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Buying a property and selling is a big event. It is considered the investment of a lifetime to most people. The next step in home buying is to obtain a title for the property from a Title Company. A title gives the owner right to possess the property. It is necessary that you understand the services they provide.

The role of the Title Company is as follows:

1. Receipt of the Earnest Money. To show that a buyer is serious in purchasing, he or she is asked to give the title company a deposit, this is called the earnest money. If the sale pushes through, the money is applied to the down payment, but if it will not, the amount will not be given back unless stated in the offer that it is refundable.

2. The title company will search the title of the home or property. It is a thorough check of the property's records. It serves as a verification of the seller's right to change ownership. This search will determine if there are any faults, demands, liens and other restrictions or privileges on the property.

3. After completing the title search, the company will now proceed to a "Commitment of Title Insurance". This is issued to the mortgage lender and copies are provided to the seller, buyer, realtor, and lawyers. This commitment will set forth matters and exceptions that have to be satisfied prior to the settlement and the issuance of a title policy. Usually, the seller will provide at his own expense an Owner's Title Policy the buyer, unless otherwise agreed. The mortgage lender will require that the buyer secures a Mortgagee's Title Policy for their benefit. Both cases provide financial protection from unknown defects, and adverse title claims or even risk to the insured.

4. Between receipt of the contract and the final settlement, the company will establish close contact with the lender, the realtor and the lawyers of both sides. This is necessary to obtain the necessary documentation for the closing.

5. When the closing date has been set, the lender or the attorney will send the legal documents such as Warranty Deed, Deed of Trust, etc. and the closing instructions to the escrow officer of the title company. The officer will then compile all the lender's miscellaneous fees, charges, title fees and other closing costs into a final settlement statement. At this point, the buyer will be informed of the amount he or she needs to bring for the closing. When everyone is there, the papers and fees will be explained by the officer and reviewed and executed.

6. The title company assumes responsibility in collecting the necessary funds for an accurate and prompt disbursement. After the closing, the company will see to it that all legal documents have been filed for record, the mortgage lender's requirements fulfilled and all necessary paper works returned and all outstanding liens are fully paid and the title policies prepared and sent.

7. The company plays a major role in the buying and selling process and maintains regular involvement from the time the contract is signed up to the completion of the transfer. They strive to ensure that this complex procedure is done in compliance with the instructions of the parties involved in the most effective and pleasing manner. Service is of utmost importance to a title company.

It is not an average individual's job to go through every word and fine print of the real estate procedure. A small misconception or error could maul the whole process, leaving your deal and the selected property in disarray. Only a helping hand of an expert could assist you through the problems such as a Title Company. Title Companies have a vital role in making sure that every single step from top to bottom is dealt and taken with high precaution when making and closing on a Real State deal. To put it this way, Title Company acts as your attorney in Real Estate world.

Responsibilities

The principle aim of a Title Company's existence is to carry out a through crosscheck and validating procedure for verifying the rightful legal owner of the concerned that you would be willing to buy or sell. The owner is rightfully identified by the verification of the Title, a legal document carrying the true owner's name and then the company goes ahead to match with the names of possession claiming party. The reason why the Title Company is so thorough with the process is that to make sure you are safe from any legal harm related to the estate.

Benefits Gained

One of the greatest benefits for the buyer/seller who involves the Title Company in the Real Estate deal is that utter sense of relief that you could get from all the major hassles including the Title verification for tracking out the rightfully legal owner of the property. To save you more from the future problems, A Title Company would fetch out for any unwanted false claims made on the property.

The second most important advantage to be gained with the title Company involved is go through is focusing on any and every financial and legal obstacles that may surround the said property and ridding them off for one by one to mark the deal clean. Refinancing; proper payments of mortgage, any litigation in due course, and any debt brought forward or hidden for the buyer to realize it later and so on are some important factors to be considered at the time of finalizing the deal. That is only possible with the help of a Title Company.

One of the major setbacks in the real estate purchase or sale is the complete preparation of document before the deal is finalized and closed. On your own, chances of missing out a legal formality or not considering certain clause as imperative would cause a huge blunder. Title Companies know exactly which documents and necessary and they work along with you to sign and prepare all the pertaining legal papers to declare the said property to your name.

Title Company's Role

When you are out there dealing with real estate propositions, you always need sound group of individuals to support you and guide you through the process. That is exactly why Title Companies are known as the guardians of consumers in real estate.

The next step in home buying is to obtain a title for the property from a Title Company. The title company will search the title of the home or property. The next step in home buying is to obtain a title for the property from a Title Company. The title company will search the title of the home or property. After check here completing the title search, the company will now proceed to a "Commitment of Title Insurance".

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