What exactly is a Title Company?
Glad you asked! Title companies provide escrow services, closing services, search and exam services, and title insurance necessary to consummate a real estate transaction. Here’s a breakdown, and some reasons why you should choose DLO Title, LLC, as YOUR title company.
Real Estate Settlement Services Provided by DLO Title, LLC
Generally, the title company receives all of the monies from the buyer and/or the buyer’s lender and holds those monies in escrow and then disburses those funds to various parties according to the terms of the settlement statement (often called a “HUD-1″). In addition to paying the seller from escrow, the title company makes payoffs on the seller’s existing mortgages on the property, pays the realtors and/or lenders their commissions, pays the insurance company their homeowner insurance premium, pays the termite inspection company, etc.
Closing Title Services
In most cases, the title company prepares all of the documents necessary to consummate the transaction and presides over the signing of the documents at the closing table. At DLO Title, LLC, the closer is most often an attorney and is always a notary public experienced in closing real estate transactions.
Search & Exam
Almost always, prior to closing the title company conducts a search (either with in-house or third party searchers) of all the documents on record over a certain period pertaining to the property. Then the title company examines the search and from that examination, as agent for the title insurance underwriter, prepares a title commitment. Generally the search and exam is conducted to determine title is clear and to reveal any defects in title, including liens, encumbrances, easements, past due taxes, and restrictions on use. DLO Title’s examiners are among the most experienced and respected in the industry.
The title company serves as agent for one or more title insurance underwriters and provides title insurance on the subject property against potential claims against the sovereignty of title. While the policy provisions tend to be standardized among the major underwriters, it is very important to note that there are generally several types of policies available: Lenders, Owners, and Enhanced as well as myriad endorsements. Please feel free to contact DLO for a thorough explanation of the differences and to determine which type of policy is best for you or your client.
Why Choose DLO Title, LLC, Real Estate Settlement Services?
Whether you are a real estate professional or a potential customer here are some things we would like you to consider before your next closing. DLO Title, LLC:
- is managed by an attorney licensed in Tennessee since 1993;
- is third-party certified to be compliant with ALTA Best Practices;
- is civic minded–donating a portion of our profits to Tennessee charitable foundations;
- is the best team in the business, comprised of energetic, polite, detail-oriented escrow officers, paralegals and attorneys who have solved some of the most complex title issues in order to bring the transaction to the closing table;
- is a happy work environment, which translates into better service and a better closing environment for our clients;
- is up to date with state-of-the-art hardware, software, and security systems;
- Rewards customer loyalty through our proprietary DLO VIP Program: repeat customers pay half our normal closing fee for residential closings and refinances—for life!;
- is committed to our colleagues. We understand most closings represent the culmination of weeks or months of hard work. We believe strongly therefore that our work and attitude leading up to and at the closing table must reflect positively on everyone who has been working on the client’s behalf.
We look forward to working with you on your next transaction!
DLO Title, LLC’s Privacy Statement
Title V of the Gramm-Leach-Bliley Act (GLBA) generally prohibits any financial institution, directly or through its affiliates, from sharing nonpublic personal information about a consumer with a nonaffiliated third party unless the institution provides the consumer with a notice of its privacy policies and practices, such as the type of information that it collects about the consumer and the categories of persons or entities to whom it may be disclosed.
In compliance with the GLBA, we do not share nonpublic personal information about a consumer with a nonaffiliated third party, unless allowed by law.
In compliance with the GLBA, our privacy practices regarding nonpublic personal financial information of consumers and customers (as defined by GLBA) are as follows, subject to any exceptions as permitted by law.
– We protect nonpublic personal information of customer(s) and consumer(s).
– We allow access on need to know basis only. Only title company personnel who need to know can access the information. Examples may include bookkeepers, title examiners, closers and their assistants, management, scanning personnel, and claims related investigation personnel.
– We allow customers and consumers to review their nonpublic personal information that we have collected, and we allow them to provide us with requests for amendment or deletion of such information, to which we will reasonably respond.
– We require consent from a proper party to the transaction to provide nonpublic personal information relating to that transaction. On closed files, we require a written instruction by a party.
– We have implemented a security procedure for protection of nonpublic personal information: we allow only authorized personnel to review the information, and we keep closed files in locked storage, with limited access, or we store the files on computer with limited password access.
– We periodically inform our personnel about our policy.
– We don’t share nonpublic personal information with independent contractors, unless there is a need to do so to process the transaction as allowed by law and the contractors agree in writing not to further share the information.