New Mexico Self-Employed Title Examiner Contract

State:
Multi-State
Control #:
US-INDC-212
Format:
Word; 
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Description

Employer hires a title examiner as an independent contractor to perform title searching services as agreed to in the contract.

How to fill out New Mexico Self-Employed Title Examiner Contract?

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FAQ

The title company will examine public records often going back 50 years or more to look for past deeds, wills, trusts, divorce decrees, bankruptcy filings, court judgments and tax records that may be defective or outstanding.

A title commitment is the document by which a title insurer discloses to all parties connected with a particular real estate transaction all the liens, defects, and burdens and obligations that affect the subject property.

Title examiners, also known as title officers or title searchers, scrutinize property titles and public records. They determine legal barriers against property sales. Their duties include record keeping, and reporting their findings to legal firms, realtors, or insurance companies.

The purpose of title commitment The purpose of the title search is to look at public records pertaining to the ownership of the property to determine if there might be any future problems. Once the title company completes the search, they'll issue a title commitment. This means they promise to issue title insurance.

The title company will examine public records often going back 50 years or more to look for past deeds, wills, trusts, divorce decrees, bankruptcy filings, court judgments and tax records that may be defective or outstanding.

The title commitment/ report is the promise to insure the title; it will not cover items listed as exceptions and defects. A standard title insurance policy protects against defects discovered in the title AFTER closing, not before closing.

In the case of subdivided residential land, the search for conveyances, judgments and liens must go back 20 years. The real estate taxes must be searched for a 5- year period.

Abstractors research all documents and activities affecting ownership of properties. The work involves sifting through public records, often in a county clerk's office, for mentions of things like liens or bankruptcies or land boundaries.

A title commitment is a document provided to a buyer and a lender before closing on a property. It identifies the terms and conditions for a title company to provide title insurance as well as any issues, exclusions, or exceptions to coverage.

Schedule A This part of the title commitment covers the basics of the transaction, such as the name of the person who currently holds title, the property legal description, the name of the proposed insured (buyer), the sales price, and name of lender.

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New Mexico Self-Employed Title Examiner Contract