The Title Process – What Should I Expect From the Title Company?

When all the negotiations and inspections are completed, and the buyer has committed to a loan, then the closing date is near. In the buying and selling practice, it is important that you select a reliable title company who will be in charge of preparing all the necessary papers required in the closing and takes charge of the closing in real estate business. When you do business with a good company, the closing process is fast and without any difficulty. When you are in the process of selecting a company, there is no need to rush into deciding which company to choose. When you have already decided to work with a particular company, you should know the role they play in real estate buying and selling.
So what should you expect from the title company? Well, if you have Legacy Investors Club no idea, here is an outline of what to expect from the company.
The company is in charge of setting up the documents which specifies the ownership of a property. Even it is just an abstract, the company will see to it that the location and details of the property are accurate. This document have the details of the legal property owner. Unsettled taxes and liens of the property also reflects in the abstract of title.
The company provides the opinion letter and the Commitment of Title Insurance. The latter is issued by the company for the lender as this document is needed in order to complete the process. During the title presentation, the company ensures that the property is clear of any survey issues. In the case of unexplained issues arise, the seller will be required to come up with necessary papers such as divorce orders, death certificates, declaration papers among others. The company has to do this to ensure the buyer of getting a clean property title.
When the title is already set, the company is ready to schedule a closing session. The two parties involved in the real estate transaction, the buyer and the seller, will be present on the closing to sign the documents.
After that a document called HUD-1 Settle Statement will be issued by the title company. This document indicates all the fees and charges included in the real estate transaction.
There are several types deeds on property rights to buyers, and the typical one used in residential property sale is called the General Warranty Deed. The title company is in charge of the Deed. They also take care of handing out Seller’s affidavit which is a list of questions for the seller. This questionnaire is particularly created to make sure that there is nothing wrong with the information since the company performed its research.
The company may release information regarding your transaction, and this is called privacy statement. They may have to disclose some information under unavoidable points such as declaring the sales price of the property to the county. Do not forget to read this statement.
There are other documents the title company takes care of. The IRS W9 will be reported to the IRS stating the amount received from the transaction. The Pay Off Agreement indicates that the title company is depending upon the pay off statement being accurate and that you agree to hold them not responsible in case something is wrong with the pay off statement.
It is important to find a reliable title company. Expect a smooth sailing closing process Home Builder Meaning when you deal with a good title company. So do not rush when deciding whom to choose.

READ  Things You Should Consider Before Investing