TITLE INSURANCE POLICIES
Title insurance starts with the Commitment. The history of the property is researched in the records of the Register of Deeds; the County Treasurer, the Clerk of Courts and the Department of Work Force Development. A title examiner licensed by the State of Wisconsin analyzes the results of the searches and compiles the results into the title insurance commitment.
After all conditions of the title insurance commitment have been met, the closing has taken place and the documents are recorded, the records are searched again and the commitment is now ready to become a final policy.
The Owner’s Policy insures the buyers as to their new status as record owners of the property and assures them that, as of the policy date, there are no defects, liens or other matters which affect their title other than those that have been disclosed or otherwise excepted under the policy provisions.
The Lender’s Policy insures the validity of the new mortgage, assuring that it is not a forgery or unenforceable for any other reason in a way that would jeopardize the lender’s lien and its ability to foreclose the loan should the borrower default. More importantly, the loan policy insures the priority of the mortgage lien as of the policy effective date.
Letter Reports are for information purposes only. They contain information found in the office of Register of Deeds, County Treasurer, the Clerk of Courts and the Department of Work Force Development. The records are usually searched from the deed establishing current ownership forward unless special requests are made. Letter reports should never be used as a substitute for a complete title examination.
ABSTRACTS OF TITLE
Abstracts are a summary; an abridgement. Before the use of photostatic copying, public records were kept by abstracts of recorded documents. An Abstract is a compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of title.
Langlade Abstract and Title Company, Inc. provides friendly and accurate closing services for lenders, buyers and sellers. We coordinate all parties involved, secure all documents needed, collect and disburse all funds to guarantee all parties of an accurate and complete closing.
Langlade Abstract and Title Company, Inc. works with the property owner, the lender and the general contractor to ensure all procedures are followed and that the construction project moves along quickly benefiting all parties involved.