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Ready Set Sold with Bryan Vogt #29-02: Mark Cowgill of Community Title Company: What is the role of the title company?

December 16, 2017

Welcome back to Ready Set Sold. I’m your host Bryan Vogt. Thanks so much for joining us today the first time we talked about we sing with Renae Witnaur. In this segment, we’re going to talk about the mysteries of the universe for most people and that is a title company what exactly does a title company do we kind of all know we have to get there one time or another.
But that’s why I’m so excited to introduce my guest Mark Cowgill of community title mark here I’m right here Brian thanks for having me I appreciate it yes your title your subject matter couldn’t be more appropriate it is a mystery as to what a title company does most people as you said know they have to be there know they have to sign a bunch of papers and know it’s probably going to cost them a little bit of money other than that I don’t think most people know anything about the process of what a title company does what services we provide and why a buyer-seller need our services.
So hopefully I can shed some light on that today and inform your listeners as to what the mystery of a title company is I have to tell you the first and foremost thing I want to share with the listener is this we actually have two roles at the title company and they are separate but for most people the separation never shows itself. First off a title company is there to insure title to real estate we are in the business of selling title insurance and that is a in the form of a title policy which we give to new owners of property and to the lenders of people who lenders who borrow that they borrow money from who people borrow money from when they buy a piece of property so we’re working for really the new owner and the lender
in a real estate transaction.
And our job and issuing title insurance is more complicated I think that most people think some are easier than others but our job is to receive an order for title insurance from a realtor from a lender who is a buyer or a seller and our job then is to perform what we call a title search on that piece of property and on those parties that are involved in the transaction we do that by searching the county records at the local courthouse here in St. Clair County. We’re in the courthouse every day we have somebody there every day who searches the records a lot of that information is available on the computer so you can do some of it away from the courthouse but for the most part the work is done inside the walls of the
recorders office the treasurer’s office the County Clerk’s office.
Those offices at the courthouse which keep the records which we are required to check to make sure that the title of the property is going to be clear for the new buyer and for the lender once we finish that search process we take that information and we prepare what’s known as a title commitment and quite I’ll see most buyers and sellers and don’t see a title commitment very often is something that’s done kind of behind the scenes and we give the title commitment to the lender to the Realtors to the buyers and so that they ask for it and that’s how equipment is a fairly important piece of paper it is a snapshot it is a synopsis if you will of what the title to the property looks like on a certain date it lists who are entitled to the property it lists what the taxes are on the property and whether they’ve been paid or due or sold or whatever the case may be more important on what we call Schedule B of that commitment.
We list all the encumbrances now that are a big word but encumbrances means those things that affect title to the property those things that are that are there things that maybe a buyer or a lender need to be concerned about most of them not some of them yes we will find in a search that the seller has a mortgage on the property and of course we need to take care of that mortgage at the time when we do the closing there may also be liens and judgments against the seller or a buyer it could also be things affecting the buyer as well those are all things that through that search process and through leading up to the closing it is.
The title company’s job along with the help of the buyers and the sellers and under to remedy any issues that may affect title to the property for a buyer and for the lender and that’s the meat of what a title insurance company does that is the process we go through many times it’s a fairly simple process and many times it’s a very complicated process but that’s what we do issue that title commitment to let everybody know what the title status is at that time and what needs to be done to ensure that we as a title company can give the buyer and the lender a clear title policy as clear a title policies we can give.
You’re always going to find some easements you’re always going to find some building liens on property those things aren’t really an issue those are things to just go with the land concerning a piece of property but we do not want to convey title to a buyer subject to a judgment or subject to some lien that may affect their ability to sell the property down the road it may cost them some money if we have given title insurance and something pops up on that and we don’t clear it up it could cost the title company money remember it is an insurance policy we are going to end up giving an insurance policy to the buyer and the lender to ensure they have good title if we don’t do our job correctly it can cost people money and if the title company is a fall it can cost the title company money the second part of what we do is what people most think of a title company is the closing process.
The escrow closing as we call it nine times out of ten when we do the title work on a piece of property and we issue that commitment it is going to lead up to what we call a closing we’re going to do a closing in which buyer seller lender Realtors everybody shows up at the table sometimes most of the time at different times but we sign all the paperwork and that’s what most people think about when they talk about going to a title company because that is what we do that is the second part of what we do.
The closing part it can be complicated yes there’s a lot of paperwork but I’ll tell you what it is very important that everybody understands that process the best they can in any business an informed consumer is the best type of consumer someone who comes to the closing table knowing what they’re getting into knowing the process will have a better experience at the closing table we appreciate and we hope that people are not afraid to ask questions before during and after the closing it’s the complicated it can seem to be a complicated process.
It doesn’t have to be if you know to ask some questions along the way of the title company of the realtor of the lender that closing process is what it’s all about and when everybody leaves a table we want everybody to have a good feeling in them you know good feeling that everything went well and most the time it happens sometimes it does you’re right I mean like I said it’s a happy time the buyer is fine so we’re selling they’ve made their decision so that’s, in the end, you know what you’re what you’re trying to accomplish and I know you do a great job is it a community title we’re running out of time I’m sure we there’s time we maybe have you come back later another segment because you’ve got usually hit the tip of the iceberg I mean of what most sellers don’t know is they can have a choice of what title company how do you want to use.
Absolutely it is the sellers choice it is exactly the sellers choice it is their choice to choose most of the time people to go back to the title coming there at before but that doesn’t that’s not a necessity as I’ve said many times and I guess I’ll close with this all this title companies do about the same thing you know all the paperwork is pretty much the same it really is the customer service aspect to community title that we try to push and we hope everybody, like you say, leaves the table with a good feeling that we can you know we can do the job and leave a good taste in their mouth that’s for sure awesome also.
Thank you so much Mark and we’re gonna wrap up this segment and next segment we’re going to have a home inspector on from Metro East home inspections so stay tuned we’ll be back in a few minutes listen to race tiptoe with your host Bryan Vogt.

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