There are many moving parts when preparing to own a property. An important aspect is making sure that the seller has the right to sell the property to the buyer. This step is where a title company can come into play.
Read on to learn from our real estate team at Adam Diamond Law what a title company is, whether you need one, and how to choose one if you do.
What Is A Title Company
A title company makes sure a property title is legitimate, meaning it shows any debt that might not be paid and if it is legal to sell. Title companies also ensure that the buyer can be confident that they are the property’s rightful owner once they buy a property.
The title company is responsible for getting the title of the property and, most importantly, ensuring the property title goes into your name.
A title commitment is documentation that includes the following information:
- Who currently owns the property,
- A legal description of the property,
- Any liens (debt that is not paid, which could lead to repossession of property or litigation),
- Any exceptions
The title company collects and reviews the public recorded information on property.
Other Responsibilities of Title Companies
Title companies can do a lot more than just getting the title of the property.
Other responsibilities title companies may have include:
- Collect and divvy out all the money at closing.
- Make sure that all the necessary paperwork is received.
- Record your deed to make sure it is a public record
- Give you the title insurance on the home.
Do You Need A Title Company?
The title company does invaluable work as you navigate property ownership. While this decision is ultimately up to you, there are several reasons why you should strongly consider spending the money and go through a title company.
To list a few, a title company can help:
- Protect you against fraud;
- Avoid any legal disputes over ownership in the future; and
- Give you peace of mind.
How to Choose a Title Company to Work With
Choosing a title company to work with can seem daunting, but with the help of your real estate attorney, you can decide if going through a title company is right for you.
They can provide you with helpful guidance with your unique situation, and if you choose to go with a title company can help you navigate that process.
Contact the office of Adam Diamond to learn more
At Adam Diamond Law, nothing is more important than making selling or buying your home simple, straightforward, and collaborative. That’s why we work hard and take the time to understand your unique situation.
Contact our team at 773-217-9623, so we can get started working together on getting your property.