What Does A Title Company Do?

One of the steps in buying a home is turning to a title company to gather information

. This is not something you want to avoid or overlook since it can mean the difference between buying a home and not doing so. When you buy a piece of real estate, that property likely comes with a long list of previous owners. No matter if the house itself is brand new, the land ownership is a big factor in the purchase. The last thing you want to do is to end up with a piece of real estate sold to you by one person that is actually owned by someone else.

What Does the Search Do?

The title company will conduct a thorough search to determine the actual ownership of the property. To do this, it will need to use various records available to the public and government. The goal is to determine if the person selling the property has the full, legal right to do so. There are many times when this is simply not the case. For example, if the property was passed down for generations, just one person not signing off on a sale can cause a problem.

More commonly, though, is the lien. A lien on a home is a legal right to funds from the property if it is sold. For example, a creditor may place this on a home through various legal processes if the debtor does not pay his or her debt. When this is in place, the individual cannot sell the property without first repaying this debt. For those who are buying the home, this is a big concern since it needs to be settled before the process can move forward.

Insurance

Another aspect of this process is the use of title insurance. This type of insurance provides the property buyer with some reassurance that they will not lose out financially should someone step forward and try to make claim on the property. Some mortgage companies may require this. More commonly, though, it is in the best interest of the homeowner to use this service especially if there are concerns about the title in the long term. Your real estate agent can help you to make decisions about this process, too.

Before you make the sale and sign on the dotted line, be sure you know what you are buying. With a chain of ownership examined and with the assurance that this type of insurance can offer, you can feel good going forward with this process. A title company is one you want to work with, and you don't want to rush through the process.

by: Andrew Stratton

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