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When real property is purchased, the purchaser usually receives a deed which transfers title and ownership. The deed must be recorded at the county recorder’s office for the sale to be official. The purpose of recording the deed is to give public notice of ownership and tracks the chronological chain of title. The county recorder will examine documents to determine their legal sufficiency, but cannot correct defects or deficiencies. Even minor errors, such as: missing dates; improper fees; typing too close to the margins; illegibility; or not suitable for microfilming; may will result in rejection. In most jurisdictions, it normally takes 4-6 business days to record a deed received by mail. However, in certain jurisdictions, delays can be considerable. It is the deed recorder’s responsibility to: promptly and properly file (and occasionally refile) with the correct municipality. Deed recorder’s insurance can provides both traditional protection for the deed recorder as well as reimbursement to clients for damages resulting from detrimental reliance upon the deed recorder’s services. In conjunction with the rendering of their professional service, the deed recorder makes certain representations and warranties within their service agreements. This insurance can provide reimbursement to the lender for the contractual liability assumed by the deed recorder in their representations and warranties. The client lender may also recognize an overall cost savings through the elimination of a costly “bring-down”, which is a process of verifying the final deed status with the county recorder. This is recognized in the price for services rendered by the deed recording service. For more information,
contact FIS. |