2 Ways A Real Estate Title Service Can Help You
Posted on: 16 May 2016
A real estate title service is one of the most important services involved with a real estate purchase, mostly because they can offer protection for both the lender and you as the homeowner. Listed below are two ways that a real estate title service can help you when you are looking to buy a home or other piece of real estate.
Property Investigation
One of the first ways a title service will help you out is by investigating the property that you are considering buying. In most cases, the service will be attempting to find out if the person offering the property for sale is the actual owner of the property and is legally able to sell the property.
In addition, the title service will also investigate the background of the property in order to determine if there are any legal judgments against the property, ongoing litigation, or tax liens. This is extremely important as any of those issues can actually make it almost impossible for you to purchase the property until those issues are resolved, which can take quite a bit of time. By having all of the aforementioned information in hand, you can decide if you want to keep trying to purchase the property or simply find a different property.
Another aspect of the investigation will be to confirm the property lines and make sure that no one is encroaching on those lines. For example, the title service will attempt to find out if a neighbor has built on the property, which can cause a lot of issues as it can lead to a competing claim on the property and prevent the sale.
Title Insurance
After the property investigation is complete, the title company will release a report stating what they found and offering title insurance in the event that they found no issues with the property. This is one of the most important services that a real estate title service can offer you as it means that you are protected if the title company was mistaken in their findings.
For example, if you buy title insurance and buy the property only to be sued because someone else had a valid claim on the property, then the real estate title service will take care of it. This will usually consist of the title company paying the financial institution that gave you a mortgage the full amount of the loan and paying you for the value of the home. Without the title insurance, you could end up losing the property and not being repaid for anything.
Contact a real estate title service, such as TitleSmart, today in order to discuss how they may be able to help you with your upcoming real estate purchase. This service can investigate the property for any potential problems and liabilities while also offering you title insurance to protect you financially if their findings were incorrect.
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