The Title Closing Process
A New York based attorney, Marc Rovner, works at Beta Abstract LLC where he oversees and supervises the legal department. He also manages business development in eight of the company’s offices. Apart from his responsibilities at Beta Abstract LLC, Marc Rovner teaches a course on the title closing process. Title insurance is a form of indemnity that protects mortgage lenders and home buyers in case there are title defects during or after title closing.
The title closing process begins with the sales contract between the buyer and seller of the real estate property. An escrow agent then receives the escrow and opens a title order that includes tax information, maintenance fees, and other documentation. Then, the title closer searches for any issues, including in the deed, mortgage, or wills that may affect the title of the property. Once the property is screened, then the title closer schedules a date for the property transaction to occur. The transaction is completed when the seller signs the deed and affidavit, and the buyer signs any new mortgage.