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 the...