The Title Company role is an important one in a real estate transaction. The Title Company are the insurers of your legal interest in the home as well as the bank's legal interest in the home.
The role of the Title Company begins with a title search. A title search examines the history of the ownership of the property and includes a listing of any and all legal implications include people who may have any legal claim to your property.
The Title Company role also includes making sure the deed you receive is accurate and is properly filed to ensure your legal right to the property. The Title Company will also issue insurance which protects you and the lender in case anyone does come and try to make a claim to have an ownership interest in the house.
Some of the common things that come up during title searches are bankruptcies, liens and judgments against the property, breaks in the chain of title, mortgages and so forth. It is the Title Company's role to report these things to the buyer and the bank and typically they provide a copy of the report to the seller so the seller can clear encumbrances prior to the closing.
At the Closing the Title Company does play an important role and you will find that the Title Company controls the transaction just as much as the bank. The Title Company will make final decisions on whether or not to insure the transaction and no bank will close without that insurance which is why it is important to understand the Title Company role.
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