When you’re purchasing real estate, an accepted offer is merely the first step. The following months involve a lot of paperwork, research, legal filings, and professional consultations. That’s why it’s so important to get the right professionals in your corner from the start! But do you know how to choose a title company?
Title companies serve a crucial function in the real estate transaction process. The title company, also referred to as the closing company, performs title searches, keeps track and organizes documents required for the transaction to close, escrows funds for the closing, provides commitments for title insurance, and safeguards the integrity of the closing process. If a title cloud, or defect, such as a missing signature, a tax lien, or some other problem should arise, an independent title agency will work to safeguard the interests of all parties involved, buyer, seller, and lender, and will not place the interest of any one over another.
For most people, purchasing a home is the largest investment they will ever make, and protecting that investment is critical. Homeowners typically carry property/casualty insurance to protect against fire, vandalism, storm damage, and flooding. But what about title clouds?