At the dawn of American history, if you wanted to purchase property, you needed to do so with the help of a profession known as a “conveyancer.” These folks ensured that properties were not owned by anyone besides the seller and that there weren’t any liens on them. Modern title companies around Destrehan today perform the same tasks for clients as conveyancers from the past, but with the added benefit of providing clients with title insurance in case there are any problems with the title transaction.
A title is the record of ownership for a property, like a vehicle or a house. The title records the people who owned it in the past, says a description of the property, and provides information about present liens. For instance, if you purchase a house, then your mortgage would be considered as a lien on the title and reflect on it accordingly. A title is different from a deed document, which you’ll receive after the sale has closed saying you’re the owner of the property.
Title companies near Destrehan are third parties that work for the security and benefit of both sellers and buyers. They’re hired to undertake due diligence and insure the title of a property during a transaction. Title companies are important because if a home is purchased, but the true legal owner is unknown, then the current resident might only own a portion of the property, if even anything at all. This causes calamity for everyone when the legal owner shows up to claim it. A reputable title company nearby, like Crescent Title, is able to provide buyers with title insurance that defends their interests and protects them from liabilities as part of the closing process. Now that you better grasp the importance of hiring a local title company, you can dive deeper into the finer points of their services.
Crescent Title will perform a thorough property screening to ensure that buildings occupy only the areas indicated on the title. The last thing you’ll want to find out is that your home is actually on your neighbor’s property. After researching a property’s title, title companies provide clients with an abstract report on the results of the investigation. Lenders such as banks may also receive copies of the report to reference before any sale is finalized.
Title companies around Destrehan provide title insurance for both buyers and lenders. Since mortgage lenders have a financial interest in properties purchased with their money, title insurance protects everyone in the process legally in the event that an unknown third party shows up with a claim on the property. This applies even after the title inspection is complete.
Usually, it’s the seller of the property that pays for both the lender’s and the buyer’s title insurance. Thankfully, title insurance isn’t like most other insurances that demand a recurring payment. Title insurance only needs to be paid for once, and clients are continually under coverage for as long as they own the property.
Title companies near Destrehan operate to close transactions without headache or hassle. Still, it’s normal for first-time buyers or sellers to have a few questions about title companies nearby. That’s why Crescent Title has put together a few of the most common questions about title companies here:
1) Do I Need to Work With a Title Company?
Even though working with a reputable title company nearby is usually required by mortgage lenders, it’s not demanded by the law itself. With that said, it’s a wise idea to work with a local title company rather than close the transaction alone, especially if you’re paying with cash. This makes sure that your investment is safeguarded.
2) Can Title Companies Remove Liens?
Although title companies in Destrehan can’t remove liens on their own, they can work with buyers and sellers to negotiate outcomes relating to liens uncovered while researching a property’s title. It’s always up to the seller to choose what actions, if any, they’d like to take.
3) Who Chooses the Title Company to Work With?
The seller and the buyer may choose to work with different title companies; there is no law insisting that both parties are represented by the same one or that one party’s choice has precedence.
4) What Problems Can a Title Company Uncover?
Experienced title companies around Destrehan, such as Crescent Title, can discover problems with titles such as:
Crescent Title works diligently to safeguard your financial interests while ensuring your title transfer goes smoothly. Decades of experience has seen us close countless sales successfully, and we continue to expand our property title services in Destrehan and beyond. If you’re interested in working with the best title company around, send us an email or give us a call today to start the process!