Title insurance is an insurance policy issued to buyers and lenders of real property (land) to protect against losses that may result in claims against ownership and threats that could cause them loss of the property. Such claims may include a claim that there are fraudulent or forged documents in the chain of title, unreleased judgments or mortgages, unpaid taxes, liens and other problems, known as “title defects”. Stewart Title Company is the underwriter for Fox Cities Title Company. Also see: https://www.stewart.com/en/what-we-offer/title-insurance/what-is-title-insurance.html
Fox Cities Title Company will work with your Lender to prepare the documents before closing to ensure loan for the purchase of your new home goes smoothly. Your Lender works closely with the title company to make sure all the documents necessary are prepared in advance and sent to the Fox Cities Title Company. The title company, prepares necessary documentation for the transfer of title. This includes preparing the closing statements (which includes contacting the seller’s mortgage company for payoff information, obtaining real estate tax information, verifying utilities are up to date, and obtaining releases of any other liens of record. The title insurance company also completes the deed and Wisconsin transfer tax form.
Fox Cities Title Company also prepares a Closing Disclosure and compares it to the Closing Disclosure prepared by your Lender. This check and balance is an important way of double checking to make sure the information has been reviewed by both the Lender and the Title Company for accuracy. Your Lender sends the purchase funds to the title company to be held in escrow, for distribution after the approved documents are signed by all parties.
If there is no lender involved, the Buyer deposits the purchase money into the title company’s escrow account. The purchase money is distributed from the escrow account to the Seller after the parties have signed the necessary documents.