Have you found a house that you like and want to go through with the closing process to become the owner? It is actually in your best interest to seek assistance from a title company before moving forward with closing on the house. A title company will be able to provide many different services that will make their assistance a worthy investment. In this article, you will discover a few of the things that a title company can do to help you get through the closing process without any regrets later on.
1. Issue a Policy for Title Insurance
One of the best things about a title company is that they work with insurance companies and can issue policies for your protection. Basically, title insurance is the type of coverage that can prevent you and your lender from suffering a large financial loss in the event that problems arise after closing. For instance, if it is found that someone else has the rights to legally live in the house from a will, you would likely have to move out. The title insurance company will then reimburse your lender for what you were loaned, as well as reimburse you for any financial loss such as closing costs and the down payment.
2. Thoroughly Research the Property Title
The services of a title company will be beneficial when it comes to making sure you will be considered the legal homeowner after closing. For instance, the company will make sure that the person selling you the house is the actual person that is listed on the property title. Researching the title will also include learning about any other people that used to own the property title. Researching all of the previous owners can help the title company when it comes to finding out if there are any liens in place from the past that were never paid off.
3. Act as an Escrow Agent
A title company can act as an escrow agent during the closing process to make sure everything is done right. If the sales contract requires that certain conditions are met before closing is complete, the title company will hang on to any money or documents that are involved. For instance, after the conditions are met, the title company will give the seller your check and you will be given possessions of the property deed. Hire a title company, such as TitleSmart, to assist with the closing process as soon as you can.