What Does a Title Company Do?
When you’re looking to do a residential real estate purchase or refinance, or a commercial purchase, you may be wondering what a title company can do for you.
First, What Role Does a Title Company Play?
The most important role the title company plays is making sure the title to a property is valid. Using a search, the company will ensure that the person selling the property to you is the actual owner. And that they have the rights to sell you the property. The search also confirms that no one else can claim any ownership over the property that you are purchasing.
They also ensure that there are no outstanding liens or unpaid bills on the property. Once the title is claimed, the company will issue a legal document confirming the title is valid as well as a history of the ownership of the property.
What’s Next?
From here, title insurance can then be issued. Even though a search was performed, issues and claimants to the property can still arise. To protect both you as the purchaser and your lender, you’ll want to get both Owner’s Title Insurance and Lender’s Title Insurance. Both will be paid for by the purchaser.
What to Expect During the Process
You may speak with the Title Company at various points during the real estate process about escrow if they are maintaining it for you. If they are handling your closing, you’ll speak with an agent about the documents or any issues with the title.
The Mission of Our Company
We understand that choosing a Title company involves a lot of trust. Our mission is to provide peace of mind. At Madison Settlements, not only will you receive world class title insurance and escrow, we customize our service to what best suits our customers’ needs. We understand that efficient and timely communication is key to doing so. Feel free to message us if you have any questions!
It was informative when you talked about how a title company helps to ensure that a title to a property is valid. Is a title generally a physical document that a homeowner holds onto? It seems like it would be a good idea to work with a company if the physical document is lost and is needed during a transaction. http://www.whitfordlt.com/services.html