FAQ's

Q: What does a title company do?

A: Think of a title company as the final stop on the road to a real estate or refinancing settlement. We oversee the interests of all parties - buyers, sellers, lenders, real estate agents - and coordinate the transfer of money and property at the time of closing. Prior to settlement the title company will research the ownership history of the property (title examination) to determine that the title is free of any liens or claims. At the settlement table, the title company collects and distributes funds from the transaction, transfers ownership of the property, and issues title insurance.

Q: What is title insurance, and why do I need it?

A: Title insurance protects you, the property owner, and the lending Institution that holds your mortgage from unforeseen claims that may arise against your property. The policy provides protection from financial loss and payment of legal costs associated with such claims. For more information click "Why buy title insurance?"

Q: But if the title company does its job right, why would I have to be concerned about claims against my property?

A: The title examination performed by the title company is thorough, but limited to public records. Suppose a prior owner of your property recorded a forged deed. There would be no way for the title company to know that this document was a fake. At some point, the rightful owner could come forward to claim ownership of the property. Without title insurance, your investment is at risk.

Q: Do title companies charge different rates for title insurance?

A: Title insurance rates are set by state insurance commissions and are based on the purchase price of your property (owner's policy) and the loan amount (lender's policy).

Q: Am I required to purchase title insurance?

A: Most lenders will require that you purchase a lender's title insurance policy. This protects their investment in your property. You are not required to purchase an owner's policy; however, your one-time payment will protect your property for as long as you own it.

Q: I keep hearing about settlement costs. Besides paying for title insurance, what other fees will the title company charge?

A: You will probably be asked to pay for the title examination, as well as fees for handling the settlement and document preparation, as well as out of pocket expenses.

Q: Do all title companies charge the same fees for their services?

A: Fees may vary from company to company. All reputable companies will supply you with a good faith estimate of their fees and the cost of title insurance prior to settlement.

Q: Whom can I contact via the Internet if I have other questions?

A: Contact Cross Country Settlements at info@ccsettlements.com and Our expert staff will be happy to assist you.