Why would you need the services of a title agency and what is that nobody else but a title insurance agent can offer you and why would you want to cooperate with one in the first place? Well, the chances that you will desperately need the assistance and expertise of one are major whether you earn a living by trading real-estate properties or you intend on selling certain immovables you have inherited recently.
On the other hand, if you want to buy a new house or intend on investing your savings in a particular property in another way, you will also need to hire a title insurance agent in order not to get scammed. Thus, read through the following lines and find out what is it that they do and why you need to consider hiring one.
The main role of a title insurance agent is to protect both the buyer and the seller of a particular property especially when estate business dealings involving mortgage are in question since they cannot be closed without the mediation of a qualified professional. There are numerous segments where a title insurance agent needs to present their expertise while knowing of the local laws and regulations is surely one of the most important to be mentioned. For everything to be performed legally, apart from following a legal route, one protects both parties from a third party that might claim the property in question. It is important to highlight that a title insurance agent should be hired before any transactions are made to avoid any potential misunderstandings between the two parties.
The assignment of a title insurance agent is to procure all necessary documentation regarding the property and appoint to any potential legal loopholes that might endanger the trade or cause damage in the future. That implies legal claims over the property, tax claims, and different judgments which might compromise the deal. Apart from finding and defining the issues, the job of a title insurance agent is to provide possible solutions and secure the paperwork essential for the realization of the given project. When the professional predicts the alternative solutions and establishes the best possible option in collusion with both interested parties, they must finalize and close the deal and, according to the law of the state where the deal is happening in, make it official.
This is the basic answer to what title insurance agents actually do. The process is called title research and it implies finding out everything there is about a certain property. The title research is divided into segments and it consists of the following procedures:
-Chain of Title
This section deals with the history of a particular property. That means an agent tries to find out who and when owned a real-estate and concludes in what ways it might affect the current trade. In other words, it states who bought and sold the property and when they did it.
Tax dues never get old, and this is particularly important when buying new land because the outstanding debts from the past might be related to the property issue. It is the title insurance that protects the future owner from potential issues regarding the land in question, thus, visit sunnysidetitle.com and learn more about this subject.
-Report on Possession
This particular segment should consist of all the data gathered from the title search. Namely, the law expects the future buyer to be informed about any legal document regarding the property they think of buying and this report should secure that all the legal data is conjoint and presented to them.
-Judgment and Name Search
You are probably familiar that people can be deprived of their possessions if they fail to legally settle their debts. Well, this section deals with the seller of a real-estate and potential legal judgments about the property they are trying to sell. It is not important because of the current owner but also because of the previous landlords and their potential debts related to the property.
After the aforementioned processes have been finalized, the parties can proceed to finalize the title. Surely, if there are any issues, they proceed to resolve them and if there are not any other obstructions the deal may be closed.
License and Certification
Considering the importance and the responsibility that this profession carries it is reasonable that not everyone can be entrusted with a license. Therefore, you should be aware that regulations vary from one state to another, but there is a legal minimum of education and certain years of work experience that one must fulfill in order to apply for a valid license. The most useful source of information regarding licensing and certification of title agents is the land title association that follows the rules and laws of the state where it is situated. Therefore, you should never even think of working with unlicensed individuals because not only that you will be left with invaluable data you cannot use furthermore but you will also spend your time for nothing.
When it comes to notarizing a particular document, every state has its strict set of laws and rules regarding who is eligible to declare the deal legal. For example, if you are in Texas, you will have to both close and sign the documentation related to a home equity line of credit in the lender’s office or at the title company that was in charge of keeping and obtaining the documentation. Apart from the aforementioned, you can also finish the deal at the attorney’s office. On the other hand, if you are solely a licensed and certified title insurance agent may you close a deal in states such as Indiana or Maryland, but you will still be obliged to notarize the documentation at notary public service no matter what.
Hopefully, you have realized the role of a title insurance agent and the importance they have in all sorts of different legal deals related to the real-estate trade. They are the ones that assure you that everything is in perfect order with a property you intend on buying but also the party who will highlight what issues you might be facing if something about the item of your interest is faulty. Not only that but they will address you to the potential solutions and legally support your decisions. Thus, always bear in mind the importance of working with qualified insurance agents no matter whether you think about selling a property or you have a purchase of certain immovables on your mind.