A title company is not one that you think about often. In fact,
you may not think about this company very much at all unless you are
getting ready to purchase real estate. However, when the need does
arrive, you need to have the right company working for you to help you
achieve your goals of getting into your new home quickly. Why do you
have to use this service? More importantly, why should you look forward
to learning what this business has to offer? Though your real estate
agent may handle the actual purchasing process for you, you should ask
what happened during this process.
Learning the History of the Property
One of the reasons a title company is so important is because this organization has the job of determining who owns what. If you wish to purchase a home, you assume that the person who is selling it is the actual owner to that property and therefore has the right to sell it to you. However, that may not be the case. In some situations, the ownership may actually lie in the hands of a relative. Perhaps the couple split and even though they do not live there, one still owns a part of the real estate and has not signed off on the sale. All these types of factors can affect any piece of property.
Liens Are a Problem
Many times, a lien on a piece of real estate can be a big concern. The problem is that even the homeowner may not know these are present on the home. Liens occur when a creditor places a legal limitation on the property. This legal act means that no one can sell the home until the debt is paid to the lender. These liens can sit and collect interest for years and the homeowner has no idea they are present. This can definitely slow down the sale of the property.
Why You Need to Know
Before you purchase any real estate, you need to know that when you sign the contract and take ownership that the real estate is really going to be in your name. You do not want to learn years later that someone else has claim to the real estate and lose out on all of the money you've invested in it.
Keep in mind that there are numerous reasons to use these organizations. A title company works for you to help you to ensure there are no risk factors in place. It takes the risk out of the process of purchasing a home.
Learning the History of the Property
One of the reasons a title company is so important is because this organization has the job of determining who owns what. If you wish to purchase a home, you assume that the person who is selling it is the actual owner to that property and therefore has the right to sell it to you. However, that may not be the case. In some situations, the ownership may actually lie in the hands of a relative. Perhaps the couple split and even though they do not live there, one still owns a part of the real estate and has not signed off on the sale. All these types of factors can affect any piece of property.
Liens Are a Problem
Many times, a lien on a piece of real estate can be a big concern. The problem is that even the homeowner may not know these are present on the home. Liens occur when a creditor places a legal limitation on the property. This legal act means that no one can sell the home until the debt is paid to the lender. These liens can sit and collect interest for years and the homeowner has no idea they are present. This can definitely slow down the sale of the property.
Why You Need to Know
Before you purchase any real estate, you need to know that when you sign the contract and take ownership that the real estate is really going to be in your name. You do not want to learn years later that someone else has claim to the real estate and lose out on all of the money you've invested in it.
Keep in mind that there are numerous reasons to use these organizations. A title company works for you to help you to ensure there are no risk factors in place. It takes the risk out of the process of purchasing a home.
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