What is Title Insurance?

Very simply, it is a policy of insurance that has a one-time premium that when paid guarantees the ownership ( in the case of an Owner's Policy) as set forth on Schedule A of the policy, subject only to the items specifically set forth on Schedule B of the policy and the standard matters set forth in the body of the policy itself. The policy is valid for as long as the named insured owns the proprerty covered by the effective as of the date of the policy. The policy insures that, in the event of a covered claim, a defense of the title by the company will be made and a covered loss will be paid up to the limits of the policy should a claimant prevail.

What is Earnest Money?

Most real estate sales contracts provide for the payment of Earnest Money in an amount agreed upon by the buyer and seller.  Earnest Money has been generally defined as both a showing of good faith by the buyer and as consideration for the seller’s agreement to accept the buyer’s offer and create a binding contract between the two parties.  The Earnest Money itself is usually deposited with the Title Company or closing agent to be applied on behalf of the buyer to the purchase price when the closing of the transaction takes place.

What are Closing Costs?

Closing Costs are those items set forth on the Settlement Statement which, other than the new loan interest rate and property taxes, make up the cost of closing the transaction, including any new loan(s).  The parties can agree between themselves who will pay certain of these costs, provided those choices are consistent with any lenders’ closing instructions. 

What is Title Premium?

That is the rate set by the Texas Department of Insurance as the charge for a particular policy of title insurance or any endorsement to the coverage in such policy. 

Do I need to bring a cashier’s check to closing?

Both the Texas Department of Insurance rules and the banking policies, require that any amount over $1,500.00 due at the closing must be paid by either cashier’s check or by wire transfer to the escrow bank account of the Title Agent.  Bringing multiple checks each less than $1,500.00 but totaling $1,500.00 or more, will not negate the affect of the rule.  As a general rule, contact your closing office, 713-522-7676.

After the closing, who do I contact in order to get copies of documents from my closing file? 

You should contact our Commerce Title Company office at 713-522-7676.

If I have a general question or concern, who can I contact?

Please contact our Commerce Title Company office at 713-522-7676.