Choosing a real estate title insurance company is a big decision. The title company plays an important role in your closing, so it is essential to choose a company with a good strong reputation and known for being easy to work with. Check around before settling on one company, and feel free to ask for recommendations.
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Title Insurance and Escrow Services
Title insurance companies handle a lot more than just title insurance despite their name. In fact, the title insurance company is a critical player in the handling of most real estate transactions. The company is responsible for documenting the chain-of-title and for bringing the whole transaction to a successful conclusion.
Naturally, generating title insurance is certainly one of the most important functions of the title insurance company. Title insurance is issued after a title search of court records has been completed. The chain-of-title documents the changing of ownership through the history of the property back to the U.S. Patent or the original record. Once the title search has been completed, you know exactly who has owned the property over the years and when liens and judgments were recorded and removed.
Other things the title insurance company looks for is gaps in ownership, documentation that liens against the property were removed, and easements that are recorded against the property. The title company will also document things such as association and governmental covenants restricting use of the property.
Importance of Title Insurance
Through the title company you will need to attain title insurance. Title insurance services insure that the property you are purchasing is one that you have a legal right to purchase. For instance, in the event that an heir of a past owner were to show up claiming a right to the property, the title insurance company is required to step up and defend your right to the property based on the title research completed before closing.
It’s almost unheard of for the company to lose such a claim, but in the event that the dispute is lost, the company is required to pay you the full value of your property. The title insurance provides a full list of where and whom the deeds have been passed to throughout the history of the property beginning with the origination of the property.
Property Escrow Services
The fact is that people don’t always make property transactions a clear-cut deal, which means that having rights to the land can be legally murky. If a title isn’t clear, and it has some sort of confounding error or there’s a lien against it, then getting the property you desire can become a sluggish or downright impossible process.
Fortunately, escrow services are available to help you get the title you need in a safe, reliable, and responsible manner. The title you deserve should be clear and free from problems, and rightfully so.
However, if there is an issue, an escrow company will be the first to inform you of this fact. Furthermore, escrow services often provide title insurance as well, so you know that even in the event that something was wrong with the validity or purity of a title, you would have your investment backed by a solid legal guarantee.
Often times, escrow companies that offer title services provide the necessary provisions to handle the real estate transactions from the beginning to the end, covering all the steps in between and giving you the combination of quality customer service with a transparent process.
Finding the Right Title Company
There are many things to keep in mind when doing a title company search. Selecting a title company is very important for a successful real estate transaction as these companies play an essential role in making sure that your real estate closing goes off without a hitch. These companies are involved in a plethora of activities throughout your closing. In regions where it is not required that an attorney be present at a closing, a title company is even more important because the company will be conducting the vast majority of the closing procedures on their own.
The settlement agent is responsible for putting together the details of the sale and works with both the purchaser and the seller to do so. It is their job to look into the history of the title and make sure that the property is clear of liens and is properly zoned for the desired purpose of the property. For this reason it is quite important to select a company that will be efficient and on top of things.
Identifying a Good Title Company
It is important to keep in mind how many transactions the company you are looking at completes each year. A company that does significantly more transactions probably has a more experience than one that completes fewer. However, that being said, the staffing of the title company also needs to be taken into consideration. If the company completes a large amount of transactions but only has a small number of employees, it is possible that those employees are being stretched too thin and will take longer to complete your transaction.
Word of Mouth
A good way to learn the value of good title company services is to ask those around you how satisfied they were with their closing services. Word of mouth is often times the best way to learn about companies. Contacting the Better Business Bureau is another way to look into the manner in which a company is rated by past client. It’s very important to use a reputable company for completing your title company search. A disreputable company can make your entire closing procedure very difficult.
Ideal Title Companies
The company that is chosen will need to have good communication skills, because they are required to work not only with you, but also with your real estate agent, those selling the home, and your mortgage lender.
There are many companies that will be happy to work with you as your title company. Your decision as to whom you choose to handle your property title needs should be focused on the expertise of the real estate title company, regardless of price. It can be a mistake that can cause problems for you and your new property for many years to come if you fail to choose an experienced real estate agent and title insurance company.
Smooth and Hassle-Free Real Estate Transactions
Handling a transaction involving real estate is one of the most legally binding activities that can be done regarding property. It takes hard work to purchase a home. Doing the work yourself could involve countless hours researching records at court in order to complete an extensive information search on property backgrounds to secure a title. A title escrow company takes care of this for you, and brings to you a service that allows you to take your mind off of the details of the process so you can simply enjoy the outcome.