The field of real estate deals with titles which show legal possession of the property owner. Title searches are a requirement for anyone willing to buy or sell a property. Title search process involves analyzing various documents, papers, deeds and deals related to the property. The seller might know they have no legal rights to give away the property while the buyer might find hidden debts associated with the company. People who want to mortgage their properties also need title searches.
A new mortgage lender will ask for the title search process so that they can get title insurance. Title insurance comes in two forms. The lender can apply for title insurance or the real estate owner. Title insurance will protect the property owner from unpaid taxes, loans, recording errors that might arise later. A buyer, also benefit from title search since it provides no complications are preventing them from legal ownership of the property. Before the insurance company issue a policy they make sure they conduct a title search to minimize risks.
Omitted heirs, fraud, undiscovered liens, recording mistakes are some of title insurance claims. The search process start with the chain of title. At first, the examiner starts by finding out the property history from the initial to the present owner. The property owner needs to be defined well if the examiner cannot trace the chain of title. Tax search is the second step which includes confirming the current status of the fees.
The insurance company requires the seller to end payable taxes before they release the insurance. An inspection is done in the third step to verify the lot size stated on the title. The last two stages are name and judgment search and title closing. Many title search companies can help you verify your title. You need to make sure you choose a service provider that provides the best services. A reliable company will save you time and money by offering fast services. The best method to know if the company is reliable is by visiting their website.
Online services automate each step saving you time used in manual title-search. The benefit of online title searches is that it can manage large volumes of searches within a short time. Look for a company that uses title leader to offer best results. Title leader can facilitate smooth workflow within the company helping managers function better. The company you want should be trustworthy to offer the best online form for a title search. Every step of the title search process should be conducted under one platform. Before you start using the application ensure you consider the pricing.
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