Generally, a sale will proceed as follows:
A title order is placed with TechneTitle by the realtor, lender, buyer, or seller. If the transaction is a purchase, a copy of the purchase contract is provided to TechneTitle and a title exam is ordered. TechneTitle will work with the parties to collect information: termite inspections, home warranty information, attorney information, realtor information and commissions, mortgage payoffs, homeowner’s insurance and earnest money. Once the title exam is received, the attorney and/or title insurance agent at TechneTitle will review the information contained in the public records, consult with the title insurance underwriters as needed, and then advise the title processor of any additional information needed to complete the transaction.
Once the necessary information is collected for the transaction, a closing is scheduled. (Due to compliance regulations, if a lender is involved, typically the lender will schedule the closing). The lender will provide the loan documents, closing instructions, and disbursement requirements to TechneTitle. TechneTitle then prepares any additional miscellaneous documents needed in order to properly underwrite the title insurance policy. TechneTitle then sends an employee (who is also a notary public) to meet with the buyers and sellers, explain the documents and obtain signatures in accordance with the lender’s closing instructions. The closing officer then finalizes the deposits, wire transfers, and checks; makes photocopies of IDs and documents; and disburses funds to the appropriate parties.
After closing, TechneTitle records the deed, mortgage, and any other necessary documents in the county. After receiving the documents back from the county, TechneTitle then prepares the title insurance policies for that transaction. The buyer is mailed the original recorded deed and owner’s title insurance policy, if applicable. These documents are important and should be kept in a safe place along with the settlement statement.