If you’ve ever purchased real estate, you’re likely familiar with a title
company. Real estate transactions are lengthy and very detailed. Before
you can take possession of a piece of property, you have to make sure that
the seller has the legal right to sell the home.
For this reason, you’ll need to contact a title company. Title companies are
highly useful. Their primary duty is to conduct an abstract on a title. In other
words, they search a variety of real estate and public records within a
county, town, or city and located specific information about a property. This
is called a title search.
Once the title search is completed, the title company will determine who has
the legal right to sell a property. Moreover, a title company can reveal liens
or judgments against a property, and other property restrictions.
Title companies are extremely valuable to home buyers. If the home seller
doesn’t have the legal right to sell a property, this can create future
problems, wherein an unknown party challenges the title.
To protect new owner from this ordeal, title companies
issue title insurance.
|WHAT IS THE PURPOSE OF A TITLE COMPANY?