A title is a right to ownership of specific real estate property that includes the right of possession, right of exclusion, right of control, the right of enjoyment, and right of disposition. Titles can change hands through a will, court decree, law, or by selling the property. Any time a title is transferred it is recorded in a deed and filed with county clerks.

A title company conducts a title search by looking at real estate records to find information about a specific property involved in a real estate transaction. The information may include the legal owner of the property, clients, judgments, and unpaid taxes. The title company will then complete a “commitment of title insurance” on behalf of either the lender or the buyer to ensure the buyer is receiving a clear title to the property and any outstanding issues are resolved.

The settlement is another term for closing. It’s the completion of a real estate transaction where the title passes from the seller to the buyer.

A title company can generally act as an escrow agent. They can explain all the costs involved for both parties, secure the lender, and prepare a closing statement. The title company will then collect money from both buyer and seller, signed documents, and approval given by lender. The lender wires money to the title company to pay all the expenses, any mortgages, and the seller their proceeds.

Unfortunately, no. Some title companies only sell the title insurance and others only work in escrow. Ohio Real Title can help you with all of your closing needs.

The title insurance policy protects the homebuyer’s ownership rights as long as they—or their heirs— have an interest in the home. Just like a homeowner’s policy will protect against loss from theft or fire and wind damage, the home title insurance protects from hidden title hazards that threaten the owner’s financial investment in the home.