Area Title Companies

When you are buying or selling a house and you have a fully executed contract the next step is opening escrow with a title company

. For many buyers and sellers, title companies remain something of a mystery and they don't understand why they should be included in the procedure.

Title companies provide an important service during the final stages, including protection for both sides of the deal. So what is this protection that title companies are offering? Referring to a title that the new owner obtains, which must be totally free of liens or other problems overshadowing it, a clear title is truly guaranteed by the title company. Unless a title company is able to produce a clean title report, such a cloud over the deal can cause the purchaser to walk away, unless of course the title company is capable of clearing up and guaranteeing the title for the buyer.

Another function that title company's provide is to gather all public information on any existing covenants, conditions or restrictions either for the property or the community at large and provide these to the potential buyer. They will be handling all of the signing for both the buyer and the seller. For the buyer, this means signing the loan documents that have been forwarded to the title company as well as the title documents and for the seller it means signing over the property with the deed that the title company has drawn up.

Once all parties have signed and the loan documents go back to the lender for funding then it all comes back to the title company again for them to send it out for actual recording which officiates the transaction and puts the home in the name of the buyer and pays off the current loan and attaches the new loan to the property. Finally, the title company obtains the monies from the purchaser for the closing costs as well as down payments, and then they turn over all of the monies to the seller, after the home has been fully registered and the sale closed out.

A vast number of such title companies have gone out of business or had to reduce the numbers of offices that they maintain in the present housing collapse, and yet consolidation is not uncommon in this type of market. Your best option is to find a title company that has been in business for a fairly long time. If a house is owned by a bank, then the bank typically goes with its own title company which it typically utilizes for all of its home sales, although the buyer usually gets the privilege of selecting the title company of his choice.

by: Logan Oulman

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