Real Estate 101: What does a Title Company DO?
Title Companies play several key roles in common real estate transactions, but bottom line is that they help make sure these important components of your purchase or sale are legal and problem-free.
Act as Closing Agent: Title Companies are often the closing agents for real estate transactions. They will make sure all the documents related to the ownership of the property are in order; provide an agent to oversee the closing process. The Title Company will receive and distribute payments related to the transaction. After all documents are signed, the title company will record documents that need to be recorded, such as deeds and mortgages, in the appropriate government offices.
Title Review: The Title company ensures the title to a piece of property is legitimate by conducting a title search, a thorough examination of the property records; the buyer can be confident that he is the owner of the property free and clear. The Title Company then issues title insurance for that property. Why do you need title insurance? It will protect the lender and/or owner against lawsuits or claims against the property that come about because of disputes over the title.
Act as Escrow Officer: Title Companies often act as the escrow officer during real estate transactions. The Escrow Officer is a neutral middleman in a real estate transaction, holding property in trust for third parties while a transaction is finalized or a disagreement is resolved.
The Seay Realty Group has worked with many Title Companies in the area, and we will work with you on that important detail during your transaction. You’re in good hands!
