A title company acts as a mediator when need be and is a impartial 3rd party who is a very important part of a real estate transaction. The title company often times holds the down payment as well as all the legal documents that are required to close the property. One of the main responsibilities of the title company is to ensure that the property is free from liens, easements and encroachments so that they are able to ensure that the title is free and clear of encumbrances before a home closes.
Holding Title - There are many ways to hold title. Talking with your lawyer or tax adviser they can help you determine the legal, tax and estate implications. Seek the advice of a professional!
Home Inspections - Once your offer is an accepted contract, we highly recommend that you obtain a home inspection. Home owners insurance and lenders may require you to obtain a roof inspection, mold inspection, pool and spa inspection as well as a survey that determines the boundaries of the property.
Lenders - Lending - Appraisal - Once a home buyer and home seller are under contract additional documentation may be required to approve a home buyers loan application. Most homes that are sold are required to have an appraisal done. The appraisal is meant to determine value. Value is determined by square footage and recent sales of properties that compare. It is important to check with your lender to make sure you are ready to close.
Wendy Morris works with the best title companies, inspection companies to help ensure a smooth transaction. Contact Wendy today.