Consider 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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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 banker.

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 authorized by the Virginia legislature under CRESPA Regulations and 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 are registered with the Virginia State Bar Association and 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.