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Title Company: Roles and Duties

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By : Roby Hicks    99 or more times read
One of the services you will need when you purchase a house is that of the title company. In order to understand its role in the home purchase process, you need to check out what happens during the closing as well as the steps taken to make sure that it is successful. As you may already know, the closing is the final step in buying a house. In order for it to be successful, you will need a closing agent. If he was not able to do his job right, the transfer of ownership may not happen.

The closing agent is one from the title company. That is why it is important that you are careful in finding a good title company. The company will take care of the documents you will use for the closing so make sure that you take your time in choosing one.

The first thing they will do is to make a title abstract. The abstract will present information about the history of the property. In order to make this happen, the company will make researches and will check the other documents related to the property involved. To ensure that there are no problems, the company will verify different information including the title. If they find problems, they will inform you right away and will discuss the implication of the problem.

The title company may also render other services. If you wish, you can ask them to check the property for termites or molds. They will send a team to do this. If you wish to investigate the seller, they can do so. They will check the documents and other requirements of the seller. Through this, they will know if the property is owned by the seller or not. If not, they will check if the seller has the authority to sell the property. There are other services that they can provide you, all you need to do is ask.

They will also check other information even if you have not requested it. They will verify if the previous owners have existing debts that might be transferred to you when you move to the house. This includes home insurance premiums and unpaid utility bills. They may also owe HOA fees. If there are any fees uncovered, you will be able to settle it with the seller right away.

The title company will also give you the settlement form. This will give you the details of the fees you need to pay during the closing. You need to pay this to be able to own the property. These are the charges that you have previously negotiated with your lender.

The company will also prepare a title insurance after checking all relevant information. They should give you the owner’s copy. The insurance will protect you from any future claims against the property.

Part of the company’s task is to prepare an escrow account where your payments will be deposited to be managed well. After the closing, the payment will be withdrawn and transferred to the respective parties involved.
Consider the Real Estate in Desert Mountain for your next home. Check out the Scottsdale AZ Pool Properties as well. You may also visit the Desert Mountain View Homes for Sale.

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