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Title Company and Its Importance

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By : Roby Hicks    99 or more times read
Owning a home is a dream for most of us. This is why we want to make sure that when we purchase a home, everything goes smoothly. We do not want to encounter problems especially in terms of its ownership because of the money and commitment involved in buying the house. But how can we be certain that we will not have problems? How can we be certain that the property we are looking at is free of problems?

A title company is needed to check on the property you want to purchase. It will verify if the property is indeed up for grabs and that it has a clean title, without any restrictions. The company will also check on the legitimacy of the seller. It is its job to check if the seller really has the authority to sell the property. However, this will not be easy because they have to check a lot of documents. It also has to trace the history of the property before it can give a title insurance.

What to expect from a title company?

As mentioned earlier, the company will have to validate the title of the property concerned. They will look into possible problems with the property. There could be an omission in the deed. Other related documents could be falsified too. There could also be unpaid taxes or liens by contractors. This requires a lot of research. Related files such as the mortgage, deeds, wills and maps will be reviewed. The history of the property will be checked as well.

The title company will prepare the abstract of title detailing the essential information about the property like the legal owner of the house, liens and restrictions if there are any. Other essential information will be reflected here as well. The company will issue an opinion letter, unless he will be releasing a title insurance. If he will be issuing a title insurance, the company will prepare a Commitment of Title Insurance.

Once the company has issued a clean title, they are also issuing you insurance. This means that, should you encounter problems against claims to your property in the future, your legal fees and defense will be paid by the title company.

How will you find a reliable title company?

There is no denying that the title company plays a big role in home purchase. This is why it is important that you choose a title company carefully. You do not have to work with the company listed in your closing cost. Remember that you have the right to choose whom to work with. Besides, you will be paying them in the first place.

But how do you find a reliable company? Here are some tips:

  1. It is important that you consider their reputation. How does the community see them? You can check online for any news, complaints or compliments for the company. You can also check if there are cases filed against them. Conduct a background check as well.

  2. Ask for referrals from people you trust. Ask your friends, family or office mates. Do not forget to ask your agent too.

  3. Compare their fees. You need to choose a company that will give you the best value for your money, right?

The title company plays a vital role. This is why you have to pick the right company to work with.
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