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Selling your home on your own can be a daunting process, but it doesn't have to be. One of the key players in the sale of your home is the title company. While it's not always required to use a title company, it can help ensure a smooth transaction and protect both you and the buyer.
So, what exactly does a title company do? Here are a few key things to know:
Title search and examination: One of the most important roles of a title company is to perform a title search and examination. This involves reviewing public records to ensure that the title is clear and that there are no outstanding liens or claims against the property. If any issues are found, the title company will work to resolve them before the sale can proceed.
Title insurance: In addition to performing a title search, the title company will also issue title insurance. This insurance protects both the buyer and the lender (if applicable) in the event that any issues with the title are discovered after the sale is complete. There are two types of title insurance: owner's title insurance and lender's title insurance.
Escrow services: The title company will typically act as the escrow agent during the sale of a home. This means that they will hold onto the buyer's earnest money deposit and coordinate the exchange of funds and documents between the buyer, seller, and any other parties involved in the transaction.
Closing services: Finally, the title company will oversee the closing of the sale. This involves ensuring that all necessary documents are signed and notarized, that funds are exchanged, and that the title is transferred from the seller to the buyer.
While it's possible to sell your home without a title company, doing so can be risky. A title company can provide peace of mind and help ensure that the transaction goes smoothly. If you're considering selling your home on your own, be sure to speak with a reputable title company to learn more about their services and how they can help you throughout the process.
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-My Home, My Sale
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