Title Exams
A title exam makes sure that any liens or title defects are disclosed prior to the purchase of a piece of property. Our title examiner will examine the public records, and once complete, we will issue either a title commitment for title insurance or title opinion letter.
Title Commitment
A title commitment is the report from a title exam and is issued when title insurance is being purchased.
The commitment will include basic information about the property, like the description and current record owner, and it will also include requirements and exceptions.
Requirements
Title requirements are matters which must be resolved prior to any title insurance being issued. It might be something general like a deed being executed by the parties and recorded, or it can be something more complex like clarification of a title defect (e.g., missing marital status on a prior deed) or liens which need to be paid and released (e.g., a mortgage, delinquent taxes, or a court judgment lien).
You should always review the requirements section of the title commitment to ensure that anything that needs to be addressed prior to closing is. Should a requirement not be met, then title insurance may not be issued or, in some cases, may be issued with the requirement becoming an exception to title insurance coverage.
Exceptions
Exceptions on a title commitment represent matters of record for which title insurance will not cover. Generally speaking, these most often include subdivision restrictions or easements that may or may not be recorded.
Closing Protection Letters
A closing protection letter (CPL) indemnifies a party by the title agency for any action or inaction taken by the settlement agent or closing attorney that adversely affects the title or the validity and priority of a mortgage lien and creates a loss therefrom.
Please advise us when ordering a title exam if you require a CPL.
Title Opinion Letter
A Title Opinion Letter differs from a title commitment in that it does not come with an offer or guarantee of title insurance. Title opinions relay the same kinds of information as disclosed in a title commitment, such as title defects and liens, as described above.
You may still choose anytime before closing or even after closing to purchase title insurance. Just let us know, and we will discuss with you the requirements to obtain it.
Title Insurance
Chicago Title Insurance Company issues both Lender’s and Owner’s Title Policies to help protect either the mortgagee’s interest or the purchaser’s interest (or both if both are purchased). Purchasing both policies simultaneously offers a significant discount over purchasing separately. We can help you understand what and who is covered by these policies.
Title insurance helps protect the interest of the parties from undisclosed or undiscovered title defects or claims of ownership from parties who were not at the closing table.
Contact us to get a quote for title insurance for your closing or visit the online Chicago Title Insurance Rate Calculator.
Title Endorsements
A title endorsement is an amendment to the base title insurance policy that provides additional protections, exclusions, and other policy language. Some of the most common ones include:
- ALTA 6-06 – Variable Rate Mortgage
- ALTA 7.1-06 – Manufactured Housing – Conversion; Loan
- ALTA 8.1-06 – Environmental Protection Lien
- ALTA 9-06 – Restrictions, Encroachments, Minerals
It’s important that you communicate which endorsements will be required in order to be sure that we give an accurate estimate of costs.
Real Estate Closings
As an agency, we not only prepare documents, offer escrow services, and issue title policies, but we can also help at the closing table. We work with you and the other parties to accommodate schedules. Let us know what you need, and we will accommodate you the best that we can!
Document Preparation and Recording
Our attorneys and staff can help prepare the necessary documents for closing and issuance of title insurance, including compliant Closing Disclosure Forms (CDF), simple settlement statements, deeds, mortgages, lien releases, and purchase contracts. Whether you need some or all of these documents prepared by us, contact us to discuss how we can help you.
Additionally, we will ensure that the required documents are recorded with the County Clerk (i.e., Deed, Mortgage, Assignment of Mortgage, and etc.). Once we have received all of the documents back from the Clerk, we will process the file for issuing a final title policy or final title opinion letter and forward the originals to the proper persons (e.g., Deed to purchaser, Mortgage to lender).
Witness Closings – Notary Public
We are also able to do witness closings and provide general Notary Public services upon request. Just let us know how we can serve you!
IRC 1031 Exchanges
The IRS provides for like-kind exchanges of real property in order to minimize or nullify taxes that are normally associated with the sale and purchase of property. Our agents can act as a Qualified Intermediary (QI) in such an exchange. Contact us to discuss this option further.
Send us a message
Let us know how we can serve you by sending us a message below.^
^Messages sent via this system are subject to the Terms and Conditions.