After a buyer has been through the process of searching for, selecting, and negotiating the contract for their new home, a title company such as Professionals Title & Escrow Co is selected. Often buyers will rely on the advice of a their real estate agent, loan officer or friends and family in selecting a title company, but ultimately under state and federal laws the choice of a title company is solely for the buyer to make . Once the buyer has made this important selection and an order is placed for title work and settlement a process is set in motion that ultimately leads to another successful real estate transaction.

Title companies do far more than merely appear at a settlement with files full of paper, a smile, and some checks. After receiving the order, Professionals Title & Escrow Co must do the following:

1. Review a copy of the sales contract to determine the terms of the transaction and to make sure it is properly executed.
2. Examine the county land records to determine the status of the title of the property being bought and sold. This includes:
   1. Determining who really owns the property by reviewing the deed history i.e. it is possible the property is actually owned by a trust the sellers created, that there is another family member on title who has not been involved in the transaction so far, or that there was a mistake in a prior deed;
   2. Determining the property's legal description a property is legally identified through it's legal description which is different than its address.
   3. Determining all outstanding loans that are secured by the property including those loans that have been previously paid off but were not properly "released" at the courthouse ;
   4. Determining whether there are any judgements or liens against the property owner(s) that affect the property this may include civil judgments, state and federal tax liens, as well as homeowner's association liens;
   5. Determining the amount of property taxes on the property and verifying that they are paid current;
   6. Examining any other documents in the land records that may affect the property.
3. If desired by the buyer, order a house location survey of the property from a licensed surveyor and review the completed drawing for any potential encroachments or problems.
4. Obtain information from the seller(s) regarding their mortgage loan(s) and then contact the lender(s) to obtain a payoff statement.
5. Obtain information from the real estate agent or seller regarding any possible Homeowner's or Condominimium Association and then contact that association to determine whether there are any current violations and to get an accounting of paid and outstanding dues.
6. Contact the the real estate agents to determine their commissions, administration fees, and any other necessary information.
7. Work with the buyer's(s') new lender(s) as follows:
   1. Obtain information from the lender such as the exact loan amount, full name of the lender and whether there will be one or two loans.
   2. Prepare for the lender a Title Insurance Commitment (also called binder) that promises to the lender that title insurance can be issued if certain requirements are met and provides the lender with the current status of title.
   3. Prepare a preliminary Hud-1 settlement statement to show the lender what title and government fees will be charged.
   4. Once closing is scheduled, obtain the loan documents from the lender (this is also referred to as the closing package) along with the specific instructions for closing the loan. This is usually received the day of or day before closing.
   5. Prepare a final HUD-1 settlement statement with all fees including the lender's and send to the lender for final approval.
8. Coordinate with all parties the date and time of the settlement this includes scheduling with buyer(s), seller(s), realtors, and lender(s).
9. Prepare all other documents necessary for the settlement including the Deed, various county forms, etc.

Only after all of the above is done, and more, is it time to for settlement.

Next: During Settlement

Some Items for the Buyer(s) to keep in mind:

The day before or the day of the scheduled settlement, you should contact Professionals Title & Escrow Co. to determine how much money you need to bring to settlement. This amount is not available sooner because the final figures are not usually received from the lender until shortly before the scheduled settlement. As required by your sales contract, your funds must always be in the form of a certified or cashier's check and made payable to Professionals Title & Escrow Co.

Unless you are buying a Condominium, your lender will require that you purchase Homeowner's insurance (also known as hazard insurance) from an insurance agent of your choice prior to settlement. Usually you will prepay for one year and the funds are collected at settlement unless you prepaid for the insurance prior to settlement. If you did prepay, you must bring a paid receipt to settlement with you.

You must always bring some form of government identification with you. Driver's Licenses or Passports are acceptable forms of identification.

Typically, at the settlement conference (referred to as simply "settlement"), the buyer(s), seller(s), and real estate agent(s) (if any) meet at the offices of Professionals Title & Escrow Co. with a settlement attorney to finalize the transaction between the buyer(s) and seller(s). While at settlement the buyer(s) and seller(s) will be presented with various documents for their signature. Among the documents that will be signed are the HUD-1 Settlement Statement, HUD-1 Settlement Statement, the Deed, and all of the lender's(s') loan documents including the note, Deed of Trust,, and many disclosures.

All of the settlement documents will be fully explained to the parties by Professionals Title & Escrow Co.'s settlement attorney. All monetary adjustments and prorations between Buyer and Seller will appear on the settlement statement. If any disputes between the parties should arise at settlement, Professionals Title & Escrow Co. will provide a forum for those parties to resolve their differences. We want everyone to leave the settlement satisfied with the transaction and with a smile on their face.

Next: After Settlement

When a Buyer and Seller leave the settlement table, their part is finished; however, Professionals Title & Escrow Co.'s job continues. We must do all or most of the following:

1. completely audit the disbursement sheet and review all documents involved;
2. assemble and return the lender's package per the lender's written instructions;
3. record the Deed and Deed(s) of Trust in the county's land records;
4. disburse all funds to appropriate parties;
5. issue the title insurance policy for the new owner and the lender(s); and,
6. After paying off the appropriate lenders, obtain or prepare and record all releases at the county courthouse.