What is the purpose of a title company? There are so many deals to capitalize on right now in the real-estate market and having a good title company is critical. Because you cannot purchase the land only the deed to the land doing the proper due diligence on the deed is a must. You have been doing your homework concerning your home, farm or investment and now hiring the right title agent will help you complete your research and make sure that once you secure the property that no surprises come up afterward.
A Title Company, says the Daily Herald Articles by Cromie & Yeats:
- Reviews the owner history of the property, checking for who purchased the property, who sold it, and when.
- Performs a tax search to verify the present status of taxes.
- Some title companies conduct on-site inspections to verify lot size, the location of improvements, and evidence of unrecorded easements.
- Conducts a judgment search to determine whether there are any general liens against the property.
- Issues a “Commitment of Title Insurance” to the lender after completion of the title search. It receives instructions and documents for the closing, and prepares a final Settlement Statement. At the closing, which may take place at the title company’s office, the title company is responsible for collecting and disbursing the monies.
There are many title companies out there so go on the advice of your real-estate agent or someone you can trust.
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