Buying a home is a long, sometimes complicated process with plenty of opportunities for issues. While some of these can be easily avoided by carefully reviewing contracts and asking the right questions, there are some that new homebuyers may not even realize exist. A title company can help you avoid these issues. But exactly what is a title company responsible for? In short, a title company helps you review documents, protect your investment, and finalize the purchase of your home with no extra stress.
What Is A Title Company Responsible For?
Here are a few services you can expect your title company to provide when you decide to buy a house.
Title companies primarily focus, of course, on titles. An attorney prepares the Deed to the property in question. Sellers must sign the Deed showing that the property has a new owner, and a title company’s representative will notarize those signatures. The title company will also submit the deed to the county recorder’s office, where the buyer will then become the official owner of the property.
A title company hires an independent examiner to carefully research and review the title to your new property. The examiner can search public records to identify any problems with the status and condition of the title, including any concerns relating to the transfer of the title. The title company will provide both the buyer and the seller with information about the title in a preliminary title report, which can then be used to secure title insurance. This important step in the closing process helps avoid delays and expensive legal fees that could result from purchasing a property with an unsound title.
Most mortgage companies require that you obtain title insurance prior to agreeing to a loan. Title insurance protects the lender if there are any prior claims on the title to your home, such as mechanics liens, undisclosed heirs to the property, and any other roadblocks that would make it impossible for you to use the property as collateral for the loan.
Using a title company can make the process faster and easier. Your representative will insure that everyone has submitted the proper documents, review closing instructions, and conduct closing processes according to state and federal laws. The title company will also submit documents as necessary to ensure they are properly filed in the relevant property records.
Your Fairfax Title Company
Speak to Mathis Title Company for more information about the home buying process and how a title company can assist you. Robin Mathis has years of experience in both the legal and real estate fields, including both commercial and private real estate transactions. This unique combination of knowledge helps her provide clients with in-depth, comprehensive services during their home buying process. Mathis personally oversees each closing herself to give clients personalized attention and support.