One of the most useful businesses at your disposal when purchasing a home or piece of property is a real estate title service, mostly because utilizing one of these services can help you avoid potential issues in the future. Listed below are just a few of the reasons to hire a real estate title service.
Determine Clear Ownership
One of the most important reasons to hire a real estate title service is to determine exactly who owns the property that you are interested in purchasing or determining if the person or company offering the property for sale is authorized to make the sale. This is very useful in avoiding any potential scams or fraudulent behavior where someone may put up property that they do not actually own and then disappear with your down payment or earnest money. This service also helps you avoid time by ensuring that you know exactly who you must deal with in order to make an offer on a piece of property.
Look For Any Financial Issues
Another reason to have a title service look into a piece of property for you is that they will be able to tell you if there are any financial obligations on the property, such as owed taxes or legal judgments against the property or current owner. This is very important information to have as the property may not be able to be sold legally until those issues are cleared or you may end up being liable for those judgments, owed taxes, or liens after you purchase the property.
Perform A Property Survey
Finally, a real estate title service can help you out by performing a property survey in order to determine if anyone is using the property you wish to buy illegally. For example, if a neighbor is encroaching on the property, it can make it very difficult to get title insurance due to the fact that there may be an ownership dispute over the land.
Title insurance is vital as once it is issued it will protect you financially if you purchase the land but another person comes forward afterward claiming that the land is his or hers. In that situation, if the person claiming the land is correct and the title company made a mistake, the title insurance will usually pay you for the home and repay your mortgage lender for the amount of the loan.
Contact a real estate title service like TitleSmart today in order to discuss the many ways in which they can help you with your next real estate transaction. This type of service can determine if a title is valid by determining who actually owns the property and if any money is owed in relation to the property while also performing a survey of the property to ensure that the boundaries are not being encroached upon by a neighbor.