Thorne & Skinner

What Does a Title Company Do? A Thorne & Skinner Lawyer Explains Many people will not be able to answer the question, "what does a title company do?" From this name, most people can tell what they do: they check the "title." A title company is primarily responsible for ensuring the title"¦but a title company does more than just that. Obviously, a title company is responsible for closing the deal"”that is, all the parties, including the lender, buyer, and seller. They prepare all the necessary documents, such as the Settlement Statement (HUD-1). The title company manages all money involved with the closing. The title company is responsible for issuing title insurance to protect both prospective buyers and/or any lenders financing the purchase. Unlike other types of insurance, the title insurer tries to eliminate any risk of defects in titles. The role of a title company is to ensure that documents are properly filed and executed to transfer clear title, as well as to ensure that previous claims to the property have been settled. The Texas Department of Insurance regulates title insurance. A title company performs three of the following important functions (Title Insurance Basics, n.d.): A title search and examination give a title insurance commitment (only) An escrow agent is assigned to perform the closing of the transaction (i.e. to complete the necessary documents to finalize the transaction) Title insurance is issued to the borrower and the lender insuring the transaction

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