And then you hit the edge of town, and find out why the name seems ever so slightly familiar: With a characteristic disdain for everyone they were in control of, they wrote off the Polish language — and all the Polish names for places — and renamed the town. Entering the camp, you pass under a gate.
The title company also provides an agent to oversee the closing process. These companies also provide insurance that protects buyers and lenders in the event that legal issues emerge after a real estate transaction reaches its conclusion.
Deeds When you buy a piece of real estate you take possession of the deed or title for that property. Deeds are recorded at the local courthouse, and you do not technically own a piece of real estate until your name appears on the recorded deed.
Lenders and other parties can secure liens against real estate, and you cannot sell a property until you have satisfied any liens on it. On occasion, improperly recorded deeds get overlooked when real estate changes hands, which means that the unsatisfied lien holders still have a claim on the property.
In other instances, a deed changes hands without one of the existing owners consenting to the transaction. When this happens, the owner who did not sign off on the deed exchange still has a claim on the title. Title Search Title companies are third-party vendors that conduct title searches on behalf of lenders and property owners.
Title-company employees carefully review court records to ensure that all liens on a particular property have been satisfied and that no lien holders have outstanding claims on the property. The title company also ensure that the person selling or financing the property holds the title and has the right to sell the property or secure a lien against it.
Having checked the court records, the title company issues an opinion letter stating whether the property in question has a clear title. A sale or home loan cannot proceed if any title issues are detected. Closing Title agents preside over loan closings and other real estate transactions.
The agent acts as a neutral party during such transactions and represents the interest of all parties. In most instances, closing agents are state-appointed notaries who witness the signatures of buyers, sellers and borrowers.
The title agent also handles the exchange of funds between the buyer, seller and -- if necessary -- the lender. After the closing, the title agent has the responsibility for recording the deed, mortgage and any other related documents at the local courthouse.
Title Insurance Typically, title-closing companies sell title insurance policies. These policies provide coverage for property owners and buyers in the event of legal disputes related to the ownership of a piece of real estate.
Since title companies conduct title searches prior to real estate transactions, in theory, no such issues should arise.
However, on occasions, documents get overlooked or law suits lead to unexpected complications that threaten the interests of the owner or lender. Affected parties receive compensation in the form of title insurance payouts from the title company.
In most instances, the property owner rather than the lender has to pay for the insurance policy.Not all owners of a property need be obligated to a mortgage loan.
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The sale is not valid without a properly assigned title. If the title has been mutilated or otherwise ruined, the owner of the vehicle must apply for a duplicate title in order for the sale to proceed.
Nothing is bad on my credit, but I’m worried when they do a title search I will have problems closing the loan because I was on the title of another home that my ex let go into foreclosure. Will I have problems getting my loan closed because I was on the title of that house back This happened back in