What Does a Title Company Do for The Seller?
Selling a property is a big deal. In fact, to some people, it is the biggest transaction that they will ever make. A title company plays a key role in looking at the seller’s interest. You can sell your house without the help of a real estate agent, but you cannot afford to do so without the services of a title company. So, the big question is, what does a Title Company do for the Seller? In this article, we are going to answer this question to help you know how you will benefit as a seller from the services of a title company.
- Attorney’s contracts
One key role that a title company will do for the seller is to help with various contracts and forms that are needed when selling property. Most title companies have real estate lawyers as part of their team. They will help you review various contracts to see if they are valid.
- Title searches
This is one the greatest benefits that you will get when you hire the services of a title company. One of the main responsibly of a title agency is to conduct a title search. A title search is a public record examination of the property’s title. This search is very important because it determines if the property on sale is clear of liens and it is eligible for sale. The last thing that any buyer wants is to buy a property and later realize that the property has issues. A good title search will help uncover if the property has any issues and resolved them before the closing process.
- They provide title insurance
A title insurance is crucial and required by most lenders. This insurance helps to protect the lender as well as the buyer from unseen defects. In most cases, these defects usually don’t show up when title search is being conducted and that is why extra protection is needed. When you have a title insurance policy, then it means that the title company will defend you in case there are claims against the title. You will only be required to pay a one-time fee during closing.
- Paperwork filling
The title company will also help the seller with closing paperwork. The company will handle all paperwork with relevant government agencies and will ensure that both the buyer and the mortgage agency are served with proper closing documents.
- Notary services
A title company can also provide quality notary service to the seller.
- Lien negotiation and satisfaction
Erroneous liens are common. When you sell your property, you need to ensure that existing liens are paid off and are satisfied. This process can be very complicated and can derail the closing process. A title company can help negotiate lien payoff to ensure that you get to keep most of the sales price.
- Coordinating the closing process
A title company will also help the seller in coordinating the closing process by ensuring that all parties involved are served with the right document so that the process goes smoothly. They also ensure that there is safe handling and disbursement of funds and documents. They will hold documents and submit them to the buyer only once payment and other conditions that have been set are completed.