to reply.
Thank you,
hummer
Google Search Terms Used:
"process document" title company
"process document"
RESPA title insurance
American Land Title Association
"title insurance" industry standard
"title insurance" process document
"title insurance" process document glossary
"title companies" process documents |
Request for Answer Clarification by
priyankmk-ga
on
17 Apr 2005 10:49 PDT
Can we define title processing ?
What are the different softwares used for title processing and where can I get them?
|
Clarification of Answer by
hummer-ga
on
17 Apr 2005 11:35 PDT
Hi priyankmk,
I'll need some more information from you to be sure we are on the same
page. What exactly is it that you'd like to do (e.g, title searches)?
Thanks, hummer
|
Request for Answer Clarification by
priyankmk-ga
on
18 Apr 2005 12:02 PDT
Sorry maybe i shall re-phrase it...
Can we define Title Searches? As in a dictionary meaning kinds...
What are the different softwares used do these searches. I know of one
called Title Express.
|
Clarification of Answer by
hummer-ga
on
18 Apr 2005 13:21 PDT
Hi again,
Thank you for your clarification. Here you go -
TITLE SEARCH
Definitions
"A title search is a close examination of all public records that
involve title to a specific property. The search is conducted to
verify that there are no liens or other claims against the property
(other than those scheduled to be erased at closing if done for a
purchase).
Title searches typically include documents filed during the previous 30-years.
The person conducting the search looks at items such as past deeds,
wills, trusts, mortgages, judgments, and other liens."
http://homebuying.about.com/cs/realestateglossary/g/titlesearch.htm
"The act of examining in detail the public records relating to
ownership of a parcel of land to ensure that the current owner has
clear title, free of any liens, claims, mortgage or competing and
adverse interests. Usually performed by a lawyer, qualified title
searcher, or title isurance company on behalf of a proposed purchaser
or mortgagee."
http://www.4554.com/Glossary/TITLE_SEARCH.html
"In order to make sure the borrower will receive clear title to the
property, lenders require a title search. It attempts to uncover any
"encumbrances" on the title and makes sure the seller is the actual
owner of the property.
Encumbrances include any liens -- legal claims against a property
filed by creditors as a means to collect unpaid bills. Liens can also
be filed by the Internal Revenue Service for nonpayment of taxes. Any
such claims must be paid by the seller -- this often occurs either
before or at the closing."
http://www.fanniemae.com/homebuyers/glossary/titlesearch.jhtml?p=Resources&s=Glossary
"A title search is a means of determining that the person who is
selling the property really has the right to sell it, and that the
buyer is getting all the rights to the property (title) that he or she
is paying for.
The search process can be undertaken by the title company in those
jurisdictions where the company maintains offices. In some areas,
however, searches are made only by practicing attorneys. However the
search is performed, in most real estate transactions today a title
insurance policy is purchased to assure the buyer that he or she has
purchased a valid title."
http://64.233.167.104/search?q=cache:LjWojOuVKCYJ:https://www.ctic.com/4417.asp+title+search+public+records&hl=en&client=firefox-a
Now, regarding software. Title Express isn't software but is actually
a Title Insurance Company which performs title searches among other
things.
Title Express performs the following on your behalf:
* Updates your title search
* Examines your title for defects
* Clears any title problems
* Writes the preliminary title insurance report
* Keeps constant contact with your mortgage broker ensure your
closing happens in a timely manner
* Orders and/or reviews other necessary documents (assignment of
mortgage, subordination of mortgage, tax receipts, home owner?s
insurance binder)
* Coordinates completion of all requirements with mortgage
professionals and bank attorney in order to schedule the closing date
* Reviews closing costs with client
* Attends the closing to coordinate the title matters, any bank
attorney requirements, and reviews closing documents for accuracy
* Follows up on all post-closing items (pay off mortgages, record
mortgage discharge, pay any taxes if required)
* Prepares final title insurance policy for lender
* Returns title abstract and new survey (if applicable) to client
http://www.banasmortgage.com/title.html
Title searches require a full investigation of the entire history of a
property and are only performed by professionals (such as lawyers and
title insurance companies). You won't find software available to
purchase for the general public, however, you can visit your local
town hall or wherever the public records are held and for a small
charge, examine any property you are interested in (this is not the
equivalent of a Title Search though). Quick searches in some regions
are available online, such as the following:
Property Record Search
"Perform a quick search by entering the complete or partial Parcel ID,
or all or part of the Owner's Name, Address, or Instrument Number, as
well as the Subdivision (or Condominium) Code or Name, or keywords in
the parcel's description."
http://www.sarasotaproperty.net/scpa_record_search.asp
I hope this helps. Please let me know if you have any other questions.
hummer
|
Request for Answer Clarification by
priyankmk-ga
on
19 Apr 2005 10:54 PDT
Hey Hummer!
