What Do Title Companies Do
With the real estate market influx and many homeowners struggling to keep their homes, title companies have become more important than ever.
If you’re selling your home or looking for a loan, you’ll need to work with a title company. Title company las vegas licensed professionals will help buyers and sellers ensure the property is free and clear of any liens or other legal issues before closing.
Title companies also offer various services, including:
Perform a Title Search
The title company will conduct a search of every public record related to the property. This includes:
● Deed records
● Outstanding mortgages and judgments
● Existing liens
● Outstanding homeowners association fees
The purpose of this research is to ensure that all title issues have been resolved in advance of closing on the property. If there is any controversy over ownership or encumbrances on the property, it will be identified in this search.
Conduct a Property Survey
A property survey is an examination of a piece of land to determine its boundaries and other information about the site. A title company will usually order a survey when there’s any question about whether someone has a clear title to a property.
For example, if you’re buying an undeveloped lot that may have had one or more previous owners, a survey will help determine exactly how much land you’re buying and whether it includes any easements or other encumbrances on your ownership rights.
They Prepare Abstract of Title and Title Opinion
An abstract of title is a legal description of your property and its ownership history. A title company can prepare an abstract for you if you’re buying a home or refinancing.
A title insurance policy helps protect against potential problems with the title to your house or other property. When you buy a house, lenders require you to buy title insurance so they can be sure they won’t be left holding the bag if someone else claims ownership of your home after years of sitting on it. Title insurers will also issue policies on properties being sold as investments. The policy protects not just the buyer but also any future buyers who may have an interest in the property.
Also, a title company provides an opinion of title based on the information they’ve gathered during the abstracting process, which describes any defects found in the chain of ownership. An attorney or other professional may draft this opinion using complex legal language fully understandable only by someone who has studied law for years — but the gist of it should be easy to grasp: “This is what we found.”
They Offer Insurance Policies to Lenders and Homeowners
Once all the property details have been checked and verified, your title company Las Vegas will create an insurance policy for both you and the lender in case anything goes wrong during closing. The lender uses this policy to protect their investment in your home, while you use it to protect yourself from any possible legal problems.
They Handle Closing Details
Once everything has been approved, the tile company will then draft up the paperwork needed for closing day. This document outlines all of the agreements reached during negotiations and spells out who is responsible for paying what costs at closing time. You’ll receive this paperwork once you’ve signed a purchase agreement with your seller or their agent to seal the deal on your new home.
They also offer escrow services. These are funds held by an independent third party until certain conditions are met before they are released to another party involved in a real estate transaction — usually the buyer and/or seller at settlement time (when all closing documents have been signed by all parties).
Get Title Help Today
Once you understand how a title works, you can own a home with confidence. Be sure to get in touch with Element Title when ready to buy or refinance. Reach out to us for professional help with your home ownership journey.