What Your Title Company Does for Your Real Estate Closing

At Arrowhead Title we have handled a lot of real estate closings at Lake of the Ozarks since 1984. We know there’s a lot that goes into every closing, much of which happens behind the scenes. Often clients aren’t even aware of everything we do, and they don’t really have to think about it. They just know they trust us to bring them the right information and the right numbers and everyone gets what they are supposed to out of the transaction as agreed. At the same time, we know that education is key when working with our clients so they know exactly what to expect, and have confidence when they come to the closing table. So in this week's blog, we wanted to explain a little bit about what your title company at Lake of the Ozarks does for you at your real estate closing. If you’d like to know more, just keep reading.

Title Search and Report

Once there’s a signed contract between a buyer and a seller, the title company is ready to get to work. Right off the bat, a title search will be ordered. The purpose of the title search is to discover any reason that the seller's legal right to ownership could be questioned and therefore cause the buyer's ownership rights to be threatened. So, the title company needs to verify things like the seller’s legal ownership rights and any debts against the property. The documents they look into could include liens, divorce agreements, leases, unpaid taxes, wills, easements that are not accurately recorded in public record, and more. While looking through all of the information, the title company will identify anything that could question the current owner's ownership rights or threaten the buyer's future property rights. The title company will then take action to correct those issues. After any issues which are discovered are corrected, the title report will be issued.


Title insurance

Most likely, your mortgage lender will require you to purchase a title insurance policy to safeguard their investment in the case that something unknown is discovered later. The buyer is not required to purchase a buyer's title insurance policy, but it is very risky to omit this one-time payment that protects your ownership rights for as long as you or your heirs own the home. If the bank won't go without title insurance, you shouldn't either. Imagine, years after buying the home, that you discover the seller inherited his property from someone who had an unknown heir, and that heir claims rights to your property. That is not something you want to have to face or fight alone. Knowing you have title insurance from the best title company at Lake of the Ozarks makes all the difference between this being a devastating situation or just a process we help you through. 


Escrow and Closing

Of course, there are a lot of contracts and legal documents required to make all of this official. Your title company takes care of all of these and makes sure everything is signed and notarized by the correct parties in the transaction. They will also take care of calculating and dispersing funds to everyone involved as agreed upon.  They will be responsible for recording all the documents in public record and will follow up with issuing the title insurance policy to the lender and the buyer, as well.


ARROWHEAD TITLE IS HERE FOR YOU!

Whether or not it directly involves the buyer or seller, there is a lot to be done to bring everybody to the closing table. Just because those details aren’t necessarily discussed, they are still very important. That is why finding a title company that is dedicated to accuracy, integrity, and professionalism, is key in your real estate closing. Your title company is there to ensure your property rights, and protect those rights for you and your heirs. If you have any questions about your real estate closing or choosing a title company, feel free to give us a call! We are happy to answer your questions. If you’d like to hear more information about the real estate market at the Lake of Ozarks and real estate closings in general, we invite you to follow us on social media. You will find the links to our channels below.


Where Accuracy Matters!

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