A title company is a business that specializes in insuring the transfer of property. They are typically hired by buyers and sellers before the sale of any property to ensure that all legal requirements have been met with regard to ownership, taxes, liens, easements, etc. When properties are bought or sold between private individuals they can also be used as an impartial third party who ensures that both parties know what is expected of them during the transaction. Title companies are there for protection against fraud or other errors related to public records which could result in lost time and money if not caught early on.
What Is A Title Company?
What Is A Title Company?
Title Companies Research The Chain of Title
The title company researches the chain of title for any property they are insuring. The "chain of title" is a legal term that describes all recorded transfers (deeds, wills, etc.) which document how ownership has changed over time. It goes even further than this and includes anything filed with government agencies such as liens or tax assessor's records. A title company will examine all of these documents to ensure that there are no outstanding issues with the property before issuing a policy.
They Protect Your Interests
If something does come up during their research, such as an outstanding lien or legal dispute, the title company will work to protect the interests of their client. This might mean negotiating with the other party involved to get the issue resolved, or it could mean filing a lawsuit if necessary. They are also responsible for issuing title insurance policies to their clients, which can provide financial protection in the event of any problems down the road.
Title Companies Work With Other Experts
Title companies typically have a team of specialists who can help answer any questions or concerns that buyers or sellers may have about the process. They also work with other professionals such as realtors, bankers and lawyers to make sure that all aspects of the sale are handled smoothly and efficiently. For these reasons, it is often recommended to use a title company when buying or selling a property, to avoid any potential problems down the road.
Title Companies Manage Closings
The closing on your house is generally handled by title companies. This service is referred to as "settlement." They choose a signing agent or real estate lawyer (depending on your state's laws) to go over all closing papers and complete the deed and title transfer.
When you need a title company you can rely on, contact Speedy Title and Escrow Services in Clinton Township today.