The title company is responsible for securing information about the property that is being purchased. This includes the mortgage, deed, and any other documentation that will be needed to close on the property. The title company also provides legal descriptions of all of the property’s features, topography, and legal description.
What is a title company?
A title company is an independent, unbiased, third-party company who acts as a fiduciary intermediate during the home loan process. The company comes into play during the setup stage when a title is ordered.
What does a title company do?
When you buy a home, you want to know that you’re buying what’s yours—and the title company will make sure of it.
The title company performs a search of public records or transaction history for the property and its title. The company also verifies who has the title to the property, as well as the “quality” of that title (meaning if it’s “cloudy,” as opposed to being owned free and clear).
If there are any problems with your purchase, the title company can help you get them fixed quickly or at least tell you how to fix them.
What is a title search and how does it help you?
When you buy a property, the title company is responsible for finding out if there are any issues that could impact your ownership rights.
The title agent will conduct a thorough search of public records to ensure the current owner has the right to sell the property. This seems straightforward, but issues like a divorce decree or the passing of an owner can complicate who can sell the property.
A title professional also looks for fraudulent documents, questionable circumstances in previous property transfers, and forged signatures to protect your future ownership rights against issues that happened in the past.
Now that you know how a title works, go forth and secure a mortgage with confidence. Although it sounds easy, choosing the right title company and the entire buying process is not, but we can help! If you’re ready to buy, you can do so online with KeyGroup. You can also get help by calling (330)-819-0099.