OfflineThis may be a dumb question, but I really don't understand the role of a title company. Do they just show up at closing and title the property in the banks name, and have on there whoever the homeowner is making payments? Someone said you get paid by the title company at closing. I've never bought a house before and need to understand this concept. Sorry if this seems like a dumb question. Thanks for your help
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Well on google here is something: http://wiki.answers.com/Q/What_is_the_role_of_a_title_company_in_home_pu... AND http://www.resourcesforattorneys.com/titlecompanyrolearticle.html
~ Grace (If Donald Trump can do it YOU BETTER BELIEVE I CAN!!) btw I drew my display pic
Never a dumb question! You don't know, you don't know! The function of a title company is to provide a buyer clear title. This is needed in order for the lenders to give funds. Other wise the new buyer could inherit a judgement or lein agaisnt the property from the previous owner. It assure you as a new buyer that if you resale there are no hidden epenses that could restrict you from transfering the deedor being foreclosed on. A title company can hold a closing there in office with the sellers attorney present. The monies are wired to the closing and funded through the title company. The only disadvantage of having an title company do your closing is that if a legal issue arises, they don't have the authority to correct it. This is why Dean prefers to use an attorney in most cases. Continued success to you..........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"