| Title Companies In The Desert |
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| Written by Nathan Oulman |
| Friday, 30 July 2010 16:07 |
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When you are buying or selling a house and you have a fully executed contract the next step is opening escrow with a title company. Many people have no idea what a title company actually does and why they need a title company involved.
When you are buying or selling a house and you have a fully executed contract the next step is opening escrow with a title company. Many people have no idea what a title company actually does and why they need a title company involved. There to offer protection to the two parties, a title company proves to be critically important for the transaction. So what is this protection that title companies are offering? If you're the buyer, the title company will guarantee that the house or property you are purchasing has clear title, a short way of saying that there are no outstanding liens or other problems with the title. This type of cloud can often lead to the buyer backing out unless the title company and get a clean title report and they will work diligently to get the clearance and guarantee to the new buyer that they have a clean title. The title company will also work on other details of getting the public report or covenants conditions and restrictions for the community and getting them to the buyer for review. On behalf of both the buyer and the seller, they take care of all signatures involved. For the buyer, this means signing the loan documents that have been forwarded to the title company as well as the title documents and for the seller it means signing over the property with the deed that the title company has drawn up. Placing the house in the buyer's name and actually liquidating the existing loan before attaching the new loan to the property, after all parties have finished signing, the loan documents are sent back over to the loan officers for funding of the loan, and finally all of the paperwork returns to the title company one last time so that they are able to send the documents out to be recorded, as this finalizes the transaction. Finally, the title company obtains the monies from the purchaser for the closing costs as well as down payments, and then they turn over all of the monies to the seller, after the home has been fully registered and the sale closed out. The current drop in home sales has affected title companies as well, with many either closing down or reducing staff, but this is to be expected in the current housing market. You should make certain that you are dealing with a title company that has existed for a good while. The buyer generally has the option of choosing the title company unless the home is bank owned and then the bank will generally use one title company for all of their homes. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Want to find out more about homes gilbert, then visit Nathan Oulman's site on how to choose the best homes in ahwatukee for your needs. |