Each of These Elements
1) The title examination is the most critical aspect of our
work. It involves the following efforts: information gathering,
organizing, evaluation and analysis, problem identification,
and problem solving. The examination may serve as a critical
part of the contractual process. It determines from the public
records who has rights in the real property.
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a title search
2) The title commitment or binder constitutes our formal obligation
to you that we will make a financial commitment to the accuracy
of our information, the correctness of our analysis, the efficacy
of our solutions, and the legitimacy of the proposed transfer.
Keep in mind that prior to the issuance of the binder, we will
have reviewed our information with you or your attorney, providing
commentary on how requirements are to be met. The binder then
becomes a working tool to help both buyers, sellers and their
attorneys complete the most orderly transfer of title. It is
here that Pioneer Title's history, level of expertise, and
quality of title plant play a significant role.
3) Upon execution
of the documents to be recorded, Pioneer Title will record
all of the necessary documents in the appropriate Clerk's Offices
in order that the policy may be issued.
4) The policy is the fulfillment of
the title commitment or binder. When Pioneer issues the policy,
it means that problems/conditions outlined in the binder
have been solved or met. This document is the "perfection",
if you will, of our promise to make a financial commitment
to the legitimacy of your real estate transfer.
5) Pioneer will do title updates in the case
of the project that includes a construction loan. Updating
is a process of keeping your banker's and our information current
with regard to the status of title. Updates may be done just
prior to each disbursement of funds at the request of your
6) Construction loan draw endorsements are used to reflect
the way a construction loan is funded. It is another check
to make sure your policy coverage matches the exact balance
of the loan each step of the way. So as each draw is made,
the policy is endorsed to reflect the increased loan amount.
In the event that a given city's recordation process is behind,
and your attorney is unable to provide current update services,
we may be able, in unusual situations, to issue gap coverage,
so your protection is complete.
7) The working relationship Pioneer forms with the developer,
his attorney, and his banker is very critical. We believe that
if you ask, you will find that Pioneer has a fine reputation
when it comes to dialogue with real estate attorneys, and a
responsiveness to the needs of the banker. And our runners
make necessary documents available to all the involved parties
in a most timely fashion.
8) Pioneer Title is licensed by the Virginia Bureau
of Insurance to perform standard real estate settlement services.
Our staff is capable of handling every phase of the real estate
settlement process. We maintain an errors and omission policy
for your protection.
Our purpose in giving you this information is to outline Pioneer's
services and show how they will be provided, and perhaps give
you a sense of how well we understand the importance of follow-through
on our offer to work with you.