Are you searching for a title company, but do not know where to begin? Here are a few questions that you might want to ask:
- How many transactions does the company complete each year?
- Is the company adequately staffed to complete my transaction in a timely manner?
- How up-to-date is the company with current federal laws and requirements?
- You can also contact your local BBB, state insurance department or state title association to see if they are members or can provide you with any further information about the company.
Companies offer title services to all of the involved parties - buyers, sellers, lenders and real estate agents. Its job is to coordinate all parties, while transferring money and property during a closing. When using the services of a title company, this process eliminates any risks that there are any claims, assessments, errors, or miscellaneous defects on the title when you purchase the property.
Some of the services provided by a title company include:
- Title Search - A title search looks at the records of the title to insure a clear, transferable title. We make sure that the title is free from liens, judgments and easements.
- Lien Search - The search records any outstanding monies due on the title such as lease payments or second mortgages. These must be rectified before the title is cleared for ownership.
- Title Insurance - This is a policy issued by a title insurance company protecting the property owner and your financial institution against any errors in the title search and any claims that should arise with the property. The buyer, the seller or both parties can pay for the cost of the title insurance policy.
There are (2) two different kinds of Title Insurance:
- Lender's Title Insurance - This type of policy protects the lender from any loss due to problems with the title. It also guarantees that the lender has the first valid lien against the title.
- Owner's Title Insurance - This type of policy protects the buyer from any errors that may surface after the sale of the property is complete. There are no annual premiums to pay and buyer pays for the policy when it is issued.
A seller may purchase a policy to insure that the buyer is receiving a clear title to protect the lender.
This type of policy is the only policy that will protect you from any kind of legal expenses from a resulting dispute.
If you have any questions, or would like more information about title services, click here or call us at for more information.