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What is a House Title?
A house title is the ownership record of a property. This title contains information such as the physical description of the property, who has previously owned the property, and if there are any legal claims, also known as liens, on the property.
Title Companies
Who Picks the Title Company?
Both the buyer and seller have representation from a title company, but neither are obligated to use a specific title company. If you’re unsure which company to use, you may ask for recommendations from your real estate agent or lender.
Title Company’s Steps During the Home Buying Process:
Research a Chain of Title - Title companies are going to investigate a "chain of title,” which is the full history of who owned the home, as well as any existing liens on the home.
Property Survey – A property survey will be conducted to certify that the home solely takes up the space specified in the title. A title abstract will then be provided for both the buyer and lender to review.
Title Insurance - Two kinds of title insurance policies will be provided: one for the buyer and one for the lender. Title insurance protects both buyer and lender financially and legally.
Usually, the seller of the house pays for the buyer’s title insurance policy, and the buyer, in turn, pays for the lender’s policy. This will be a one-time payment when the property is closed on, and the buyer will be covered for as long as they own the property.
Determine Who Is the Title Holder – It’s vital to work with the title company to ensure that the wording on the title accurately describes who has the right to transfer ownership. How property taxes and fees are paid, if the buyer sells the home in the future, could also be affected by the wording on the title.
Settlement – Sometimes, the title company will oftentimes manage closing on the home. Depending on the state requirement, a signing agent or a real estate attorney will be appointed to review all closing documents and finalize the deed and title transfer.
Hold and Manage Money in Escrow - An escrow account is a savings account managed by a third party that distributes payouts under certain conditions.
These accounts are commonly used in real estate so mortgage lenders can ensure that the buyer can afford certain expenses.
Issues a Title Company May Be Able to Find:
If the title company finds any issues with the property, both the buyer and the seller will be notified. Some examples include:
Contact me for further information.
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Columbia , MD 21045
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