Why should homeowners place their faith in Chicago Title?
Chicago Title has been a force in the title insurance market for over 160 years and continues its tradition of excellent customer service with a rock-solid financial foundation. Chicago Title is located nationwide and our local title insurance professionals will work closely with you and your attorney to provide prompt service in meeting your title search and insurance needs. We have knowledge of the basic laws and customs in your community which often help define the requirements for a clear and transferable title.
What should we do to prepare for the closing?
Once you have entered into a purchase and sale agreement and applied for a mortgage loan to finance the transaction, your realtor, lender and title company will be working toward putting the various pieces together. You may be asked for additional information and should provide that as soon as possible so as not to delay your closing. You will be asked for a homeowners insurance binder evidencing coverage for the first full year as well as a receipt of the first annual payment by your lender and this is usually provided at closing if not before.
Once the Settlement Statement has been prepared, you should carefully review it. You will be asked to bring a bank or cashier’s check for the total amount needed from you to the closing. You will also need to provide a form of picture ID at the closing.
Where is my abstract of title?
Often prospective sellers, buyers or borrowers believe that their abstract of title is in the local county clerk’s office. While the records in the county clerk’s office are used to prepare an abstract, abstracts are not kept there. The existing abstract could be in a number of places. The existing mortgage lender or bank may store the abstract often in a remote storage facility. The buyer’s attorney at the time of purchase may be storing the abstract. Sometimes the owner was given the abstract at time of purchase and may not realize he or she is holding it along with many other documents from the closing. In many instances the title company that provided title insurance at the time of purchase may be storing the abstract. Always give ample time of several weeks to locate your abstract prior to conducting a real estate transaction.
How long does it take to prepare a new “full abstract of title” ?
There are many variables to consider when answering this question. From county to county throughout New York State the local Bar Associations establish how far back in time a title search should go for a full abstract. Depending on the location of the property this time period ranges from 40 to 60 to 80 or more years past. Often the longer periods of time make the title search more difficult and therefore require a longer time to prepare. The title to each piece of property has its own unique set of circumstances concerning the history of the property. The circumstances are an unknown variable until the county clerk records are actually examined. The complexity of the history also determines how long it will take to prepare a title search for the abstract.And like most industries, business is affected by many trends. The real property business can be affected by interest rates, the season of the year, and the economics of a particular locale among other factors. And like most industries more activity means a longer waiting time in line before the actually title search begins.
Do I always need a new “full” abstract of title?
For home sales, first mortgage financing and title insurance it is customary that the “full” abstract of title be examined in order to present a concise summary of the condition of title of a particular piece of property. Generally, for most all properties there has been a new “full” abstract of title prepared at one time or another. Typically this “full” abstract of title is passed along from owner to owner on each successive sale of the property. In this case a new “full” abstract of title is not needed. The existing abstract can be updated, saving considerable time and expense for the home owner. If the existing abstract cannot be located, a new “full” abstract of title must be prepared. For Secondary financing such as home equity mortgages, an abstract may not be necessary. A search of the title from the time the current owner took title is usually acceptable. The abstract of title is a valuable document and should be kept safe and available for all future real estate transactions.
Can I prepare my own title search and abstract of title?
The real estate records in the county clerk’s office are public record. However, each particular count clerk’s office has its own different and distinct way of managing the real property documents on record. Aging hand written document indexes sit beside modern computerized indexes. The complexity and varying nuances of the indexes makes it impossible for an untrained person to prepare a complete and accurate title search and abstract. The practice of real property law involves acquired knowledge, both from classroom study and hands on experience. Only this expertise and years of training allow for a compilation of documents to prepare a complete and accurate title search and abstract of title. Chicago Title’s abstract certificate is unlimited by time and carries an errors and omissions coverage of at least $1,000,000. For these reasons attorneys, the legal community and banking industry will only accept title searches and abstracts from a title insurance company.
How much does an abstract of title cost?
The cost for preparation of a new “full” abstract of title starts at approximately $500. Depending on complexity of the title the cost of an abstract can rise significantly, sometimes costing thousands of dollars. Update of an existing abstract starts at about $100 and can be as expensive as $500. Often times the lending institution requires that they retain the abstract during the life of the loan. In this case we suggest that the property owner retain a complete copy of the abstract in his or her possession for future reference. This copy may be used to prepare a replacement abstract in the future, saving considerable expense.
What benefits does Chicago Title offer its employees?
Our benefit plans include:
- Health and dependent care flex-spending accounts
- Transportation pre-tax savings plan
- 401(k) savings plan
- Employee stock purchasing plan
- Vacation, sick, and paid company holidays
- Employee recognition program
What other employee programs are offered?
Through Tickets at Work employees can purchase discount tickets to movie theatres, Broadway productions, even theme parks such as Disney World and much more.
Employees are offered discounts on many items from Microsoft products, cell phones, and computers to Mrs. Field's Cookies and Omaha Steaks. Fidelity National Financial even has a partnership with Ford Motor Company offering employees discounts on new vehicles.
The Right Idea - having the right idea can earn you up to $1,000!
Refer an employee and receive $100!
These are just a few examples of employee programs geared to saving our employees time and money.
How do I apply for employment at Chicago Title Insurance?
You are welcome to submit your resume to any of our branch managers or to:
Chicago Title Insurance
424 Main St.
Buffalo NY 14202
Does Chicago Title offer flexible work schedules?
We are aware of the varied family obligations our employees have and, taking into consider operational requirements; every effort is made to accommodate the employee's request and schedule.
Where can I find more information about Chicago Title's parent company, Fidelity National Financial and opportunities?
Visit the FNF web site at: www.fnf.com