Did a lengthy house search lead to you finally finding one that you want to own? There is a lot involved with closing on a house, and you can end up in a bad situation if it isn't done right. Getting help from a real estate title service is worth giving some consideration. Below, you will find the answers to some of the questions that you should ask yourself about the services provided by a title company.
Does a Title Service Assist with Investigating Liens?
Purchasing a house that has a lien on it can end up being a big mistake. You can end up losing the house to the company the previous owner still owes money to. A real estate title service will thoroughly search the title for any liens that are against the house. You will then be able to discuss any liens found with the owner before moving forward with closing. For instance, you can request that the lien be paid off, or simply ask for a reduction in the sales price of the house.
Will Research Be Done for Active Lease Agreements?
A title service will make sure there are no lease agreements in place, such as if the current owner has been renting out a room or garage apartment. Determining if any lease agreements are in place before buying a house can help you avoid a possible court conflict. The person under the lease agreement will have the right to live in the house until it expires. You can get sued for evicting him or her before the lease is up.
Will Title Insurance Be Available?
You will not automatically be given insurance by getting assistance from a title service. However, the title service will offer coverage to you on behalf of insurance companies. You should opt for title insurance because it comes in handy financially if something goes wrong after closing on a house. For instance, the coverage will pay the home lender back if you end up losing the house due to a will or unknown title holder.
What Kind of Escrow Services Will Be Offered?
A title insurance company can provide the service of exchanging money and documents during the closing process. Basically, if you require that the homeowner makes repairs to the house before getting paid, the title service holds the money until everything is complete. Speak to areal estate title service about your needs.