Securing Title Services

One of the most important components of selling a home is securing title services. The title is the document that details who has legal ownership of the house. During the home transaction process, it is important that the buyer has assurances that there are no other claims to the title. They usually get this assurance through title insurance, which is generally required by their loan source as a way to protect the lender from losses resulting from outside claims against the new home. For individuals selling their home, securing title services on behalf of the buyer is a way to protect their interests during the home settlement phase. Outside claims can slow down the transaction process and in many instances can lead to the buyer dropping out of the deal. Consequently, sellers have to be conscious of the buyer’s attempts to secure title services.

For the buyer, title insurance is often a component of the services they receive from an attorney when the attorney is examining the property’s title. Additionally, title insurance is attainable through a title insurance company or title agent. For the buyer, it is important that they realize that their loan source’s title insurance policy as well as the seller’s owner’s policy will not protect themselves from outside claims. Consequently, in order to protect themselves from claims by others against the property, the buyer requires purchasing an owner’s policy. It is recommended that they purchase their owner’s policy at the same time and with the same insurer as the lender’s policy due to it being cheaper.

Additionally, the seller of a home cannot require that the buyer purchase their title insurance from a particular title company, allowing the buyer to actively seek out the most appropriate terms for title insurance from a variety of title insurance companies. Although many title insurance companies require a survey of the property in order to clearly define properties, it is possible for the buyer to avoid the cost of a complete survey. They are able to do this by locating the individual who previously surveyed the property and requesting an update. By securing title services, title related problems will be avoided during the home transaction process.

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