What Does a Real Estate Title Company Do?
Buying a home or a piece of real property involves a lengthy and often complicated process. From contracts to inspections to determining ownership rights, there are a number of details that need to be taken care of in order to ensure a smooth transaction. This is where a real estate title company comes in.
Real estate title companies provide services related to the transfer of ownership rights from one individual to another. They are responsible for conducting research and verifying that there are no potential legal disputes or uncertainties over the transaction. By establishing ownership rights, real estate title companies help protect buyers and sellers from potential legal issues.
What Services Do Real Estate Title Companies Provide?
Real estate title companies provide a number of services to buyers and sellers. They help to ensure that the transfer of ownership rights is carried out as effectively and quickly as possible. The following are some of the services provided by real estate title companies.
Research & Verification
The most important service provided by real estate title companies is the research and verification of ownership rights. This is done to ensure that the buyer and seller have an accurate understanding of the ownership rights being transferred. During this process, title companies will review public records and property titles to make sure there are no liens, mortgages, or other legal entanglements that may affect the transaction.
Title Insurance
Another important service offered by real estate title companies is the issuance of title insurance. This type of insurance is taken out by the buyer to protect them from any potential legal issues that may arise from the transaction. Title insurance will cover any costs associated with legal disputes or other claims against the property, such as liens or mortgage payments.
Escrow Services
Real estate title companies also provide escrow services. An escrow account is an account held by the title company that is used to facilitate the transfer of ownership rights. In most cases, buyers will deposit funds into the escrow account to be held as collateral until the transaction is completed. These funds will then be released to the seller once the transaction has been finalized.
Real estate title companies provide a valuable service to buyers and sellers alike. By conducting comprehensive research and verifying ownership rights, they help ensure that the transfer of property is carried out smoothly and without any legal disputes or complications.
FAQs
What is a real estate title company?
A real estate title company is a company that provides services related to the transfer of ownership rights from one individual to another. They are responsible for conducting research and verifying that there are no potential legal disputes or uncertainties over the transaction. By establishing ownership rights, real estate title companies help protect buyers and sellers from potential legal issues.
What services do real estate title companies provide?
Real estate title companies provide a number of services to buyers and sellers. These include research and verification, title insurance, and escrow services. Research and verification involve verifying that there are no potential legal issues over the transaction. Title insurance is taken out to protect the buyer from any potential legal issues. Escrow services involve holding funds in an account until the transaction is completed.
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