Thanx a ton pal.
I am still not clear about the softwares used to process these
documents. How many days to they take on an avg to process them and
how much do they charge?
Regards,
PMK
|
Clarification of Answer by
hummer-ga
on
20 Apr 2005 07:45 PDT
Hi PMK,
"I am still not clear about the softwares used to process these
documents. How many days to they take on an avg to process them and
how much do they charge?"
I'm glad to hear we are making progress and after giving your
questions much thought, I think I finally understand what you are
after. There is no software, as such, for conducting just title
searches, however, there *is* software for real estate closings.
1) PowerCloser
The following documents are printed directly by Power Closer:
* HUD-1 and HUD-1A settlement statements
* Escrow trust account balance sheet
* Borrower/buyer settlement statement and confirmation
* Seller settlement statement and confirmation
* Seller 1099's and taxpayer ID certifications
* Seller certificate to avoid 1099 reporting
http://www.argosylegal.com/powfeat.htm
2) EasySoft
http://www.easysoft-usa.com/Program_Pages/Real_Estate.html
3) LandTech
http://www.landtechdata.com/
4) Complete Closing Enterprise
http://www.ramquest.com/04_products_01_completeclosingenterprise.asp
5) DisplaySoft
http://www.displaysoft.com/modules.php?op=modload&name=sections&file=index&req=viewarticle&artid=1&page=1
6) Real Estate Closing Software
http://www.lawfirmsoftware.com/software/closing.htm
Ofcourse the processing times and fees will vary depending on how
complicated the sales are and in what regions of the country.
Following are some links to give you a rough idea as to what is
involved in determining times and fees. Bare in mind that the title
search is only one part of the complete closing process.
>>> Title Search: (1 hour to 2 weeks)
How long does a title search take?:
A title company examiner searches the records of the county recorder,
county assessor, and other government taxing agencies to locate any
documents which might affect the title to a given property. Depending
on the number of documents the examiner must review, a title search
will take anywhere from one hour to two weeks to complete. Read this
search carefully and look for any hidden problems.
http://www.escrowhelp.com/qanda-3.html
What is a Title Search?:
http://www.titlelibrary.com/what_is_title_search.htm
Attorney Statement - Opinion of Title:
http://www.titlelibrary.com/attorney_statement_opinion_of_title.htm
>>> Closing: (1 to 2 months)
After I find a home to buy, how long does it take?:
"Once you reach an agreement to purchase the home, typical financing
takes between 30 and 60 days to "close" the transaction. During that
time, the lender will be receiving documentation verifying information
which you provide to them at the time of loan application. They will
be gathering information pertaining to the property as well, such as
the appraisal of value and the title documentation from the title
attorney who does the title search. There may also be a "plot plan,"
which is completed by a surveyor for the purpose of verifying that
there are no encumbrances on the property lines. (It is important to
know that a plot plan is not a boundary survey, which is quite a bit
more expensive.)"
http://www.remax-riverside-maine.com/FFAQ.html
Residential Conveyancing:
1. How long does it take to buy and/or sell a house?:
"On average, it takes approximately two months for a conveyancing
transaction to complete. Having said that, in cases where there is no
chain and there are no difficulties with the title to the property,
that timescale can be greatly reduced. Where there is a long chain of
transactions, or there are difficulties with the title to the
property, the transaction can take longer than two months. As we act
for developers we are used to exchanging (where circumstances permit
in a day or two)"
http://www.ashleywilson.co.uk/Services/family.htm
How long does completion take?:
"Assuming the searches are O.K, the process is normally 30 to 45 days
for a re-sale property, but for new construction/off plan properties
the completion date is set by the builder/developer. "
http://www.worldpropertiesandland.com/faq.htm
How long does the conveyancing process take?:
"This depends on a large number of factors including the type of
purchase/sale, how large the chain is and whether a property is
leasehold. An average time from the acceptance of offer to completion
is 10 weeks. Dickinson Dees will advise you about any possible
delays."
http://www.upmystreet.com/property/conveyancing-qa.php3?l1=OX2
Title Insurance Premium for Seller - Owners Policy
Title Search, Examination & Closing Fee: $200
http://www.freedomtitle.biz/title-premium-calculator-seller.html
>>> Title Insurance
Title Insurance, Where Does Your Dollar Go?:
"The issuance of a title insurance policy is highly labor-intensive.
