If you’re looking to buy or sell your home, or even if you’re the top realtor in Las Vegas, it’s always good to brush up on important real estate vocabulary.
Title companies are important agents in real estate transactions. Title is legal ownership of a property. Therefore, you can think of title companies as handling this part of real estate as you complete the process of buying or selling your home.
The responsibilities of title companies often include issuing insurance policies, conducting title research, reporting this research in title reports, facilitating closings, and handling documents pertaining to title.
Title insurance is an important service of title companies. This type of insurance protects buyers and mortgage lenders from damages in disputes over title (ownership) that may arise from the transfer of ownership at the end of a transaction.
A common duty is for the title company to send a notary that oversees the closing of a sale, witnessing important documents getting signed and making copies of these documents. Title companies also act as escrow officers, meaning they receive and release payments between the parties in the transaction.
It Pays to Have a Middleman
The benefit of having a title company is simple: it’s good to have a middleman, especially in an investment as big as buying or selling your home. Having a company independent of the agency you work with to hold important documents and checks is ideal for ensuring a secure, efficient transaction.
Even if you have the top realtor in Las Vegas helping you, buying or selling a home often involves a lot of negotiation, whether it be on price, terms of agreement, etc. An escrow officer acts as the referee to as well as do some important recording of these terms/payments. This ensures that the transaction goes smoothly and that, should any disputes come up, you’ll have a neutral witness to provide a clear-cut record of the transaction.
Believe us, title companies deserve as much appreciation as your agency. They ensure a safe, efficient transaction that benefits both parties.
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