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Learn about the Title Company

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By : Roby Hicks    99 or more times read
One of the most important purchases you are going to make is the purchase of your house. This is why it is important that everything be verified. In order to be certain that all the information are legit, you will need the services of the title company. They will verify all essential information including the real owner of the property. The title company will also ensure that you get a good title to prevent claim issues in the future.

Among the first things that the company will do is the abstract of title. The abstract will indicate the brief history of the property. In order to learn about its history, the title company should conduct its own investigation and research. An agent from the company will check the related records. Aside from the current ownership of the property, they will also check if there are existing problems that involves the property such as unpaid mortgage, liens, unpaid taxes and utility bills.

The next thing that the company will prepare is the title opinion letter. However, if he is to give a good title, what he will prepare is the Commitment of Title Insurance. This shall be given to the buyer and the lender. The above mentioned documents will specify the requirements and problems that has to be dealt with in order for a good title to be acquired.

Part of the responsibilities of the title company is to prepare the documents that will be used in the closing. The closing agent from the company should make sure that the documents would reflect what the seller, the buyer and the lender has agreed. This is important because the seller and the buyer will examine the papers presented before affixing their signature.

The closing agent will also prepare the settlement statement. This will be indicated in the HUD-1 form. This will contain the fees that the buyer will have to settle in order for the transfer of ownership to push through. The charges are composed of those paid to the government like the property taxes. This will also include the charges concerning the processing of your loan.

The closing agent will also be tasked to report and record the transaction to the county courthouse. He will then give the documents to the respective parties. The mortgage documents will be given to the lender. This shall be transferred to the buyer as soon as the mortgage loan is paid in full. The deed on the other hand will be given to the buyer.

The payments shall be made after the transaction has been finalized. The title company will distribute the payments accordingly. He will also deal with the different restrictions. In addition to giving the proceeds to the seller, he will also distribute that payment to the different parties involved. It is essential that he follow what is indicated in the settlement statement.

Title companies play a significant role in property purchase. This is why it is important that you work with a competent company to ensure that everything will go smoothly.
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