Carl and Jen
The state of Wisconsin requires a seller to provide title insurance to ensure that the buyer is protected in case, some time in the future, an heir or lender shows up and claims that the buyer doesn’t really own the house because it wasn’t really the seller’s to sell. So, although the title search and insurance are intended to protect the buyer, they also protect you, because they ensure that your house stays sold.
Before purchasing title insurance, a good title company will undertake an exhaustive search of the property’s history to make sure that ownership can be cleanly conveyed to the new owners. Since the title company has the most information about your deed, it is in the best position to coordinate the closing.
Your title company will:
· Schedule the closing date and time with all parties.
· Research the history of the property, making sure there aren't any liens on the property, and order title insurance.
· Order the required title insurance.
· Provide copies of any requested restriction and covenants to the buyer.
· Prepare the closing statement.
· Prepare the deed and transfer return.
· Hold money from the buyer and new lender.
· Collect recording fees and taxes for the government.
· File the necessary paperwork with the courthouse.
· Pay off your old mortgage.
· Pay you.
If you are working with the Guernsey Real Estate Company, your realtor will take care of finding a title company and arranging a closing date.
If you are on your own and need to find your own title company, The American Land Title Association (ALTA) has this advice:
· Find a company that has done hundreds of closings. It will be better informed than smaller, younger companies might be.
· Find out if the company is a member of the state title association or ALTA. It will be more likely to keeping abreast of state and federal trends and requirements.
· Make sure the company you work with is financially strong and has errors and omissions insurance.