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A [real estate agent|realtor] and a mortgage lender are two professions that many [home|house] purchasers are familiar with, but what exactly does a title company do?
To make sure that a home’s title is free of liens and encumbrances, a mortgage company hires a title company as a third party. They manage the closure, conduct research, and guarantee the ownership of the house a client is buying.
A title search is carried out by a real estate title business. Title searches verify that the seller is legally permitted to sell the property without encountering any title problems.
The search also reveals other issues that the buyer should be aware of, such as delinquent taxes, property liens, or other issues. A real estate deal must have a clear title in order to be successful.
There are a couple of things that title companies do, which are as follows:
Title Review and Search
Real estate title searches and review divisions at title companies are highly sophisticated. To inform all parties interested in the subject property of the status and condition of title, these departments examine the public documents pertaining to real estate. Each party will often get this information from the title company in the form of a preliminary title report, commitment for title insurance, or another similar document. In addition to providing title research data for foreclosures and other real estate-related legal actions, title businesses also do such.
Agents for Closing Real Estate Deals
In real estate deals, title companies frequently serve as the closing agents. As a result, the title business acts as an agent for all involved parties in the transaction. The title firm serves as an agent for the conveyance transaction and secures signatures on all closing documents. The title company also collects and disburses money for the conveyance transaction. The title company will record any necessary documents, including deeds and mortgages, in the county land records office when all parties have signed the necessary paperwork.
Issuer of Title Insurance
On behalf of title insurance companies, title companies issue title insurance policies. The title company that issues the policy is frequently not the insurance provider. In contrast, the title business just earns a commission for issuing the title policy and works as an independent representative of the insurance provider.
The insurance company receives the actual premium, and it also assumes the risk of any losses incurred as a result of the coverage. The title firm merely streamlines the insurance policy’s issuance procedure.
The Title Company Might Discover Court Decisions
The title company may find outstanding problems, such as unpaid debt when inspecting the property’s title.
A lien may be imposed on a home in some cases when a homeowner has a court judgment entered against them and fails to make the required payments.
This means that if the [property|home|house] is sold, the present owner will be required to make good on the money owing by way of a judgment, either before the sale’s closing or at that time. This leads to issues that can cause delays or even completely wreck the sale.
The Title Company Might Learn Additional Legal Issues
A title search may reveal a forgotten will that affects the land’s legal ownership, previously undiscovered mineral rights, unidentified or undisclosed heirs, a deed with errors that affect the property, and many, many other problems.
What exactly does a title company do then? Although title companies aren’t frequently mentioned during the buying process, they play a significant role in protecting your property purchase. To identify a local title business you can rely on, talk to your real estate team, friends, and family.
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