Transferring Land Title: 6 Basic Steps
To you, buying a house at the Lake of the Ozarks means choosing a new home to call your own - a new place to raise a family. To a title agency at the Lake of the Ozarks, buying a house means transferring a land title from the current owner to a new one. This is a complicated process, but a broad overview can be summed up in a few basic steps. Your friends at Arrowhead Title, Inc. are here to help you understand the process!
Step 1: Earnest Money
When the buyers submit an offer on the house, they include a check for something called "earnest money." This money is essentially a deposit that shows the buyer is serious about the purchase. The title company puts this money into an escrow account to hold until closing, at which point the funds will be applied to the purchase of the home.
Step 2: Tax Check
Before a title can be transferred to new owners, all outstanding taxes must be paid. The title company will contact various assessors and collectors to find out if there are any taxes still owed on the property.
Step 3: Title Search
Unknown heirs, forged signatures, and unauthorized sales are just a few of the unknowns that can threaten the new owner's right to the property. The title company will conduct a thorough title search in an attempt to uncover any of these potential hazards so they can be resolved before the sale of the home.
Step 4: Examination
When it comes to real estate at the Lake of the Ozarks, verbal commitments aren't enough - the title agency will have take steps to verify that the current owner legally owns the property and will confirm the outstanding debts that are still owed.
Step 5: Document Preparation
Buying and selling real estate requires paperwork - a lot of paperwork. Your title agency will work tirelessly to carefully prepare all the necessary forms and documents for your settlement.
Step 6: Settlement
Closing day! The closing of the real estate transaction requires cooperation between several different parties, including the mortgage lender, real estate agents, and title company. The title company (or other escrow officer) will oversee the transaction, which typically involves several steps:
Step 1: Earnest Money
When the buyers submit an offer on the house, they include a check for something called "earnest money." This money is essentially a deposit that shows the buyer is serious about the purchase. The title company puts this money into an escrow account to hold until closing, at which point the funds will be applied to the purchase of the home.
Step 2: Tax Check
Before a title can be transferred to new owners, all outstanding taxes must be paid. The title company will contact various assessors and collectors to find out if there are any taxes still owed on the property.
Step 3: Title Search
Unknown heirs, forged signatures, and unauthorized sales are just a few of the unknowns that can threaten the new owner's right to the property. The title company will conduct a thorough title search in an attempt to uncover any of these potential hazards so they can be resolved before the sale of the home.
Step 4: Examination
When it comes to real estate at the Lake of the Ozarks, verbal commitments aren't enough - the title agency will have take steps to verify that the current owner legally owns the property and will confirm the outstanding debts that are still owed.
Buying and selling real estate requires paperwork - a lot of paperwork. Your title agency will work tirelessly to carefully prepare all the necessary forms and documents for your settlement.
Step 6: Settlement
Closing day! The closing of the real estate transaction requires cooperation between several different parties, including the mortgage lender, real estate agents, and title company. The title company (or other escrow officer) will oversee the transaction, which typically involves several steps:
- Sellers sign the deed
- Buyers sign the new mortgage
- Old mortgage loan is paid off
- New mortgage loan is established
- Sellers, real estate agents, attorneys, title company, and any others involved are paid
Arrowhead Title, Inc. Would Be Honored To Oversee Your Next Transaction!
Next time you are planning to buy a new house at the Lake of the Ozarks, we hope you will keep us in mind! We have been serving the Lake Area for over twenty years and we have a great deal of experience handling successful real estate transactions. We look forward to working with you!
The Lake of the Ozarks' Most Trusted Title Company
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
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