A title company examines the chain of title of a property by searching the land records over a period of time as required by statute. A title company provides you with a report of their findings— for example, if someone has rights or an easement over the property that you are unaware of, or if there are unpaid liens or taxes on the property. This is important because when you purchase a property, you inherit any unpaid liens and taxes and are responsible for them. Also, you acquire the property subject to any third party rights, including someone’s right to use your property pursuant to an easement or lease. A title company examination provides you with the information you need to rest assured that you are purchasing property without liens or problems you will have to deal with down the road.

Title insurance gives you peace of mind that you own the land you purchase and that no other third parties have any rights to your land. Title insurance insures the purchase price you paid for the property and that all prior liens and taxes have been paid.

For almost all purchases you should have title insurance. If you use a bank or lender to finance the purchase of property, they will typically require you to purchase title insurance as it protects both you and the lender.

The title company you use must have reputable underwriters who have a long history in the industry. If you have to make a claim on your title insurance twenty years after your purchase the property, it is crucial that the title company’s underwriters are still in business. At Stoddard County Title & Escrow we work exclusively with First American and Old Republic underwriters as they have been in the title insurance business for over 50 years and consistently rated in the top 5 title insurance underwriters in the industry.

You will need to bring your driver’s license. Often the buyer will be responsible for a portion of the closing costs, which should be in the form of a cashier’s check. All parties to a warranty deed, as well as their spouses, will need to attend the closing to sign the warranty deed. All of these details we will happily go over with you before the closing to make it a smooth transaction for all parties.