There is a wide variety of approaches that you can use to handle the fluctuations in the market. Working with other companies in your industry to focus on your business’s core aspects is one way to step ahead in your business growth. Commitment typing is a tedious and time-consuming process, from reviewing the basic mortgage information to analyzing legal details, exceptions, and requirements. Let’s explore commitment typing and why we use commitment typing services.
What Is Commitment Typing?
A title commitment serves as one of the important papers in closing since it provides information about title insurance policies that are and are not covered.
The title firm will issue a title commitment, which is a document disclosing all debts, responsibilities, and burdens associated with the property. Mortgage, tax, vesting, and priority information from the abstract report must be typed out, checked for accuracy, and then corrected.
Experts will run through the entire cycle, looking at the abstract notes and the supporting papers to ensure the title, title name, legal description, and legibility are all correct.
The Different Types Of Commitment Typing Services Available
It is research on a property, the owner’s history, and any document that can affect a property’s title. It is done according to the customer’s requirement, which could be for a current owner, two owners, or a full search of 30, 40, 60, or 100 years.
2. Tax Search
Tax search includes a combination of public record search, phone calls, and email/fax to various jurisdictions for data evaluation, owner’s verification, parcel verification, address verification, jurisdictions verification, and unpaid/paid balances.
3. Doc Review & Typing
This includes a report comprising details of the property, vesting information, legal description, and Requirements such as paying off taxes, seller’s existing mortgages, releasing liens on the title, recording the new document, and correcting any errors in the title.
Moreover, it includes details of Exceptions such as mineral rights, utility and access easements, and Homeowner Association Covenants and Plat Restrictions.
4. Commitment Preparation
Commitment is prepared because it is the most important document in closing as it contains covered and not covered title insurance policy details.
With one, it’s possible to understand the Conditions and exclusions of title insurance. You may be leaving yourself open to future legal challenges if you don’t examine it carefully.
5. Doc Search & Retrieval
Doc search & retrieval is a web-based public record search of documents that facilitates inspections.
All relevant documents, such as deeds, mortgages, assignments, Lis Pendens, affidavits, liens, judgments, or any other title document, will be searched and retrieved for examination purposes and updated as needed.
The Benefits of Partnering With A Title & Settlement Services Company For Your Title Commitment Typing Service.
- Get your work done in 24 hours.
- There will be a devoted group of industry experts to assist you in making well-informed business decisions.
- Quick turnaround time
- Document typing as per your Standard Operating Procedure
- Enjoy the benefits of QC department services at no cost to you.
- You will receive all the buyer, seller, lender, and other related information in a document.
- With our assistance, you can know that your clients can effectively sell their houses without the stress of dealing with legal complications.
With their skilled help, you have access to cutting-edge technologies.
What To Look For When Choosing Commitment Typing Services?
For partnering with the title and settlement services company for commitment typing, you need to ensure that the company has an established setup, a Quality Check department, a list of Standard Operating Procedures to follow, the latest technology to support, and professional staff.
At Title Assistants, we offer help with commitment typing services to facilitate the transfer of data from the search package into the title production system. Our advanced technology, skilled staff, and well-defined processes allow us to provide vital assistance to title and settlement companies like yours.
We at Title Assistants, with the help of our experienced staff, streamline and reduce the cost and time of the closing process, resulting in a benefit for both title companies and the buyer.