At the beginning of American history, people who wanted to purchase property needed to do so with the help of a “conveyancer.” This profession ensured that properties weren’t owned by anyone other than the person trying to sell it and that there weren’t any active liens. Modern title companies around Hammond perform the same tasks for clients as conveyancers of the past, but with the additional benefit of providing clients with title insurance in the unfortunate, rare cases where there are issues with the title transaction.
A title records ownership of a property such as a house or a car. The title provides current information about the property’s description, any active liens, and who owned it in the past. For example, if you purchase a home with the help of a mortgage, your mortgage will be present on the title as a lien accordingly. A title is not the same as a deed document; that’s an item you’ll receive saying you’re the owner of the property after the property sale has been completed and closed.
Title companies near Hammond are third parties that work for the benefit and security of both buyers and sellers alike. They’re employed to undertake due diligence and insure the title of a property during a transaction. Title companies are important because if a house is purchased, but the real legal owner is unknown to the buyer, then the current seller might only own a portion of the property if even any portion at all. This causes calamity for everyone once the legal owner shows up to enforce their claim. Crescent Title is a reputable title company nearby that’s able to provide buyers with title insurance that safeguards their interests and protects them from the dangerous liabilities lurking in the closing process. Now that you better understand the importance of hiring a local title company, you can dive deeper into the more nuanced points regarding their services.
Crescent Title performs detailed property screenings to make sure that any present structures occupy only the areas appropriate as indicated on the title. The last thing anyone wants to find out after they close on a property is that their outbuilding or fence falls onto the side of a neighboring property! After investigating a property’s title, title companies provide clients with a report regarding the results. Banks or other lenders may also receive copies of the investigation’s results before any sale is finalized.
Title companies around Hammond provide title insurance for buyers and lenders alike. Since lenders of mortgages have a vested financial interest in properties purchased with their funds, title insurance will help everyone rest easy thanks to the umbrella of protection it delivers in the event a third party appears with a claim on the property. Title insurance applies even after the title inspection is finished.
It’s typically the seller of the property who pays for both the buyer’s and lender’s title insurance. However, title insurance isn’t like most other forms of insurance in that it doesn’t demand recurring payments. Title insurance only needs to be paid for one time, and clients are then continually under coverage while they own the property.
Title companies near Hammond operate to close property transactions smoothly and without hassle. Still, it’s normal for first-time property buyers or sellers to have a few questions about title companies. That’s why Crescent Title has put together a list of the most common questions about title companies here:
1) Who Chooses the Title Company to Work With?
The buyer and seller may select different title companies to work with; there is no law insisting that both parties are represented by the same title company or that one side’s choice takes precedence over the other.
2) Do I Need to Work With a Title Company?
Working with a reputable title company nearby is usually a requirement of lenders, but there’s no law that demands you need to do this if you’re selling or buying a property on your own. That being said, it’s a smart idea to employ a local title company rather than go it alone to make sure your investment is protected, especially if paying with cash.
3) Can Title Companies Remove Liens?
Title companies around Hammond can work with buyers and sellers to negotiate outcomes regarding discovered liens while researching a property title, though they can’t outright remove them on their own. It’s always determined by the seller which actions to take, if any, to resolve the situation.
4) What Problems Can a Title Company Uncover?
Experienced title companies near Hammond, like Crescent Title, can uncover problems with titles like:
Crescent Title works tirelessly to safeguard your financial interests while ensuring that your title transfer goes smoothly. Decades of property transaction experience have seen us close thousands of sales successfully, and we continue to expand our property title services in Hammond and beyond. If you’re interested in employing the services of the best title company around, give us a call or send us an email today to start the process!
Crescent Title's Hammond office is conveniently located in the heart of downtown Hammond. Our experienced staff, led by attorney Matt Emmons, looks forward to helping with all of your real estate and title needs in Tangipahoa, Livingston, St. Helena, Washington, and surrounding parishes.