4/6/2023 0 Comments Metes and bounds title![]() What kind of monetary loss? Well, suppose the title company missed a valid lien and the lienholder comes to collect or suppose there is a previously unknown heir who appears and claims an interest in the property. (3) The title policy provides an avenue of recourse and recovery in the event either lender or buyer sustains a monetary loss as a result of a title defect. The “closer” is the contact person who creates the file (which is assigned a file number or “GF” number), assembles the closing disclosures, and supervises the execution and notarization of documents on the day of closing. (2) The title company acts as a clearinghouse for closing documents that need to be signed and recorded, as well as for funds to be collected and disbursed at closing. Why? Because “a purchaser is bound by every recital, reference and reservation contained in or fairly disclosed by any instrument which forms an essential link in the chain of title.” Wessels v. (1) The title company maintains a database of real estate resources that can be searched in order to produce a “title commitment,” which is a review of the status of title and an important part of the pre-closing process. There are good reasons, however, why obtaining title insurance is customary: Closings can occur without title insurance-for example, in a lawyer’s conference room or even at the kitchen table of one of the parties. ![]() Further information may be obtained at the websites for the Texas Land Title Association ( and the Texas Department of Insurance ( Closing at a title company that issues a title insurance policy to both buyer and lender is the usual way to do business in Texas, but it is not the only way. This article is designed only as an introductory overview for investors. Title policies and regulations are a complicated and evolving area and we are not offering a comprehensive treatise on the subject here. ![]() Title insurance is available to protect owners and lenders from loss resulting from defects in the title to real estate. ![]()
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