The title company will do an “abstract of title” which means searching the real estate records in the county where that particular piece of property is located. An abstract will (1) determine the legal owner of the property; (2) reveal any mortgages, liens, judgments, or unpaid taxes that will have to be satisfied before the property is conveyed; and (3) detail any existing easements, restrictions, or leases that affect the property.
After the abstract is completed, the title company will issue a “Title Opinion Letter”, or if a title insurance policy is to be issued on the property, it will prepare a “Commitment of Title Insurance” to the lender and/or the prospective buyer. The title opinion letter and the title insurance commitment will each set forth all things that need to be completed and any problems that need to be corrected before the purchaser can receive “good title”. The title insurance company will complete all the necessary documents and will undertake to correct any problems. Once these things are done the parties are ready to exchange paperwork and “close” the deal.
Commercial Closing Services
Colonial Title Group offers commercial real estate loan closing services. Our professionals and staff have a great deal of experience with commercial closings, and we understand the nature, requirements and typical closing processes of Commercial Real Estate Lending. This experience and understanding allows us to deliver a high degree of professional services and personal attention to our commercial lending clients.
In addition to our experienced staff, we have licensed attorneys in the states where we do business to assure your closing requirements are met and legal issues are efficiently managed. Some of our services include:
Preparation of loan documents appropriate to the transaction and necessary to establish and perfect a real property mortgage or deed of trust lien
Perform Title Examinations and UCC Searches
Issue Title Insurance Policies with appropriate endorsements
Review and analyze title and survey matters, and review other applicable due diligence.
Colonial Title Group is a full service, technology driven, title company that services the Lakeway Area. We have professional abstractors and settlement agents on staff to offer title abstracts and in house settlements. We are licensed underwriters for Security Union, Chicago Title, and First American Title Insurance Agencies to provide owners and lenders title insurance. Colonial Title Group offers a flexible closing schedule at no additional charge to the customer. We offer settlement services before or after normal business hours, in your office, our office. We also provide 24-48 hour turn around time for title examinations. You may contact our office for a complete list of all fees.
We provide the following Title Search Services:
Current Owner Search
30 year searches
Copies of Instruments
Lien and Subordination reports
Reports typically include legal description, current property tax information, deed, status of all mortgages, judgments and federal tax liens.