Real Estate Settlement Services
What exactly is a Title Company?
Glad you asked! Title companies provide escrow services, closing services, search and exam services, and title insurance necessary to consummate a real estate transaction. Here's a breakdown, and some reasons why you should choose DLO as YOUR title company.
Real Estate Settlement Services We Provide
Escrow Services
Generally, the title company receives all of the monies from the buyer and/or the buyer's lender and holds those monies in escrow and then disburses those funds to various parties according to the terms of the settlement statement (often called a "HUD-1"). In addition to paying the seller from escrow, the title company makes payoffs on the seller's existing mortgages on the property, pays the realtors and/or lenders their commissions, pays the insurance company their homeowner insurance premium, pays the termite inspection company, etc.
Closing Services
In most cases, the title company prepares all of the documents necessary to consummate the transaction and presides over the signing of the documents at the closing table. At DLO, the closer is often an attorney and is always a notary public.
Search & Exam
Almost always, prior to closing the title company conducts a search (either with in-house or third party searchers) of all the documents on record over a certain period pertaining to the property. Then the title company examines the search and from that examination, as agent for the title insurance underwriter, prepares a title commitment. Generally the search and exam is conducted to determine title is clear and to reveal any defects in title, including liens, encumbrances, easements, past due taxes, and restrictions on use. DLO's examiners are among the most experienced and respected in the industry.
Title Insurance
The title company serves as agent for one or more title insurance underwriters and provides title insurance on the subject property against potential claims against the sovereignty of title. While the policy provisions tend to be standardized among the major underwriters, it is very important to note that there are generally several types of policies available: Lenders, Owners, and Enhanced as well as myriad endorsements. Please feel free to contact DLO for a thorough explanation of the differences and to determine which type of policy is best for you or your client. (Click here to view our Title Insurance page for more information)
Why Choose DLO Real Estate Settlement Services
Whether you are a real estate professional or a potential customer here are some things we would like you to consider before your next closing. Dougall Law Offices...
- is locally owned and operated by an attorney with over 16 years experience
- is civic minded (a portion of our profits benefit Tennessee children’s hospitals);
- has assembled what we believe is the best team in the business of energetic, polite, detail-oriented closing processors
- promotes a happy work environment (which translates into better service and a better closing environment);
- uses state-of-the-art hardware and software;
- rewards customer loyalty through our proprietary DLO VIP Program (repeat customers pay half our normal closing fee—for life!);
- provides FREE identity theft protection—DLO currently buys each of our customers a one-year membership in Experian Consumer Direct’s CreditCheck® Basic.
- is committed to our colleagues. We understand most closings represent the culmination of weeks or months of hard work by other professionals besides the closing agent. We believe strongly therefore that our work and attitude at the closing table must reflect positively on everyone who has been working on the client’s behalf.