It is based upon the maintenance of a title "plant," or library of
title records, in many cases dating back over a hundred years. Each
day, recorded documents affecting real property and property owners
are posted to these title plants so that when a title search on a
particular parcel is requested, the information is already organized
for rapid and accurate retrieval. Most large counties have been
converted to computer-based title plant systems which provide
retrieval from remote locations, further speeding the process of
delivering the title search to the customer. This investment in
skilled personnel and advanced data processing represents a major part
of the title insurance premium dollar."
http://www.titlelibrary.com/where_does_your_dollar_go.htm
Who Pays for Title Insurance?:
http://www.titlelibrary.com/who_pays_for_title.htm
Title Insurance Premium for Buyer - Loan Policy
Mortgage Title Premium: $375
http://www.freedomtitle.biz/title-premium-calculator-buyer.html
Pennsylvania Title Insurance Rate Calculator:
http://alphaadv.net/patitle/ratecalc.html
New York Title Insurance Rate Calculator:
http://alphaadv.net/nytitle/nyratecalc.html
>>> Additional Links:
THE TITLE LIBRARY:
http://www.fidelitycentralvalley.com/the_title_library.htm
>>> Documents
To get back to your original question, "What is Title Companies
process documents in USA?"
Assuming you mean "closing documents"...
Real Estate Closing Documents Typical in the Cleveland, OH Area
* Purchase Agreement
* Real Property Disclosure Statement
* Standard Conditions and Acceptance of Escrow
* Mechanic's Lien Affidavit
* Deeds
o Warranty Deed
o Survivorship Deed
o Warranty Deed with Survivorship
* Mortgage Deed
* Mortgage Note
* Promissory Note
* Signature/Name Affidavit
* Flood Insurance Authorization
* Occupancy Affidavit and Financial Status
* Compliance/Document Correction Agreement
* Notice of Assignment, Sale, or Transfer of Servicing Rights
http://www.cleve-oh.com/cleveland/closedoc.html
Real Estate Forms
Closing Forms
"Many different real estate closing forms offered for each State.
Forms include Name Affidavits, Non-Foreign Affidavit Under IRC 1445,
HUD 1, Affidavit of Occupancy and Financial Status, Closing Statement,
Owner's - Seller's Affidavit of No Liens and many others."
Home Sales Package -
"This package contains the Contract, disclosures and other forms."
http://www.uslegalforms.com/real-estate-forms.htm
California Real Estate Contracts:
http://www.z-law.com/legalfor.html?mgiToken=11FIG174ME015CENNU
Real Estate Closing Primer
http://www.illinois-attorney.com/close.htm
I hope I've finally nailed this one for you!
hummer
|
Request for Answer Clarification by
priyankmk-ga
on
21 Apr 2005 03:43 PDT
The info was good! i will need time go thru it.
How many Title Companies are there on the east coast and where can i
find a list of those?
How much would it cost me to get these searches done?
Regards,
PMK
|
Clarification of Answer by
hummer-ga
on
21 Apr 2005 06:17 PDT
Hi PMK,
You can search by state for a member of the American Land Title
Association (ALTA) here:
Search for Members by State
http://www.alta.org/search/state.cfm
How to Select a Title Company:
"Keep in mind that settlements vary from state to state and even from
county to county. Be sure to ask how it's done in your area so you
know what to expect."
http://www.alta.org/consumer/select.cfm
The price will vary between companies/regions/work involved.
Regards,
hummer
|
Request for Answer Clarification by
priyankmk-ga
on
10 May 2005 06:47 PDT
What are Abstracts and abstarct searches in Title Processing?
|
Clarification of Answer by
hummer-ga
on
10 May 2005 07:22 PDT
Hi again priyankmk,
Abstract company:
"a private firm that maintains and compiles legal histories of pieces
of real estate, called abstracts of title."
http://www.arkansasresearch.com/g-gloss.html
As used in the Abstracters Act, unless the context otherwise requires:
(1) Abstract of title shall mean a compilation in orderly
arrangement of the materials and facts of record affecting the title
to a specific piece of land, issued under a certificate certifying to
the matters contained in such compilation
(3) Business of abstracting shall mean the making, compiling, and
selling of abstracts of title or any part thereof or preparing written
reports of title to real property;
(8) Registered abstracter shall mean an individual, registered
under the Abstracters Act, holding an operative certificate of
registration who for a fee or other valuable consideration compiles or
certifies abstracts of title or any part thereof to real property..."
http://court.nol.org/opinions/2005/march/mar18/s04-405.htm
Regards,
hummer
|
Request for Answer Clarification by
priyankmk-ga
on
11 May 2005 05:35 PDT
Hey Hummer,
Not too clear about the abstracts. Why do they use it in Title Co. and
what are the different abstract searches and procedures? How much do
these abstract searches cost?
|
Clarification of Answer by
hummer-ga
on
11 May 2005 10:26 PDT
Hi priyankmk,
>> Why do they use it in Title Co.
