Why use a real estate title company

Why use a real estate title company

Article Source
http://www.lawfirms.com/resources/real-estate/real-estate-title-company....

A real estate Title Company is one of the specialized services that are required when buying or selling real property. It is important to use a qualified real estate Title Company when purchasing or selling real estate. When a consumer is in the market for a new home or a commercial property, he/she will need to make sure that the real property they wish to purchase is free of claims against the title or that the person selling actually has the right to sell it. That is when a real estate Title Company comes into play. A real estate broker can help a homebuyer find a good real estate Title Company but the consumer is not bound to use any specific title company unless the other party is paying for the title search. In that case, the person or company paying for the title search has the choice of real estate Title Company. That does not happen often; usually the purchaser pays for the title search.

Title to real property refers to an official document that demonstrates ownership of a property. Title can also refer to a collection of rights associated with real property and they can represent either legal interest or equitable interest in the property. Different people can hold the legal interest and equitable interest.

A real estate Title Company provides the following services:

•They will initiate a title search of abstract public land records
•The title search will reveal the legal owner of the property
•They will investigate the title history to determine if there are any judgments or liens that must be satisfied
•The title search will reveal any open mortgages against the title
•Expose any existing restrictions or easements that may limit the rights of the property owner or grant other legal access to the property
•Reveal any outstanding property taxes or other property assessments

All these issues need to be satisfied before a clear title can be conveyed to the new owner. Title insurance is a good way of protecting the new title from any unforeseen problems, hidden defects, and any claims against the title. In some jurisdictions, the mortgage lender holds the title and the buyer, seller, real estate broker, and lawyer will receive a copy. When all conditions have been met for the repayment of the mortgage, the title transfers to the property owner. In other jurisdictions, the borrower keeps the title while he/she pays off the mortgage.

If you have any questions regarding a real estate title company or any issues with the title to a property, contact a real estate lawyer today for expert advice.

__________________


Syndicate content