T=Sold -- What Next: Allied Title Company

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Sold: What Next

Now that you've decided to buy a home, what happens between now and the time you can become its legal owner?

First, your loan application will have to be approved. In doing this, the lender will include a credit check on you and an appraisal and survey of the property. Legal papers will be prepared for you (and the seller) to sign. This will include a new deed, note and mortgage. The title to the property will be checked to determine what debts are owed against the property and who is its legal owner.

Finally, when all things are in order, the settlement ("closing") will take place. The seller will sign a new note and mortgage. the old loan on the property will be paid off and the new loan set up. the seller, realtor, attorneys, title company and other performing services for you will be paid. Title insurance polices will then be issued to you and your lender.

What Allied Title Does

There are six steps we perform to tranfer a land title...

Order is taken: An "escrow contract" (agreement to close) starts the process.
Tax Check: The various tax assessor-collectors are contacted to determine any bak or deliquent taxes owed on the property.
Title Search: Copies of documents are gathered from various public records: deeds, notes, paving assessments, liens, wills, divorce settlements, etc.
Examination: verifcation is made of the legal owner and any debts owed.
Typing: All pertinent forms are prepared for settlement.
Settlement: Escrow officer oversees closing of transaction: seller signs deed, buyer signs new mortgage. Old loan is paid off, new loan is set up. Seller, realtors, attroneys title company and other are paid.
At Allied Title, we search, examine, close, and insure land titles. Title insurance policies are issued to the homeowner and the lender, assuring them financial protection against adverse title claims or risks. Equally important are any potential title claims that surfaced in the search/examination process that can be resolved by the parties prior to closing their transaction.