Any direct sale of property often requires the assistance of an inspector, realtor, and lawyer. People who try to handle everything themselves often become overwhelmed if they don't have the right background knowledge or experience. You'll get the most benefit from the services of a title company if you are selling or purchasing a property.
Considering all the legal and paperwork requirements, a title company can help protect both buyers and sellers. A title company facilitates the transaction while also protecting the lender.
Here are some of the top reasons you may need to hire a real estate title company:
Title Search Support
Breach of Contract
Types of Policies
Title Search Support
Some people may not have easy access to all of the past history of a potential new home, especially one that is brand new. An evaluation of your home's history can be useful not only for providing more details about the property, but can also play an important role in the future sale. Real estate title companies are able to find information concerning the title of a property by digging through public records. Using this information, title companies can discover issues that may not be immediately apparent to the buyer.
The role of title companies includes verifying that the person selling the property is legally able to do so, as well as clarifying any potential issues related to the property. In addition to identifying existing liens and unpaid taxes, a title search can also show easements and leases.. Based on which real estate title company you work with, you may be able to request a survey from your attorney to determine where the property lines are located and to determine any other issues before closing.
In the course of purchasing or selling property, you may find that the original contracts contain ambiguities. The work must be completed properly by all parties involved in these contracts. A lawsuit can result when a party does not adhere to any of the contract's terms. The expertise and direct knowledge of a real estate title company can be invaluable during troubled times.
Types of Policies
In most cases, property title records are thoroughly examined, but there is always the possibility of another issue being discovered in the future. In other words, title insurance can help keep you covered no matter what issues may arise. At a real estate company, you can typically purchase two kinds of title insurance.
Loan Policy: Lenders, who provide loans to homebuyers, will likely require a lending policy. Until the full loan amount is repaid, this type of policy remains in place. When title issues occur, lender policies may only cover the financial institution.
Owner’s Policy: Buyers are protected from possible title problems with an owner's policy. However, it is advised in many cases even if it is generally optional. The warranty usually lasts the length of the homeowner's ownership of the home.
As part of your home purchase closing, the title company you used may also be the closing agent of the final close. As part of the closing process, a representative from the title company will compile all necessary documentation. During this process, the title company will verify the funds and, when necessary, act as the agent for disbursement.
If you need any assistance with closing on your property, you can rely on the title company as a third-party neutral. To ensure everything is correctly addressed, signed, and filed, they can gain advantages for their clients. Any potential legal problems that may arise during the transfer of real estate can be avoided by using these services.
Working with an experienced real estate attorney like Rochford Law & Real Estate Title in Nashville, TN can save you time and money in the long run. It’s best to cover all your bases and get through a real estate transaction with as little problems as possible. However, it’s comforting to know that should a dispute pop up, a real estate litigation attorney can help find a resolution. Contact Rochford Law & Real Estate Title today!