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Title Company Roles
Title company roles are complex and important in any property purchase. Title companies safeguard your legal interests and protect the lender as you buy a real estate property. Title company roles should never be overlooked as you shop for a home and arrange a new home loan – title companies play a large role in home buyer success. Title company roles include the role of title searchers. A title company must run a title search on each property about to the purchased. This search reveals the ownership history of the home and may reveal any legal problems. For example, if someone else may have legal claim to the property, a title search reveals this – before a buyer puts all the effort into buying the property. Another of the title company roles involves deed analysis. The title company will look at the deed and will look for any discrepancies. This is important since a deed that is incorrectly filled out or is inaccurate may affect your legal rights to the property. Another of the title company roles involves insurance. Title companies can offer you title insurance. This ensures that you and the lender are covered in the event that anyone tries to claim that they have legal claims to the house you are about to purchase. The importance of title company roles should never be overlooked -- title companies can find liens, judgments, and bankruptcies against real estate you are about to buy. The title companies can also reveal any problems with previous mortgages, title to property, and taxes. If a title company finds problems with the title of a real estate property, the lender and buyer can contact the seller of the property. The seller is then responsible for clearing all problems to the title of the property before closing. This ensures that the new home buyer can have complete peace of mind, knowing that they are legally entitled to the property at closing. Title companies can prevent lengthy and expensive court hassles. Many home buyers do not realize the title company roles that a title company plays. The title company will decide whether a property has any legal liabilities and whether the property can be insured. Since the lender will not offer you a loan without insurance, title companies are more important than you think.