Do Title Fees Justify The Protection Title Companies Offer?
Most people buy under 3 homes over the entire course of their lives. There are several professionals that are necessary for even the most typical real estate transaction, and title companies are no exception. Due to the high dollar amount of most real estate these professionals represent and protect assorted parties interests in the property.
The most important responsibility that title companies have is to make sure that the title goes from the seller to the buyer easily and actually is what it is supposed to be. If it supposed to be a 10 acre parcel, the title company ensures that, as well as any existing liens or other encumbrances on the property.
Any disruption in title or legal description and the title company has the responsibility to try to straighten it out and alert all parties. Any mechanics liens or tax liens have to be settled before the property can legally transfer hands.
As soon as both parties sign the purchase and sales agreement, the file is sent to the title company who immediately start working. They assess the compliance with all local and federal laws and regulations and take care of the following:
Verification of the seller
The confirmation of the seller's identity and their legal ability to transfer the property is verified at this point by the title company. Then they submit all necessary legal paperwork as well at the appropriate time.
Property has Clear Title
The other important objective of the title company would be to ascertain the title of the property being purchased by the buyer is absolutely clear. This would mean that the property does not encumbrance or is not under lien. There is no property or any other fiscal tax or costs due by the seller to the state.
Insuring the title
The title company also sells the buyer a form of insurance protecting them against any future difficulty with the title called "title insurance". This insurance policy takes care of any legal and administrative costs in settling any disputes involved in the title transfer. Both, the buyer and the lender purchase title insurance policies to protect their own interests.
The "Commitment of Title Insurance" is issued once the title company has certified the title of the property. All parties and participants in the transaction receive a copy.
Your responsibility to investigate the property you are interested in doesn't stop at trusting the professionals you hire to take of things. You must also act to disseminate the liability of the transaction through as many responsible entities as necessary for your own protection. - 23199
The most important responsibility that title companies have is to make sure that the title goes from the seller to the buyer easily and actually is what it is supposed to be. If it supposed to be a 10 acre parcel, the title company ensures that, as well as any existing liens or other encumbrances on the property.
Any disruption in title or legal description and the title company has the responsibility to try to straighten it out and alert all parties. Any mechanics liens or tax liens have to be settled before the property can legally transfer hands.
As soon as both parties sign the purchase and sales agreement, the file is sent to the title company who immediately start working. They assess the compliance with all local and federal laws and regulations and take care of the following:
Verification of the seller
The confirmation of the seller's identity and their legal ability to transfer the property is verified at this point by the title company. Then they submit all necessary legal paperwork as well at the appropriate time.
Property has Clear Title
The other important objective of the title company would be to ascertain the title of the property being purchased by the buyer is absolutely clear. This would mean that the property does not encumbrance or is not under lien. There is no property or any other fiscal tax or costs due by the seller to the state.
Insuring the title
The title company also sells the buyer a form of insurance protecting them against any future difficulty with the title called "title insurance". This insurance policy takes care of any legal and administrative costs in settling any disputes involved in the title transfer. Both, the buyer and the lender purchase title insurance policies to protect their own interests.
The "Commitment of Title Insurance" is issued once the title company has certified the title of the property. All parties and participants in the transaction receive a copy.
Your responsibility to investigate the property you are interested in doesn't stop at trusting the professionals you hire to take of things. You must also act to disseminate the liability of the transaction through as many responsible entities as necessary for your own protection. - 23199
About the Author:
Gavin King is the Designated Broker of Realty In Idaho and enjoys writing articles on boise idaho homes for sale and homes for sale in meridian idaho
posted by X - Men @ 5:31 AM
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