A title company is a key player in the home buying process. During the transaction, it represents the buyer, seller, insurance company, and mortgage lenders. They are in charge of the entire process, from start to finish.
Closure funds are disbursed at the time of closing. The lender will also send the money to the title company using a cashier’s check or wire transfer. The deal is considered sealed and concluded once all the money has been paid to the proper parties, mainly the seller.
The first role of the title company in Jacksonville FL is to research the property’s history, such as checking the previous owners, transfers, and liens. This way, they will find out if the title is clear and ready for transfer. If no issue is found, the title company will publish a detailed report on its findings.
Issue Title Insurance
Title companies issue insurance policies on behalf of title insurers. Mostly, the title company is not the same as the insurance company. A title company is an agent that receives a commission for issuing a title policy. The insurance company receives the actual premium and is responsible for risks and losses under the policy.
Conduct Property Survey
If needed, a title company can order a survey or drawing of the property. This way, they will check for any encroachments and verify that the house is built within your boundaries. If an encroachment has caused any damage, the title company will investigate the matter.
Act As An Escrow Officer
A title company functions as an escrow officer when purchasing a property. The company holds any funds or papers related to the transaction. They release the funds or documents after receiving a request in writing.
How can you tell which title company is the most trusted in the location? Research several companies and assess their transparency, responsiveness, and good reputation. You can also ask for recommendations from an agent or lawyer.