Directly selling property requires the services of an inspector, realtor, and lawyer. In the past year, 88% of buyers purchased their home through a real estate agent or broker. With this statistic in mind, people who try to handle everything themselves can often become overwhelmed.
When it comes to selling or purchasing a property, a title company will be of particular benefit to you. Title companies can provide buyers and sellers with protection when it comes to the legal and paperwork requirements of real estate transactions. In addition to facilitating the transaction, a title company protects lenders.
Here are some of the top reasons you may need to hire a real estate title company:
- Past Title Search
- Contractual Disagreements
- Title Policies
- Closing on Your Property
Past Title Search
New homes may not provide easy access to the past history, especially those that are brand new construction. In addition to providing more information about your property, an assessment of your home's past can also be useful if you decide to sell it in the future. The public records of a property can be consulted by real estate title companies when researching the title to a property.
A title company can identify issues that are not immediately obvious to the buyer using this information. Title companies are responsible for verifying that the person selling the property is legally able to do so, as well as clarifying any potential property-related issues. A title search can also reveal existing easements and leases, as well as liens and unpaid taxes.
You may be able to request a survey from your attorney, depending on which real estate title company you work with, to determine how the property lines are located and to determine if there are any other issues before closing.
Commercial real estate closings in Nashville necessitate an experienced real estate attorney. Visit Rochford Law & Real Estate Title today!
Contractual Disagreements
Often, your original contract may contain ambiguities when you are buying or selling property. All parties involved with these contracts need to perform their work properly. In the event a party does not adhere to any of the terms of the contract, it could result in a lawsuit.
During challenging times, a real estate title company's expertise and direct knowledge can be invaluable. Whether a contract has been breached, or other issues arise, an educated attorney from the title company of your choice can ensure your success in dealing with your home property.
Title Policies
Though the majority of property records are thoroughly examined, an unforeseen problem might be discovered in the future. Therefore, title insurance keeps you protected no matter what issues may arise. Title insurance is typically sold by real estate companies in two categories.
1. Loan Policies involving lenders, provide loans to homebuyers. 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.
2. Owner’s Policies ensure buyers are protected from possible title problems. 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.
Closing on Your Property
In addition to handling the closing of your purchase, the title company may also handle the final close of the deal. All necessary documentation will be compiled by a representative of the title company during the closing process. Title companies provide fund verification and, as necessary, act as agents for disbursement during this process.
A title company is very valuable as a third-party neutral in closing on your property. Title companies can gain advantages for their clients by making sure everything is addressed, signed, and filed correctly. Using these services can help to avoid any potential legal problems during the transfer of land.
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!
