What Does a Title Company Do?
Make sure there are no hidden or unknown problems with the transfer of the property title or transaction. A title company is often involved in real estate transactions. This type of company is hired to make sure there are no hidden or unknown problems with the transfer of the property title or transaction. The following are functions and descriptions of the title companies services.
Abstracts: A title company does an abstract to find information about the property you are purchasing. This will find any documentation from local authorities about your property.
Title Searches: Title searches are conducted to find out if you are buying the property from a person who is legally able to sell the property. This also reveals liens or judgments against the property. Chain of Title companies look at the chain of title also. This involves looking for possible unseen claims to the title of the house.
Title Insurance: Title insurance is issued by the title company to ensure that you hold a proper and legal claim to the title of the property. This is often required by lending institutions.
Escrow Accounts: An escrow account is provided by the title company so that neither the seller or buyer can claim the money was mismanaged or used for other purposes than closing the deal. Title companies act as third parties in this case.
Abstracts: A title company does an abstract to find information about the property you are purchasing. This will find any documentation from local authorities about your property.
Title Searches: Title searches are conducted to find out if you are buying the property from a person who is legally able to sell the property. This also reveals liens or judgments against the property. Chain of Title companies look at the chain of title also. This involves looking for possible unseen claims to the title of the house.
Title Insurance: Title insurance is issued by the title company to ensure that you hold a proper and legal claim to the title of the property. This is often required by lending institutions.
Escrow Accounts: An escrow account is provided by the title company so that neither the seller or buyer can claim the money was mismanaged or used for other purposes than closing the deal. Title companies act as third parties in this case.
