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What Does the Title Company Do for You
Importance of a title company in a real estate transaction
You never know what issues you'll face when buying a home. Even when you have the keys and think that the home's title is under your name, there can be unexpected problems with home ownership.
One of those could be title ownership. In this blog post, we'll go over what a title company does, its role in a real estate transaction, how they protect you from title issues, and what you need when dealing with the title company.
What is a Title Company?
A title company, also known as a title insurance company, is a firm that specializes in facilitating real estate transactions by providing title insurance and conducting various title-related services.
The primary function of a title company is to conduct a comprehensive title search to determine the property's ownership history and identify any existing liens, encumbrances, or legal claims against it.
What is the Title Company's Role in a Real Estate Transaction?
When you go to closing, the title company will facilitate the transaction. It's their job to account for all the money, and the title gets recorded. They make money off of being brokers of insurance. The type of insurance they're brokering is ownership.
If there's a cloud in the title, the insurance company will protect you and figure that out. Most often, you will have nothing to worry about because the insurance company will handle everything from correspondence with the parties involved in the title to the costs it takes to get it straightened out.
What You Need When Talking With a Title Company
When communicating with a title company, you may need to provide or inquire about several critical pieces of information and documents. Here are some everyday items you might need when talking with a title company:
Valid ID
As with any other significant sales transaction, you'll need legal identification.
Certified Funds
Any down payment or funds going into the transfer of the title is available. You can do that with a bank transfer, cashier's check, or money order.
Prior Title Documents
If you have any previous title documents related to the property, such as a prior title insurance policy or survey, it's helpful to provide them to the title company. These documents can assist in the title examination process and provide additional information about the property's history.
Feel free to consult with us if you need guidance on navigating the home-buying process, from finding a suitable home to dealing with the title company. Call me at (703) 346-2776 or email Dan@greetingsvirginia.com.
