Your best settlement resource in today’s complicated real estate process.
Experience Matters. Since 1992 the principals and staff of EKKO Title have successfully conducted more than 250,000 residential real estate settlements. We have assembled a handpicked staff of exceptional professionals who are renowned throughout the industry for their experience, knowledge and dedication to providing exceptional customer service to our clients, Realtors® and lenders alike. Ekko Title is one of Northern Virginia’s few locally owned and independent settlement firms. We do not participate in affiliate business arrangements, joint ventures, marketing services agreements or fee sharing arrangements of any description with real estate brokerages, mortgage companies or similar entities; the integrity of your transaction is our only priority.
What is the role of the Title Company?
A title or settlement company plays an integral role in processing and closing real estate transactions. We are the central liaison between the lender, Realtor®, title insurer, surveyor, inspectors and the parties to the contract. For your own piece of mind it is essential you choose one with a reputation for ethical practices and a proven track record of successfully serving clients and the real estate community. Some of our responsibilities include:
- Perform a comprehensive of examination of public records to establish accurate ownership and lien history.
- Coordinate with all parties to the contract to ensure abstract, survey, pest inspection, taxes and HOA dues are ordered or updated for settlement.
- Satisfy lender and title insurance underwriter requirements prior to settlement.
- Prepare the settlement statement, disclosures, affidavits and related documents.
- Conduct settlement, record legal documents in the court records, disburse all monies associated with the transaction and insure the final title insurance policy.
What is Title Insurance?
A policy of title insurance is not unlike other insurances. Title insurance is purchased at the time of settlement and protects the new owner and lender from loss due to prior legal defects in ownership or claims against real property. This premium is purchased one time and protects the owner from any outstanding liens, judgments and other claims of title that may arise.
The one question we hear often is, “If the title has been examined why I need title insurance?” Truth is there are numerous title defects that even the most meticulous title examination may not reveal. It is nearly impossible to establish whether all deeds, mortgages or judgements affecting the property have been properly executed, indexed or recorded; whether all previous signatures are valid; or if an unknown heir, spouse or previous owner has a valid claim against the property. There is the possibility of fraud, forgery, undue influence, false personation, undisclosed or missing heirs and the mental incompetence of Grantors, conveyance by a minor, an inadequate or inaccurate survey, incorrect legal descriptions, and a whole host of other matters which could jeopardize the ownership of your new home.
Almost all corporate lenders will require you to purchase lender’s title insurance to protect their loan interest. This coverage only protects your mortgage company; not you, and the coverage depreciates as you pay off your loan. As you build equity in your home you expose yourself to a greater potential loss as a consequence of a title defect. Owner’s title insurance will protect you against any covered loss to the full amount of the policy.
What does title insurance cost? Owner’s title insurance premiums are determined by the title insurance company that issues the policy. Ekko Title is an agent for a number of reputable national title insurance companies; we will select the insurance provider and policy type that best suits the needs of your particular transaction. There are two types of owner’s title policies, standard and enhanced coverage are offered. While the standard policy offers the homeowner protection against most common title claims, and enhanced policy offers additional protections. Please contact your local EKKO Title office directly should you have specific questions regarding policy coverage or the settlement process. You may also want to consider accessing Ekko Title’s Settlement Cost Calculator at EKKOTitle.com.
We are looking forward to serving you.