This is the first stage of insuring and closing your home. Immediately upon our receipt of your order, we will process it into our system and assign it for closing and preparation. Generally, your order is brought in or sent in by your realtor, lender, or you, depending on the type of transaction that is requested. Order confirmation, order input, title status, tax certificate requests, and contract receipting are among some of the primary functions of our order processing unit.
In this stage of insuring your home, we provide a careful check of the property that you have submitted to us. We determine the current status of title through title search and examination and following these processes we are able to determine if your property is insurable. In providing an abstract of title, we analyze your property’s condensed history of title. This process consists of locating and providing a summary of the original grant and all subsequent conveyances and encumbrances affecting the property. It also certifies that the history of the property is complete and accurate based on the abstractor’s findings. Upon this provision, we are able to provide the raw (abstracted) data for the preparation of a policy of title insurance. Our Abstracting department is also home to one of the few deed record plants in the county. This provides for a quicker and more accurate turnaround.
This stage of insuring your home occurs upon completion of the title examination. In issuing a commitment, we want to assure and promise to you that we will issue the policy for your home. There are four main sections on the commitment that we provide: Schedule A, B, C, and D. Schedule A lets you know what exactly we are willing to insure and to whom, Schedule B clarifies what we cannot insure (exceptions from coverage), Schedule C lists all requirements that must be met as well as possible notes about coverage, and finally Schedule D provides disclosures as required by the State of Texas.
At this stage of insuring your property, you are nearing completion. Your property is closed by an experienced closer and closing documents are reviewed and signed at this time. At the closing, all documents are signed and notarized, and copies are given to the parties involved. If a lender does not attend your closing, copies of documents are e-mailed to them to obtain a funding number. Once all funds are received, and a funding number is obtained an Escrow Officer disburses the funds and the legal documents are recorded. At this time, the sale is completed. The final Title Policy will be mailed to the Buyer(s) or Borrower(s) and Lender if applicable, within 45 days.
This is the final stage before your home is insured. Once your file has been closed, all of its contents are processed by our policy department, and put into preparation for one final review, serving as a reassurance to our customer(s) that their property is indeed insured as we have previously promised. Upon conclusion of this stage, the policy is mailed out to our customer(s) and any premiums due to the underwriters are also sent out. A title policy declares to its purchaser that its title is vested in that purchaser and free from defects, liens and encumbrances except those which are listed as exceptions in the policy or are excluded from the scope of the policy's coverage. In addition to the previous stated it covers losses and damages suffered if the title is unmarketable, or if there is no right of access to the land. Though these are the primary coverages of policy, expanded forms exist that help in covering additional items of loss.
In this department, it is ultimately our duty to bring the best of Ellis County Abstract and Title Company right to you. With a warm, friendly, and customer oriented approach, we want to do everything that we possibly can to make you feel welcome here at ECATCO. It is our utmost of desires to be to you what we have been to our customers for over 70 years, a well-run small town business. In providing you with thorough information through various forms of media like ads, commercials, and listings, we want you to be in the know about all that we are, and every single opportunity that our company has to offer to you as our faithful and loyal customer.