It is important to understand the basics of a title company to know what you can expect. They are sometimes referred to by other names, such as title insurers or title insurance companies.
They sell insurance policies. Insurance is a guarantee of ownership. The complex process of buying or selling a property can be a significant transaction.
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This is the initial preparation of the company. Even though this abstract is only a draft, it is very detailed. They must check the record and verify the county in which the property is located.
They will also indicate who the legal owner is in the abstract. You will also find information about any liens, mortgages, or judgments.
The title company will issue the opinion letter once the abstract of the title has been completed. If an insurance policy is being released, they will issue a Commitment of Title Insurance.
These documents will be the beginning of a process to complete other requirements to obtain a good title. Corrective actions will be taken if there are any problems.
Who decides which title insurer to use?
Your agent and you can both choose a title company that will work for you. The other party can choose to have their own title company work for them. Most sellers will follow the buyer's choice. The selected title companies will work together.
The transaction will also include other documents. The HUD 1 is one of these documents. This is the closing statement. These are the details of the charges. These are charges related to the transaction.
It is important to choose a reputable title company. A good company will ensure a smooth closing. You should take your time when choosing the right person.