The Texas Department of Insurance regulates all title insurance premium rates, policy forms, rules and procedures in accordance with Texas Insurance Code, Chapter Nine for all Title Companies in Texas.
Title Insurance:
- Insures against a loss resulting from defects of title to a specifically described parcel of real property.
Consumer Choices:
- Choosing a Realtor for the selling/purchasing of a home
- Property owners wishing to sell property themselves
- Title Company
- Closing date and time
- Inspection Services
- Home Warranties
- Surveyors
Title Company Closing Process:
- Title company receives a fully executed Earnest Money Sales Contract
- Title Company researches the real property and prepares a title commitment
- A title commitment is an agreement by the title company to issue a title insurance policy if certain requirements stated in the commitment are satisfied
- Title commitment issued all parties to reveal record owner and any requirements that must be met before closing can occur
- Closing may be scheduled once the following have been completed:
- Title Commitment requirements have been satisfied
- All inspections completed
- Closing/Loan documents prepared and received
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