YOU ASK:

How long will it take to get title insurance?

WE ANSWER:

Title insurance usually takes around 2 weeks to process, depending on the complexity of the title search. If it is taking the title insurance company more than that, you can follow up so that your policy gets processed at the soonest possible time.

To have an idea of why it takes that long to get title insurance, here is a simplified outline of the process of issuing a title insurance policy:

  • Placement of request for title insurance. This is usually done by the buyer himself or by an attorney that represent the buyer. If the property is bought by refinancing, it may also be requested by the lender.
  • The insurance company or the title officer does a record search. This will involve a name, tax and property search. The title officer generates a preliminary report for the client.
  • The title officer will do a title examination to analyze the status of the title based on public documents.
  • The title officer will issue a title report or binder. This is also called a commitment. This also states the opinion of the title officer with regards to the title, as well as any clouds involved.
  • The title officer may initiate movements towards clearing any clouds in the title.
  • The insurance company will issue a bill or an invoice for the one-time premium payment.
  • The policy is issued after the payment is confirmed.
  • The policy is delivered to the client. If the client bought a lender's policy and an owner's policy, the lender's policy will be sent directly to the lender.
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