A title company plays several important roles in a real estate transaction. Generally, title companies act as a combined agent of the insurance company, the buyer or borrower, and the mortgage lenders. It’s the title company’s job to review the title and issue insurance policies, facilitate the closing, and file vital paperwork. For these reasons, the title company will need certain information from your client.

Researching the Title

For the title company to do its job for you and your client, they will need as much information on the property as possible. Obviously, that will include the complete street address, but any other information your client has can be helpful. Your title company will then use this information to review any public records related to the property. Then, they will inform all parties of the status and condition of the title.

Preliminary Title Report

Once the company has all the necessary information from your client and completes their search, they will announce their findings in a preliminary title report. This report is also known as the commitment for title insurance. Not only will the title company provide all records related to the title, but they will also provide info related to any foreclosures or legal action taken on the property in question. The report will ensure that the property is ready for purchase. This means there are no unfound outstanding mortgages, liens, judgments, or unpaid taxes on the property.

Keeping You Informed

As the title company performs its necessary work, they will keep you and your client informed along the way. They will let you know if anything comes up during the title research process that needs further clarification.

Are you looking for a reliable title company for your real estate transaction needs? Give Innovation Title a call today!