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This question is about careers.
What is the job of a title company?
The job of a title company is to handle the title search and escrow aspects of a transaction. Title companies coordinate and act as the center point for the closing for buyers, sellers, lenders, realtors, and third parties such as surveyors, insurance companies, and inspectors. As such, they play a crucial role in ensuring that a property has a clear and marketable title, which is essential for a smooth and secure real estate transaction.
One of the primary responsibilities of a title company is to conduct a thorough title search. This involves examining public records, such as deeds, mortgages, and court records, to verify the chain of ownership of the property. For example, if a previous owner failed to pay property taxes, a title search would uncover this outstanding obligation.
Title companies also issue title insurance policies. Title insurance provides protection to the buyer and lender against any undiscovered defects in the property's title. For instance, if a previously undisclosed heir comes forward with a claim to the property after the sale has taken place, title insurance would provide coverage and financial protection.
During the closing process, for example, title companies facilitate the transfer of funds and ensure that all necessary legal documents are prepared accurately. They coordinate with various parties involved in the transaction, including the buyer, seller, real estate agents, lenders, and attorneys, to ensure a smooth and timely closing. They may also prepare the closing statement, coordinate the signing of documents, and disburse funds to the appropriate parties, such as paying off existing liens or mortgages on the property.
In addition, title companies play a vital role in recording the transaction with the appropriate government entities. They ensure that the new deed and mortgage, if applicable, are properly filed and recorded in the county or municipal land records. This step finalizes the transfer of ownership and provides a public record of the transaction.
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