Residential Purchase Title Order
When a property is a residential home this Order should be used for residential Purchase Transactions and will result in an Owners Title Insurance Policy being issued in the amount of the purchase price. When mortgage financing is involved, such as when a mortgage is taken out to buy the house, a Lenders Title Insurance Policy will also be provided for a fee and will be issued in the amount being borrowed (or otherwise requested by the insured party).
Set out in a commitment format, this product is utilized to show the status of the real property without naming a purchaser or policy amount. This product can be converted into a Commitment or Policy when purchaser and policy amount have been determined. This can also be utilized by persons seeking information for purchase of a property being sold at a Sheriff’s Sale.
Refinance and Lender Title Order
This product results in a Lenders/Mortgagees Title Insurance Policy, insuring the Lender for the amount being borrowed, when the existing mortgage(s) is/are refinanced or a new first mortgage is being recorded. The policy, when issued, insures a first lien position against the real estate.
Home Equity Product or Second Mortgage
Utilizing a simplified, timely and cost effective approach to provide title insurance policy or property information necessary to serve the needs of home equity lending. Meridian Title can provide you with a Junior Loan Policy (JLP) sometimes referred to as a Limited Liability Policy (LLP). This product is designed to provide concise information in a brief format. The simplicity of the product will allow you to expedite your closing. Typically, this product is not intended for a mortgage in 1st lien position.
A search report provides current ownership, tax information, liens and encumbrances of a specific property.
Search Documents Only
Upon completion of a search, Meridian will provide copies of instruments found in the public record relating to a particular property based on specifications for length of search, which may include the deed(s) of record, tax information, liens and encumbrances.
Listing Package / PTR
The Listing Package Report (also referred to as a PTR) in a TBD Commitment, will set out in written format information found in searching the Records in the Clerk/Register and in the Office of the Treasurer. It will show Property Address, Title Vesting, Legal Description, Taxes, Mortgage(s), Restrictions and any miscellaneous items found pertaining to a particular parcel of Real Property.
Listing Package Documents Only
Upon completion of a search, Meridian will provide copies of instruments found in the public record relating to a particular property and are delivered to requesting customer, which may include the last deed of record, any open mortgages or a tax printout.
Specific Document Needed
Meridian will provide services for requests for a specific document related to a property can be requested, such as last deed, CCR’s or tax printouts to assist in completion of Listing profile.
Commercial Purchase Title Order
When the Order is for business purposes or the property is not a residential house, but an apartment building, an office building, or warehouse, etc., this type of order is used for commercial purchase transactions that will result in an Owners Title Insurance Policy being issued in the amount of the purchase price. When financing is involved, such as a mortgage or other type of collateral, a Lenders Title Insurance Policy will also be provided for a fee and will be issued in the amount being borrowed. Also, the type of search is more involved than a residential purchase title order and many times the Policies will be issued with specially requested endorsements for an additional fee.
A Foreclosure Guarantee is ordered prior to the commencement of the foreclosure proceedings to give the condition of title and status of the mortgage in relation to all other encumbrances. This product includes real estate tax information, and a bankruptcy search. Upon expiration of the redemption period, if any, the Foreclosure Guarantee can be converted to an ALTA Owners Policy. Liability amounts up to $200,000.00 are available for a flat fee. This product is ideal for assisting the client in obtaining clear and marketable title at the end of the foreclosure process.
Title Report Products
The most commonly requested custom search products include Search Reports, Certificates of Title and Foreclosure Reports. The liability associated with these products is limited to $1000.00. With the variety of resources Meridian Title Corporation has available, we would be happy to discuss your particular title need to determine what information we can provide to assist you.
Current Owner Search Report
Provides current ownership, tax information, liens and encumbrances of a specific property. A search will go back to a PMM (purchase money mortgage). It can also be utilized by persons seeking information for purchase of a property being sold at a Sheriff’s Sale.
Report of Title aka Certificate of Title
Provides current ownership, tax information, liens and encumbrances of a specific property. This product is designed to provide concise information in a brief format with an expedited turn time. The search will go back to the last deed of record.
Provides current ownership, tax information, liens, encumbrances, and copies of lien holder instruments of a specific property to identify those parties who may need to be joined in the foreclosure action. Copies of documents will be included that are referenced in the report. It can also be utilized by persons seeking information for purchase of property being sold at as Sheriff’s Sale.
Tax Sale Certification
Meridian Title Corporation offers its tax sale certification for customers who purchase properties at county tax sales and receive a subsequent tax deed. When the customer wants to transfer title and a title insurance policy is going to be issued in connection with the transfer, our product enables customers to facilitate the transfer faster than going through a quiet title lawsuit. An in-depth review of the tax sale proceeding is performed to determine if the property qualifies for certification. Once certified, the tax sale buyer may proceed to closing without the necessity of obtaining a quiet title judgment to satisfy title insurance underwriting requirements.* For more information, to place an order, and to see which states are planned for expansion, please contact your Account Manager or e-mail firstname.lastname@example.org.
*Title insurance companies typically require quiet title judgments as requirements for insuring title to properties purchased at tax sale or tax deed auction. These are insurance requirements and are not statutory requirements, and are only required for insured closings.