Have you finally found your new dream home? Getting your own house seems exciting, right? But let’s face it, sometimes the stress can end up dampening the joy. With so many necessary steps to follow, it’s hard to even keep up with what’s next to do. But all these steps are worth it at the end of the day, after all, since it helps in protecting your interests.
One of the critical steps in the real estate sales process is getting your home appraised and also running a property title search. And this is where 24 Hour Title comes to your rescue. But wait, is it the first time that you are hearing about a title search? Below we will outline some important information to keep in mind during this process.
What Is a Title Search?
The title search or property title search process involves an attorney or a title company to examine public records and thereby ensure that there are no issues, liens, or claims on the property that can cause other individuals to assert or claim that they have a stake in the property. This search is basically conducted to make sure that the entitlement of the property and the property rights remain in the hands of the purchasing party.
It is mandatory to get a title search done for any property that requires title insurance. This is why 24 Hour Title uses modern cutting-edge technology to ensure that your real estate transaction is hassle-free and quick. 24 Hour Title will order and review the title and clear up any confusion, if it exists.
How Is a Title Search Incorporated into The Closing Process?
The title search process that involves examining the public records of a property is undoubtedly one of the most important steps towards real estate closing. When it is done correctly with the help of a reliable company like 24 Hour Title, you can be assured that the closing will be done easily.
A title search process ensures that when you buy a house or property, no one else can claim it. The title search and title insurance protect buyers like you against any loss or damages caused by liens or title defects. Title companies not only help in reviewing the property title but also in fixing the problems that may occur due to title defects. Thus, a title search process, when it is incorporated into real estate, can make the closing process smooth.
What Is a House Title and How Is It Different from A Deed?
A house title or property title signifies the ownership rights that a person has over a particular real estate property. The person holding the house title can use and make any changes to the property, and that’s not all. They are also entitled to transfer their share of the property title to a new owner on their own or by using an agreement with the property co-owner.
House titles are completely different from property deeds. These are two completely different real estate concepts that involve ownership rights. Although these two terms are confused at times and can be used interchangeably by mistake, there are specific distinctions between these two terms:
- A house or property title is not one particular legal document; rather, it is an abstract concept that allows the property owner ownership rights.
- On the other hand, a property or house deed is an actual physical document that the owner receives on the closing day in the real estate transaction. This house deed clearly states in legally binding words that the property now belongs to you. Therefore, deeds are documents that officially transfer the title from the seller to you. This document also contains an in-depth description of the said property.
What Is Title Insurance?
Title insurance is a type of insurance that gives protection to homeowners and lenders for any financial loss caused by title defects. Title insurance policies are usually used to protect property buyers’ from financial losses for incorrect ownership, falsified documents, and flawed records.
While buying a property, it is necessary to have title insurance. Thus, you will know that you are always on the safe side.
Title Insurance Types
There are mainly two types of title insurance policies, and they include owner’s title insurance and lender’s title insurance. Owner’s title insurance gives protection to property owners if anyone sues or says that he or she has a claim against the property.
On the other hand, the lender’s title insurance protects homebuyers against all the financial loss due to any defects with the property title. While purchasing a house or land, having title insurance is a must if you want to protect your ownership rights.
Being a buyer, you must be looking for ways to make your real estate transaction seamless and fast. 24 Hour Title, a professional title company, can assure you of fast and worry-free real estate closings. Whether it is about reviewing the house title or preparing all the documents, they are there to help buyers like you in several ways. For safe real estate closings, do not forget to do title search properly with the help of experts and also to obtain title insurance.