There are many people who end up buying and selling homes without the assistance of a realtor. If you are thinking of following this path, whether as a buyer or a seller, a title company is still essential for a smooth, safe transaction. Here are the services a title company can provide you in a For Sale By Owner (FSBO) situation.
Impartial Assistance in Closing
A title company can function as an impartial entity, neither employed by the buyer or the seller, and can facilitate the closing of a sale neutrally. The company can ensure that all the necessary paperwork is collected from both sides, filled in and signed properly, and is filed with the proper agencies and authorities. Having that extra set of eyes looking over the transaction can help both the buyer and seller avoid making costly mistakes. They can order surveys and other reports necessary for the closing of the sale. Title companies can also hold earnest money and act as escrow agents. If documents need to be notarized, they can also provide notary services.
Title Companies Provide Essential Services
Two of the services provided by a title company are absolutely critical to protecting the buyer and seller in the transaction – performing a title search on the property and providing title insurance. The title search is an examination of the public records on the property to determine if there are any liens against it or any co-owners who haven’t signed off on the sale. Usually these issues can be cleared before closing if they are identified ahead of time. Title companies also provide title insurance, which is required by most mortgage lenders. With a one-time fee at closing, the insurance protects a buyer or seller from unforeseen defects in the title, and means that a company will help defend you from any claims on the title in the future.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you take advantage of the record low mortgage rates to come. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook,Twitter, LinkedIn, and Google+.