Title Company Role in the Real Estate Transaction:
As soon as the property is under contract, the title company becomes the main source of information and communication for all parties. We will communicate almost on a daily basis with the buyer and seller, buyer's and seller's real estate agents, buyer's lender, and other third parties involved in the transaction.
We will perform a title search on the property, review history and ownership interests, and legal rights of all parties involved in the transaction. Upon mortgage approval, we will facilitate and coordinate closing with all parties involved. We will prepare and notarize all documents, receive and disburse funds to all parties, and record all necessary legal documents to insure proper ownership transfer. Lastly, and most important, we will issue title insurance to the new buyer and the lender (if any), so the buyer's purchase and ownership are guaranteed.
The title company you choose to do business with will handle the most vital part of the real estate transaction, so choose wisely and shop around. Statistics show that less than 2% of the buyer and sellers shop for a title company. The title company's role is way too important to rely on a simple recommendation from the real estate agents or lenders.