Are you thinking of investing in a new real estate property? Or are you thinking of expanding your commercial space? Regardless of what kind of property you are dealing with, it is extremely important that you ensure that the title…
Month: May 2019
How Important Are Title Abstracts In Reading and Bethlehem PA
The idea of becoming the owner of a property gives one intense pleasure. However, the process is not always straightforward. There are many steps in the way until the transaction gets completed smoothly. Sure, one can hire a realtor or go through the listings in a real estate directory to find out a home or property that fits the purposes of the prospective buyer. Negotiation between the existing owner and the buyer is no doubt an important step to carry the process forward but the individual hoping to become the owner eventually needs to ensure that the concerned property is free of legal disputes and can be sold without any complications. Simply asking the owner to ensure it will not suffice though and one needs to engage a reputed title company in Reading and Easton PA to fulfill the responsibility.
A title company does not always represent the buyer though. On the contrary, the professionals of the company can also conduct a search in order to find out whether the said property is free to be sold and bought. The title company can also act on behalf of an insurance company and any other interested party that is keen to find out the truth as far as legal issues are concerned. A financial institution willing to lend the required amount of money may also hire a title company to find out whether the investment would remain secure.
Searching for the title does not seem to be a complex issue at the first glance since the present owner is likely to be in possession of the deed. Unfortunately, a property that has been handed down from generation to generation or has changed hands multiple times may not have all papers in order. The concerned company makes sure to go through all kinds of public records as well as tap other sources to obtain correct information about its ownership. The results are handed over in the form of a report where the ownership is established perfectly. Foreclosure issues and lien on the property is sure to be mentioned in the report as well especially when the owner’s claim has been challenged.
Additional Responsibilities Of The Title Company
- Escrow Holder– The professionals associated with the company will be entrusted by both the buyer and the seller hoping to make the real estate transaction. The seller would usually hand over the deeds and existing documents pertaining to the property while the buyer will provide the required amount. The company will hand over the deed and the money to the concerned parties once both agree to go ahead with the transaction.
- Title Insurance– An insurance protecting the recent owner of the property from disputes and legal suits arising out of a disputed title is provided by the title company as well. The company does not sell insurance though and will only act as a representative of the carrier.
It is essential for the prospective owner to claim and obtain abstracts in Reading and Bethlehem PA from the title company before going ahead with the transaction.
Property Title Search in Allentown PA, Easton PA, Reading PA, Stroudsburg PA and Surrounding Areas
Purchasing a house, is indeed, a dream for many of you. It is essential that you look for a house which is sturdy and spacious along with being a part of a friendly and safe neighborhood. However, what if the…
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