There are several interested parties involved when it comes to purchasing a home: a realtor, a lender, third-party vendors such as an appraiser/inspector, contractor,etc., and naturally, your title company. When choosing a title company at the Lake of the Ozarks, choose a local expert that knows the industry as well as the area. Your title company will play an essential role in your financing and closing process, so having someone you can trust wholeheartedly is imperative to your peace of mind and your investment.
At Arrowhead Title, we are committed to providing top-notch accuracy and title services at the Lake of the Ozarks. So, when you're looking for a trusted local to handle your real estate transaction, rest assured that we have your back every step of the way.
Analyze Title History
One of the first and most important items a title company facilities during closing is the title research. This crucial step is essential for determining the history of the property, such as:
- Sellers legal rights to property
- Outstanding mortgages or liens
- Unpaid real estate tax or assessments
- Outstanding judgments
- Easements or restrictions on property
Discovering these potential issues early in the closing process is essential to avoid closing delays and post-closing issues that could leave you obligated to cover any debts or issues unresolved prior to close. Catching these during the closing process allows you to negotiate with interested parties to come up with a solution so that your closing is clear and free of any negative aftereffects.
Issue Title Insurance
Once the title history has been thoroughly analyzed for any discrepancies or issues, the title company is typically ready to commit to issuing title insurance once the transaction finally closes. Title insurance is something that lenders require to have in place prior to committing to the final funding for the transaction. This insurance is purchased for a one-time premium, typically due at closing, and is in effect for the lifetime of the loan, as well as the total amount of time that you or an heir holds a vested interest in the property.
Title insurance protects your ownership of the property should any issues arise after the closing is complete, quickly, and effectively clarifying any ownership disputes. These disputes can include, but are not limited to:
- Unknown heir or ex-spouse claiming ownership rights
- Errors in public records
- Missed or forged signatures on closing documents
Settlement & Escrow Service
The final segment of a title companies role in the closing process is the settlement and escrow service. A professional title company will exhibit prompt, accurate information and act as an objective, non-bias third-party during the transaction. They act as the gatekeeper for the official sale transaction, being the recipient of all monies involved to check and balanced before they are released to designated parties - the escrow aspect. This ensures there are no hidden fees or funds being given to the incorrect parties, and ensuring you are getting exactly when has been described during the closing process.
On the day of closing, your title company will also act as the settlement agent. You will have a representative of the title company produce and coordinate the signing of all necessary documentation needed to finalize the closing. The representative typically will sit with you as you sign said documents and guide you through any questions you may have.
You now know the role a title company plays in the closing process and why it is imperative to your investment to hire a local title company at the Lake of the Ozarks when looking to close on any real estate at the Lake. At Arrowhead Title, we understand the importance of our role in your transactions and strive to provide the most prompt and accurate title and settlement service at the Lake of the Ozarks.
The Lake of the Ozarks' Most Trusted Title Company
750 Bagnell Dam Blvd Suite B
Lake Ozark, MO
Comments
Post a Comment