Steps In The Title Process
Initial Request for Title Insurance
An order for title insurance is opened with a title officer who produces the initial response
promptly within 24 to 48 hours. A preliminary report can be issued with the minimum of
information; without even identifying the buyer or the terms of the sale. It shows the record
title as it presently exists and is only an offer to provide insurance. To order a preliminary
report contact your local Commonwealth Land Title representative or office.
On-Site Searching and Examining
Your title officer performs three searches: Property, Name, and Tax searches. From that
information, a preliminary report is created. Our on-site customer service center expedites
the process of obtaining hard copies of recorded documents. Imaging helps to expedite searches
with the ability to obtain documents online.
The skill and expertise of our title officer is the key to providing you with a useful,
accurate title report. Once the report is issued the review begins by making a technical
analysis of the documents of record. An interpretive view of all recorded matters is made to
evaluate their impact on the title to the property. Among the questions the examiner asks
are: Would any of the recorded matters prevent the buyer from using the property for its
intended purpose? Can antiquated leases be eliminated from the policy per a review of the
In anticipation of ALTA coverage, a site inspection is ordered. From the inspection report,
the initial title product is supplemented to show any encroachments or other off-record
matters which would ultimately impact the title.
The title insurer will insure up to the total sale price or loan
amount, and then employs another title insurance company to insure
them. The premium paid to the re-insurance title company is deducted
from the title fees; it is not an additional charge to the parties.
Re-insurance is handled by the Title Department when requested by the
proposed insured or is required based upon self-imposed or statutory
title insurance limits.
The proposed insured may only allow the title insurance company to insure up to a certain amount (i.e.
not the total sale price or loan amount). The insuring company must employ another title insurance company
to insure the remainder of the sale price or loan amount. When there is co-insurance, the customer is charged
based upon each company’s filed rates for the portion of the total liability covered by that company. The
co-insurance company may be chosen by the customer.
We Earn Your Respect with our Skills, Service and Solutions
When we identify impediments to closing a transaction, we also offer
assistance and solutions. By understanding the sometimes delicate balance of the interests
of the parties to a transaction, and by professionally and courteously handling issues as
they arise, we can capably guide a transaction to a successful conclusion.
Documents in the Title Process
- Preliminary Report
- Commitment - Shows the condition of title in the way we are willing to issue it.
- Pro Forma - Specimen of what the requested policy, as requested, will look like.
Underwriting issues not completed. Not binding upon the company.
- Policy - Final contract of indemnity between named insureds and the company.