It is crucial that you are able to select a good title company for the closing. A good company will facilitate a smoother and faster closing. You can also go to this site when choosing the right title company in NJ.
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Here's a quick overview of what a title company does:
1. The abstract of the title is prepared by the company. Even though it is a simple abstract, they must verify the location of the property and review the record. The abstract identifies the legal owner of the property and indicates whether there are liens, unpaid taxes, or mortgages.
2. The opinion letter will be released by the company. The company will also send a Commitment of Title Insurance (CoT) to the mortgage lender. This document will be the beginning of the process for obtaining a good title.
3. The buyer's company will most likely send a surveyor to inspect the property during title processing to make sure there are no survey problems. A seller may be required to provide documents, such as wills, divorce decrees, and death certificates, in the event that there are unresolved issues with the title.
4. The company will set a closing date after processing the title. Buyer and seller will meet at the company at the agreed time for closing. The company will also provide many documents to sign.
5. The title company will issue the HUD-1 Settle Declaration. This form outlines all fees and charges associated with this real estate transaction.