Buying and selling a house involves a process and multiple parties like mortgage lenders, real estate agents, home inspectors, and appraisers. A title company ensures a smooth process and transaction until closing.
Protection From Fraud
There are many property fraud cases from buyers and sellers. This makes the process of owning a property challenging. The title company protects both parties from fraud and safeguards the documents and money in escrow. The seller and the buyer should negotiate and determine the title company to select.
Search A Title
A title company performs a title search to find out the property’s original owner before it’s sold. They gain information from public records and other places to ensure the title doesn’t have defects and it’s genuine. The common defects are unpaid taxes, fraud, disputed wills, and property liens. After a search, the company gets a title report.
As a buyer or seller, it is not easy to understand real estate laws. A title company team comprises real estate lawyers who understand the law, settlement, and closing. The lawyers will answer your questions and provide legal advice.
When selling a property, it is common to find erroneous liens. However, sellers should ensure they have paid off every existing lien. The process can be challenging and derail the closing process. Consult a title company to help you in lien negotiations and other processes.
Help With Paperwork
When selling property, you need to fill in paperwork from government agencies. The title company ensures the buyer is served with the proper closing documents and has filled them in properly.
There is always a challenge when disbursing funds because of trust issues. A title company offers escrow services, acts like a middle person, and ensures funds exchange runs smoothly.
Coordinating The Closing Process
Closing is the final step to buying a house. The title company coordinates the process and assists the seller in closing the deal smoothly. In addition, the company gives every party the correct documents and ensures the safe handling of documents and funds. They keep the documents and only release them to the buyer once they make payments and meet all conditions.
When selling a property, the seller needs to fill out contracts and documents before closing the deal. A title company provides the seller with various forms and contracts. Mostly, there are lawyers in the title companies’ team to help you review if the contracts are valid.
Provide Title Insurance
Sellers and buyers benefit from title insurance Florida-located. Insurance protects both parties from unseen defects that usually occur after a title search. The title company will defend you with the title insurance policy if someone claims the property’s ownership. You’ll pay the policy a one-time fee paid at closing.
Buying a house is a major project that involves a lot of money, so you cannot afford to make a mistake during the process. Hiring a title company gives you peace of mind, legal advice, lien negotiation, paperwork, and escrow services.