You may have never given much thought to what a title agency does. Even here at N Title, we’ll readily admit that what we do doesn’t sound very interesting to the average homeowner! However, for buyers and sellers of real estate, a title agency provides absolutely vital services that protect both parties from potential legal problems and financial loss associated with a sale. These services include:
One of the most important services a title agency performs is to verify that the seller of a home or other real estate has the legal right to sell the property. An agency will also check that there are no other full or partial ownership claims or restrictions that could interfere with the buyer receiving a clear title. Some examples of problems a title agency will look for include:
- Undisclosed liens against the property for court judgments or delinquent taxes
- Boundary or setback agreements and easements that were legally recorded but not shown on the title
- Ownership interest of an heir or spouse of a previous owner that was not properly resolved
If an issue does turn up, it doesn’t mean the transaction is at an impasse. In fact, the title agency may work with the involved parties to resolve the problems so that the sale can continue.
A title agency also provides title insurance for buyers and lenders. Even the most meticulous records search may fail to detect defects in the property title, so it’s important for real estate buyers to purchase owner’s title insurance that will protect their financial interests against third-party ownership claims. If a lender finances the property purchase, the buyer will likely be required to purchase a lender’s title insurance policy to protect the mortgage company’s interests. The title insurance policies for buyers and lenders are purchased with one-time premiums to be paid at the closing table.
Escrow & Closing Services
In Texas, title companies usually handle the collection and disbursement of funds associated with a real estate sale, as well as conduct the final closing. It’s important to choose a title agency with highly experienced, knowledgeable associates who’ll keep you and your REALTOR® informed about everything you’ll need to bring to the closing table – and N Title fills the bill!
The N Title Difference
While we offer the same services that any title company does, we also “go the Nth degree” to ensure that our clients enjoy a smooth and – dare we say it? – fun closing experience. That means that we’ll treat you like family, and we’ll be there to celebrate when you finally get the keys to your new home!
If you’re planning to purchase a home in Houston or a surrounding Texas community, contact us today to learn more about our services and to get started.