Posted on November 18, 2019
What Can Title Company Do?
One of the steps in buying a home is turning to a title company to gather information. This is not something you want to avoid or ignore because it can mean the difference between buying a house and did not do it.
When you buy real estate, the property may come with a long list of previous owners. It does not matter if the house itself is brand new; land ownership is a major factor in the purchase.
The last thing you want to do is to end up with a piece of real estate that is sold to you by a person who is actually owned by someone else.
The title company offers national reo title and default services and will do a thorough search to determine the actual ownership of the property.
To do this, it will need to use different records available to the public and the government. The aim is to determine whether the person selling the property has the full legal right to do so.
More common, though, is the lien. Lien on the house is a legal right to the funds of the property if it is sold. For example, creditors may put this at home through various legal proceedings if the debtor does not pay his debts.
When this is in place, the individual cannot sell the property without first paying this debt. For those who buy a house, this is a big problem because it must be completed before the process can move forward.