Title Insurance is a policy of insurance which quite simply insures that you are the owner of a tract of real estate. It also insures you against liens which occurred prior to your purchase of the property. It also insures that you have legal access to your property.   Like other types of insurance title insurance may provide reimbursement if your title fails, but also may provide legal representation to protect you from false claims regarding your ownership or liens against your property. Title Insurance is a one time charge and insures you so long as you own the property. Without a policy of title insurance your purchase of a tract of ground has no protection. 

An Ownership or Letter Report is a report which is prepared after a search of the land records and court records regarding your property. It will show the ownership or legal vesting of your property, and will list outstanding liens. A letter report does not provide any insurance or other protection to you, but is a good way to check the status of your title and your lien status.

A Real Estate Closing, is the term used to describe the process of accomplishing the sale of real property. The title company will prepare a settlement statement which sets out all of the costs and expenses, and funds coming in and out of the transaction. The title company will meet with all parties and have all required documents signed. The Title company will accept and disburse all funds in the transaction. The title company will also facilitate the signature of required documents, and if requested, record the documents which need to be recorded.