Title Company FAQs:Answers to the Most Common Questions Agents & Consumers Ask
Navigating the world of real estate can be confusing, especially when it comes to the title process. As a title company, we’ve heard it all – from basic questions about the role of a title company to more complex queries about title insurance. To help clear up any confusion, we’ve compiled a list of the most common questions we receive from agents and consumers, and provided answers to each.
What is a title company and what do they do? A title company is responsible for ensuring that the title to a property is legitimate and free from any defects or encumbrances. We conduct a title search to review public records and verify the chain of ownership. Once the title is clear, we provide title insurance to protect against any future claims that may arise.
Why do I need title insurance? Title insurance protects both the buyer and lender from any defects or liens that were not discovered during the title search process. This can include things like unpaid taxes or a previous owner who never legally transferred ownership.
Who chooses the title company? The buyer typically chooses the title company, but in some cases, the seller or lender may also have input.
How much does title insurance cost? The cost of title insurance varies depending on the property and location. The buyer typically pays for owner’s title insurance, while the lender pays for their own policy.
How long does the title process take? The title process can vary, but typically takes between 2-4 weeks from start to finish.
What is a title search? A title search is a review of public records to verify the ownership history of a property, any outstanding liens or judgments, and any other potential title issues.
Can a title issue be fixed? In some cases, yes. Depending on the issue, a title company may be able to resolve the issue or provide title insurance to protect against any future claims.
What happens at closing? At closing, the buyer and seller sign all necessary documents and funds are transferred. The title company ensures that all necessary paperwork is filed with the appropriate government agencies.
Can I choose my own title company? In some cases, yes. However, it’s important to work with a reputable title company with a strong track record of successful closings.
What happens if there is a title issue after closing? If a title issue arises after closing, the title insurance policy will typically cover any associated costs or damages.
At VUE TITLE , we’re dedicated to making the title process as smooth and stress-free as possible. If you have any other questions or concerns, don’t hesitate to reach out to us.