Initial Request for Title Insurance
A client (usually the seller's or buyer's representative or, in the case of a refinance, the lender) places an order for title insurance. Gibraltar Title Services if requested can issue an initial report with the minimum of information. This initial response shows the title as it is presently recorded.
Records Search & Title Examination
We research the subject property using our Title Plant Databases and other resources. . Our experienced Title Examiners are the key to providing the client with a useful, accurate preliminary title policy or other report. We begin the review by making a technical analysis of the documents of record. We make an interpretive analysis of all recorded matters to evaluate their impact on the title to the property. We then create a draft preliminary title policy or other reports as requested
Binder / Commitment
Gibraltar Title Service working with our Title Insurance Underwriters, issues a binder, indicating our intention to insure the title on a subject property and specifying the amount of insurance, covered parties, policy terms, limitations and conditions.
Closing / Premium Payment
The closing personnel follow buyer/seller and lender requirements. This could include determining any lien payoffs, status of property taxes, review of pertanate documents for compliance with transaction and legal requirements. Monies are exchanged and documented on the closing/HUD schedule. We also file the necessary document for recording.
Title Insurance unlike other types of insurance, is a single premium payment.. Generally, the premium is paid by the buyer / borrower at the closing table.
Policy Issued & Delivered
After the closing, and using closing information, we will issue actual title insurance policy which insures the subject property accordingly. The parties are sent their title insurance policy(s) and their other closing documents.