There are two types of title insurance: Owner's Policies and Lender's Policies. Owner's title insurance protects the purchasers of real estate against title defects that may exist affecting the property. Most purchasers of real estate will require that the seller provide them with an Owner's title insurance policy.
In a purchase or refinance transaction, the Lender will require a Lender's Policy. Lender's title insurance insures the mortgage lender as to the priority of its lien, meaning there are no other mortgages, liens or judgments recorded prior to the mortgage. In a refinance transaction, the borrower usually is required to purchase a Lender's Policy of title insurance.
We can usually close within 72 hours after receiving a properly executed contract or title order from the Lender, assuming there are no issues with the title and all parties and lenders are prepared.