The title process is arguably the most overlooked part of a real estate transaction. Read on to learn more about the title process and how each step allows title companies to ensure that the transaction can be completed.
What is a title?
A title is a piece of documentation that says who legally owns the property described in the deed. The title is a very important piece of the overall real estate transaction. While a deed is the official written document stating a person’s legal ownership of the property, the title refers to the concept of ownership rights.
A title company will begin a series of multiple searches, including but not limited to property searches, owner searches and tax searches.
The title company will painstakingly review the results of the searches to provide the buyer with the most current and accurate information. Most buyers want to have all of the updated information regarding every aspect of the property they’d like to purchase.
If issues preventing the transfer of a title are found with a property, it does not necessarily mean that the real estate transaction cannot be completed. First, all parties involved will be informed when impediments are found. Then, the title company will provide options on how to proceed. Experienced title companies like Innovation Title, Inc., have previously come across nearly every possible scenario and can prescribe the next steps. This insight has proven to be an extremely valuable service to many people we have worked with.
For any questions on the title process, we can help!