What Does A Title Company Do?
by Victoria Araj (view profile here)
The title company is a third party that works on behalf of both the lender and the buyer. You hire them to research and insure the title of the home you’re buying.
Chain Of Title
Title companies will research what is called the “chain of title,” or the full history of the home’s ownership.
Title Research And Property Survey
Your title company will conduct a property survey. Required to close on a home in most states, surveys ensure that the home occupies only the space indicated on the title.
Determining Who Holds The Title
It’s important to work with the title company to make sure that the wording on your title accurately describes who has the right to transfer ownership.
Title companies usually manage the closing on your home.
Title companies may hold and manage money in escrow, with the help of an escrow agent. An escrow account is a savings account managed by a third party – in this case the title company – which distributes payouts under certain conditions.
Protect Your Investment
Without the protection of title insurance, a homeowner may be in jeopardy of losing the investment due to hidden liens and encumbrances that could result in a claim against ownership.
To arrange a time to discuss your real estate transaction, please call us today at 561-738-1370 or send us a quick message.