Post on 06-Aug-2015
WHATis aTITLECOMPANY?
TITLE SEARCH
performs a
A TITLE COMPANY
A title search ensures when the buyer of the home procures the title they will legally be the homeowner. A title company will make sure there aren’t any claims on the property, like outstanding mortgagees, unpaid taxes or utilities.
PROPERTY SURVEYperforms aA TITLE COMPANY
A property survey draws out the property
lines to see how large the piece of land
is and if neighboring properties have
encroached upon the property lines.
TITLE OPINION
writes aA TITLE COMPANY
After completing the title search and property survey, the title company creates a legal document stating the title is valid and available to sell to the buyer. This document is called the Title Opinion Letter.
TITLE INSURANCEoffersA TITLE COMPANY
A title company offers two forms of title
insurance: lender’s and buyers. This
protects the buyer and lender from
disputes over home ownership.
HOME WARRANTY
picks aA TITLE COMPANY
Sometimes a seller includes a home warranty on the home to protect the buyer from paying exorbitant prices on appliances and systems that have failed from normal wear and tear. The title company may choose what home warranty to purchase.
ESCROW AGENTacts as anA TITLE COMPANY
The title company prepares all legal
documents and explain them to the
buyer and seller. Then they collect the
money from the buyer and seller and
make sure the money is transferred to
the correct parties.
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