If you are in the process of buying a home, you may think that once you decide which house to buy, things are essentially said and done. There is a lot that goes on after this point, and a title agent, or closing agent, will be the person to make sure all the documents are prepared and the funds are dispersed properly. This is different than a real estate agent, as they do not help you find the house, but rather make sure the land and legal processes are what you were expecting.
If someone who was on the title of the house dies, there are other avenues that need to be pursued before you can purchase that house. An attorney will then determine who gets the proceeds to the house.
Depending on the state, the title insurance rate may be regulated by the state, and not the title holder. A reissue rate will give you a discounted rate on the title insurance if you have owned a house for less than three years, have a prior policy, own vacant land, or are refinancing the land.
New regulations in some states aim to protect consumers, or the borrower, making it so anyone who replies to a mortgage has to sign a closing disclosure to explain what happens when you buy a house. This came about after the market crashed and people didn’t understand what they had signed on to. A title agency can help you take the guesswork out of closing on a property.