General knowledge about iTitle
Closing Agent for Real Estate Transactions
iTitle is also the closing agents for real estate transactions. This means iTitle can be the agent of each party to the transaction.
In its role as agent, the iTitle obtains signatures on all of the closing documents, and we can also receives and distributes payments related to the conveyance transaction.
After the parties have signed all the documents, iTitle will record documents that need to be recorded, such as deeds and mortgages, in the local county land records office.
Acting as an Escrow Officer
- iTitle will act as the escrow officers in connection with your real estate transactions. An escrow officer holds documents or money as a part of the transaction and according to the instructions of the parties. For example, the purchaser of real estate will give iTitle the money necessary to pay the purchase price, while the seller will give iTitle a signed deed to the property.
- iTitle, acting as the escrow officer, only releases the deed and the money according to the written instructions of the buyer and seller.
Title Insurance Issuer
- iTitle will issue policies of title insurance in behalf of title insurance companies. iTitle acts as an independent agent of the insurance company and simply receives a commission for issuing the title policy. The actual premium goes to the insurance company, and the insurance company bears the risk of any loss under the policy.
- iTitle facilitate the paperwork for issuing the insurance policy.