Frequently Asked Questions

 What Is Title Insurance?

A title insurance policy ensures a new owner that his/her title is free and clear of any possible encumbrances and that he/she has a clear title from the seller. It also ensures that the new owner will be protected from loss or damages as a result of defects, such as forged deeds, mistakes in public record, fraud and false impersonation of the trust owner of the property. A thorough search of the records by Reliable Title Company will reveal any liens, claims or encumbrances that affect the property. The two basic types of title insurance policies are the Owner’s Title Policy, which insures the owner, and the Mortgagee Policy, which insures the Lender or Mortgagee.

 What Is an Earnest Money Contract?

An Earnest Money Contract is an agreement between a Seller and a Buyer, which establishes the guidelines for the transaction, setting forth the sales price, the term or duration of the contract and specifies what charges will be paid by each party. An Earnest Money Contract is very important to any sales transaction and is often required by any Lender.

 What Is a Survey?

A survey is a geographical description that provides a tangible representation of the property. It sets out the boundaries, dimensions and area of the property. If there are improvements on the property, a survey also locates the improvements and often identities access to and from a public road. The lender and/or title company may require a new survey if your survey is of extreme age or does not locate your improvements on the property.

 What Is a Chain of Title?

A chain of title is a history of ownership of a particular piece or tract of land, revealing when a property was bought and sold. This information is obtained from the Atascosa County Clerk’s Office or by and through the computerized plant maintained in the offices of Reliable Title Company.
What Is a Title Search?
Reliable Title Company performs a search of the documents on record in Atascosa County, Texas and the records of Reliable Title Company to compile a list of conveyances, encumbrances and exceptions affecting the subject property. This search includes items filed among the Deed Records, Deed of Trust Records, Official Public Records, Oil and Gas Records, Tax Lien Records (State and Federal), Abstracts of Judgment, Lis Pendens, Probate and District Court records. A chronological list of documents is composed to complete the Title Search.

 What Is a Commitment?

Upon completion of the title search, a Commitment of Title Insurance is issued by Reliable Title Company through United General National Title, Old Republic National Title, or Lawyers Title Insurance, which reveals the information obtained through the title search. Schedule A of the Title Commitment sets forth the proposed transaction, including the purchaser and/or borrower, vested owner, estate of title, and description of property being purchased or used for obtaining a loan. Schedule B sets forth any restrictions and exceptions, such as easements or oil leases, etc. which affect the property and will be shown as an exception to the policy issued after closing. Schedule C sets forth requirements that must be met at or before closing (i.e. payment of outstanding liens or taxes). Schedule D provides information on Reliable Title Company and the Underwriting Company and estimates the title insurance premium. (See Rate Chart)

 What Is a Closing?

Upon completion and approval of the Title Commitment by all parties (Seller, Buyer and Lender), receipt of loan documentation from Lender (if applicable), receipt and review of survey by all parties, Reliable Title Company will schedule a closing. The escrow officer or realtor will contact all parties to schedule a closing date that is convenient to all concerned. The purchaser or borrower is notified what to bring to closing (i.e. cashier’s check, curative matters, etc.) All parties meet (either together or separately) with the closer to execute all documents required to complete the transaction. Upon funding, Reliable Title Company will record the documents among the Official Public Records and disburse all funds (i.e. payment of taxes, loan payoffs, survey charges, etc.). Reliable Title Company welcomes closings to meet your busy schedule, before 8 o’clock a.m. or after 5 o’clock p.m. with previous notice. Shortly after the closing, Reliable Title Company will issue the appropriate policy and forward to the proper party.

 What Is a Settlement Statement?

The Settlement Statement is a list of all charges and payments involved with the transaction. The closing statement should accurately depict the transaction being completed.

 What Is Title Insurance Premium?

The State Board of Insurance sets title insurance premium rates so that all Title Companies in the State of Texas are governed by the same rates, and thus should charge the exact same premium.