While purchasing a piece of property, it is normal to assume that the deal is all fair and the deed received is perfectly and correctly drafted. But you need double protection to guard against future risks and make sure your interests in these transactions are protected forever. That is where hiring a Title Agency can make you safe.
Real estate title agencies are available on hire. They work for the good of the transaction. The title agency will ensure that transaction is closing on time and necessary documentation and payments are done.
Title companies, mainly facilitate the closing and conducting the title search. To Choose Title appropriately, the property must be free from encumbrances and be clear of liens (claimants) and legally fit for sale. In addition to title search, the title company will offer services in title insurance, if required.
Importance of Title Insurance
All buyers like to obtain title insurance because that is a hedge against possible financial loss and mental agony. For example, if someone wants to unload a piece of property in which a mortgage liability is existing, the buyer will be happy to take over and pay up as long as things are in order.
But by bad luck, if the seller defaults on property taxes or loan advancements or had a lien on the property, there will be a big problem. But you will be lucky, when title insurance is there. When a problem crops up, just talk to your carrier and they will be ready to file a claim and make the other person take care of their debts. This will get you off the hook and will not be made a scapegoat for other party’s faults.
Most real estate transactions are completely legitimate. However, there is always a 5 percent chance that some shady character acting clever to take advantage of your trusting nature.