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The role of a title company is to verify that the title to the real estate is legitimately given to the home buyer. Essentially, they make sure that a seller has the rights to sell the property to a buyer. Let's take a look at what title companies are, the services they provide and insurance they offer.

TITLE COMMITMENTS: WHAT ARE THEY? A commitment for title insurance (?Title Commitment?) provides a buyer and lender with terms and conditions for how the final title policy will be issued. Title insurance offers protection for buyers and lenders from certain defects or errors in the title to a property.

Your title insurance company will search the history of the property in the public records and issue a title policy assuring the condition of the title at the time of your purchase.

What Is A Title Company And What Does It Do? The title company is a third party that works on behalf of both the lender and the buyer. You hire them to research and insure the title of the home you're buying.

Duties/Responsibilities: Acquires or compiles legal descriptions of the properties including deeds of ownership, tax records, lot numbers, and descriptions of property boundaries. Researches and investigates to identify any restrictions limiting the use of the property.

The title company verifies that the seller has the legal right to sell the property to a buyer. A title company can issue a policy, called title insurance, that protects homeowners and lenders from conflicts (like title claims) that may arise from the property's previous owners.

In the Tallahassee area, typically the buyer or buyer's agent chooses the title company and the buyer pays for title insurance. In South Florida areas, the Seller chooses the title company and pays for title insurance. This is always negotiable, of course, and is made part of your real estate contract.

What is a Settlement Company? A settlement company can also be known as a real estate closing company, a title company, or an escrow company. The purpose of a settlement company is to help with the closing of the property being purchased. Not all companies handle every aspect of a closing.

Title companies usually manage the closing on your home. This service may be called ?settlement.? They appoint a signing agent or real estate attorney (depending on what your state requires) to review all closing documents and finalize the deed and title transfer.

The title company in Texas is usually responsible for two different roles ? providing the title insurance, and acting as the escrow officer. Sometimes, different title companies can handle these two roles, but it's almost always the same title company.