"It is used by title insurance companies as the basis for issuing
title insurance and by attorneys examining title as the basis for
their conclusions with regard to ownership."
What is an abstract of title?
"An abstract of title is a summary of the legal history of a piece of
real property. It is used by title insurance companies as the basis
for issuing title insurance and by attorneys examining title as the
basis for their conclusions with regard to ownership. Despite its
importance, the abstract of title is not a legal document and is not
prepared by any governmental agency. Rather, it is a summary prepared
by a title company or abstracting firm."
"Not all property, however, requires an abstract of title. If property
is governed by the Torrens or land title registration system, the
owner received a governmental title to the property, which eliminates
the need for the abstract."
http://cobrands.business.findlaw.com/metros.html?state=fl
WHAT IS A TITLE EXAMINATION?
"It is not the functions of the person preparing the abstract to
determine the legality of sufficiency of the title. This is done
through a title examination which is a careful study of the abstract
by a qualified lawyer."
http://www.vandenberg.af.mil/~swStaff/judge_advocate_general/docs/home%20buying.doc
>> What are the different abstract searches and procedures?
"To prepare the abstract, an employee of the firm, called an
abstractor, reviews all of the records on file with the office of the
county recorder or similar government land title office, which relate
to that particular piece of property. The abstractor prepares a short
summary of each transaction, arranged in chronological order, which
identify the instruments (deed, mortgage, etc.), names the grantors
and grantees, lists the dates the instruments were signed and filed,
and, where appropriate, provides a summary of their contents. This
sequence of deeds and other documents is often called the property's
chain of title, and the function of the abstract is to summarize it
accurately."
http://cobrands.business.findlaw.com/metros.html?state=fl
Abstract of Title:
"n. the written report on a title search which shows the history of
every change of ownership on a piece of real estate, and any claims
against the property, such as easements on the property, loans against
it, deeds of trust, mortgages, liens, judgments, and real property
taxes. Some abstracts only go back in history to the last change in
title. In some places the abstract of title is prepared by a title
company, and in other places by an individual who is called an
abstractor. Most buyers and all lenders require the title report with
an abstract. The information in the abstract is up to the moment,
comes from the local county recorder's office, and usually requires an
expert search."
http://dictionary.law.com/default2.asp?selected=2290&bold=%7C%7C%7C%7C
"abstract of title, in law, brief history of the title to a piece of
land. An account is given of recorded documents, court proceedings,
wills, mortgages, taxes, previous sales, easements, and all other
factors that at any time affected the ownership or use of the land.
The old rule in England required that an abstract of title should
cover the 60 years before the proposed sale. In 1874 this was changed
to 40 years. In some U.S. states the title is traced back to the
original grant from the government, but in others it is traced only so
far back as is necessary to show a present clear title."
http://www.factmonster.com/ce6/society/A0802229.html
>> How much do these abstract searches cost?
"Several hundred to a thousand dollars."
"While an abstract is not a legal document and can be replaced at any
time by a qualified abstract or title firm, it is still an important
document to safeguard. A new abstract is expensive. Depending on the
history of the property, creating a new abstract can cost several
hundred to a few thousand dollars. "
http://cobrands.business.findlaw.com/metros.html?state=fl
"The possession of an abstract is no indication of ownership of the
land to which it relates. Anyone may acquire an abstract to any piece
of land. The cost of the abstract depend on the number of transactions
involving the land"
http://www.vandenberg.af.mil/~swStaff/judge_advocate_general/docs/home%20buying.doc
Regards,
hummer
|
Request for Answer Clarification by
priyankmk-ga
on
15 May 2005 13:58 PDT
How much would abstarct searches for counties like NY & New jersey cost me?
|
Clarification of Answer by
hummer-ga
on
15 May 2005 15:47 PDT
Hi priyankmk,
The best thing to do would be to phone a few companies.
First American/Public Abstract Division
Comprehensive Title Search Abstract & Related Services
16 West Main Street
Rochester, NY 14614
Phone: (585) 325-6550 or (800) 724-0040
Fax: (585) 325-6680
http://www.publicabstract.com/PublicAbstract/Services
Here are some more to try...
http://mortgage-education.com/TitleCompanies.asp
Good luck,
hummer
|
