When you purchase or refinance a home or other piece of real estate, a title company is required to complete (or “close”) the transaction. At its simplest, Tradition Title Company insures that the real estate involved in the transaction is free and clear of ownership claims by any party other than the buyer or his lender. Making this determination is critical to creating a valid sale. From large, complex commercial transactions to small home equity loans, we’re prepared to handle your closing in an efficient, professional manner.
How to select us: Simply tell your lender or real estate professional that you’d like Tradition Title Company to handle your closing. We’ll take care of the rest. We’re the preferred closing agent for many local lending institutions and real estate agents, representing many local builders and developers. We also represent many national banking institutions, mortgage lending companies, relocation companies and real estate-owned (REO) property management companies. And our integrated software and networked technologies allow us to provide closing services around the Houston area.
Steps In The Title Process
Initial Request for Title Insurance
An order for title insurance is opened with a title officer who produces the initial response promptly within 24 to 48 hours. A preliminary report can be issued with the minimum of information; without even identifying the buyer or the terms of the sale. It shows the record title as it presently exists and is only an offer to provide insurance. To order a preliminary report contact your local Tradition Title representative or office.
Searching and Examining
Your title officer performs three searches: Property, Name, and Tax searches. From that information, a preliminary report is created.
Technical Review
The skill and expertise of our title officer is the key to providing you with a useful, accurate title report. Once the report is issued the review begins by making a technical analysis of the documents of record. An interpretive view of all recorded matters is made to evaluate their impact on the title to the property. Among the questions the examiner asks are: Would any of the recorded matters prevent the buyer from using the property for its intended purpose? Can antiquated leases be eliminated from the policy per a review of the current leases?
Inspection Analysis
In anticipation of ALTA coverage, a site inspection is ordered. From the inspection report, the initial title product is supplemented to show any encroachments or other off-record matters which would ultimately impact the title.
Re-Insurance
The title insurer will insure up to the total sale price or loan amount, and then employs another title insurance company to insure them. The premium paid to the re-insurance title company is deducted from the title fees; it is not an additional charge to the parties. Re-insurance is handled by the Title Department when requested by the proposed insured or is required based upon self-imposed or statutory title insurance limits.
Co-Insurance
The proposed insured may only allow the title insurance company to insure up to a certain amount (i.e. not the total sale price or loan amount). The insuring company must employ another title insurance company to insure the remainder of the sale price or loan amount. When there is co-insurance, the customer is charged based upon each company’s filed rates for the portion of the total liability covered by that company. The co-insurance company may be chosen by the customer.
We Earn Your Respect with our Skills, Service and Solutions
We try not to point out impediments to the close of a transaction without also offering assistance and solutions. By understanding the sometimes delicate balance of the interests of the parties to a transaction, and by professionally and courteously handling issues as they arise, we can capably guide a transaction to a successful conclusion.
Documents in the Title Process
Seller Financial Responsibilities
Seller Closing Cost Estimate- Katy Office
Sale of Personal Property
| Owner's Title Policy |
$ Based on Sales Price (See Rate Chart) |
| Recording Fees (Estimate) |
$48 |
| Escrow Fee |
$275 |
| State of Texas Guaranty Fee |
$5 |
| Tax Certificate |
$75.78 |
Seller Closing Cost Estimate- Memorial Office
Sale of Personal Property
| Owner's Title Policy |
$ Based on Sales Price (See Rate Chart) |
| Recording Fees (Estimate) |
$48 |
| Escrow Fee |
$315 |
| State of Texas Guaranty Fee |
$5 |
| Tax Certificate |
$75.78 |
Buyer's Financial Responsibilties
Buyer Closing Cost Estimate- Katy Office
Sale
| Mortgage Title Policy |
$ To Be Determined |
| Endorsements (Estimate) |
$ To Be Determined |
| Recording Fees (Estimate) |
$ 96 |
| Escrow Fee |
$ 300 |
| Tax Certificate |
$ 75.78 |
| State of Texas Guaranty Fee |
$ 5 |
Borrower Closing Cost Estimate- Katy Office
Refinance
| Mortgage Title Policy |
$ To Be Determined |
| Endorsements (Estimate) |
$ To Be Determined |
| Recording Fees (Estimate) |
$ 96 |
| Escrow Fee |
$ 300 |
| Tax Certificate |
$ 75.78 |
| State of Texas Guaranty Fee |
$ 5 |
Borrower Closing Cost Estimate- Memorial OfficeSale
| Mortgage Title Policy |
$ 100 |
| Endorsements (Estimate) |
$ 125 |
| Recording Fees (Estimate) |
$ 108 |
| Escrow Fee |
$ 315 |
| Survey (If Needed) |
$ 350 |
| State of Texas Guaranty Fee |
$ 5 |
Borrower Closing Cost Estimate- Memorial Office
Refinance
| Mortgage Title Policy |
$ To Be Determined |
| Endorsements (Estimate) |
$ To Be Determined |
| Recording Fees (Estimate) |
$ 88 |
| Escrow Fee |
$ 350 |
| Tax Certificates |
$ 75.78 |
| State of Texas Guaranty Fee |
$ 5 |