When purchasing or selling real estate, should I hire a title company?
There are a lot of good reasons to buy or sell a house without a realtor's help, but a title company is one vendor you shouldn't do business with without. With a purchase or sale that is for sale by the owner, this is particularly true. Using a title firm guarantees both a smooth closing and the security of your transaction.
Making sure the closing is conducted in a proper and organized manner is the responsibility of a title firm. The business will carry out a title search, order the necessary reports and surveys, and confirm that all the documentation is to transfer ownership of the property in question. Title searches and providing title insurance are two of the title company's main contributions. An examination of the title to the property is done through a title search. According to this investigation, the property is eligible for sale and is free and clear of liens.
Purchasing a home only to discover that it has liens against it or, even worse, that a co-owner didn't approve the sale, is the very last thing you want to do! These kinds of problems will be uncovered via a title search, allowing for their resolution before the closing. The majority of mortgage lenders demand title insurance. The lender is covered by this insurance against unanticipated title flaws, whereas the buyer is covered by a different title insurance policy. This extra security is required since these issues might not be discovered through a title search. You are shielded from title claims by title insurance coverage. The charge is paid once at closing and never again.
Paperwork Filing: The title company ensures that copies of the closing documents are given to the buyer, seller, and mortgage lenders as well as submitting the documentation to the relevant government organizations.
Closing Facilitation: On neutral ground, the title company can host and coordinate the closure. The agency does not favor the buyer over the seller or the seller over the buyer because it is an unbiased service provider. The title agency's goal is to ensure that the sale occurs, and it is their responsibility to do so. A title agency accomplishes this by gathering all required paperwork from both parties, ensuring that it is correctly completed, and obtaining signatures. In a for-sale-by-owner transaction, having a second set of eyes to review everything is very beneficial.
Escrow And Notary Services: Title companies can hold the earnest money, act as escrow agents, and make payments. For the completion of documents, they can also offer notary services.
It's crucial to keep in mind that the title company's role is to facilitate a quick and effective closing for all parties. Without the title business, you can encounter needless delays and/or unanticipated problems.
If you have questions about title insurance, IndyLegal Title Services is here to help you!
Call us at 317-214-6023 from Mondays to Fridays so we can assist you!