At any real estate closing, the parties involved must be assured that the title of the subject real property is as represented and expected. Members of the land title assurance industry are instrumental in helping to deliver and guarantee this assurance. The industry is composed of abstractors, title insurance agents (and their equivalent, direct operations) and title insurers. Title Resources Guaranty Company is a title insurer.In addition to issuing policies of title insurance, the industry facilitates real estate transactions by:
Providing preliminary title information to lawyers, lenders, real estate brokers and agents as loans, leases and sales are being negotiated Acting as an escrow agent to receive and hold earnest money Collecting and disbursing loans and sales proceeds Reviewing and recording the documents necessary to create the loan or transfer the property being insured
Performing various related functions such as:
In many ways, the title insurance industry acts as both the central clearing point and the quality controller for the attorneys, brokers, agents, lenders, investors, buyers and sellers in real estate transactions.Note: Thanks to the American Land Title Association for these concepts.
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