Benefits of Having a Clear Real Estate Title in Lehigh Valley and Easton, PA

Posted by TraditionalAbstractPA on December 5th, 2021

Buying and selling property is an ancient business, with both parties finding it essential to depend on a third party to complete the deal. American citizens used the services of an experienced conveyance to fulfill such a purpose until the last part of the 19th century. Things have advanced from thereon with the role of the conveyance being taken over by a reputed company handling the entire responsibility concerning the real estate title in Lehigh Valley and Easton, PA.

Search-A title company or a legal professional can initiate the process by conducting a title search once a prospective buyer or seller of land, home, or business property approaches it. The title of the popery in question is obtained as a chain of records of the home or business property. A dedicated and meticulous search thorough the records is likely to bring the property history to light. The existence of multiple claimants for its ownership will be disclosed well in time for an aspiring buyer to back out. Liens on the said property will reveal the amount of money the owner has to repay to have a clear title. The seller may refund the outstanding amount, thus making it feasible for the buyer to proceed with the transaction. The property tax should be cleared before the buyer claims ownership.

Survey- The hired title company will also survey the property that is about to be sold. The specifications mentioned in the record should match with the actual measurements as well. This becomes essential before proceeding with the transaction and finalizing the closing.

Insurance- Buying title insurance is extremely important as it enables the new owner to safeguard the investment. The concerned title company has provisions for offering two types of insurance plans. The first one meant for the lender is essential, whereas the owner may choose the option or give it a miss. It makes good sense to invest in such insurance as the property remains safe when a mistake in the deed or records is discovered in the future. The prospect of having to move does not arise when the said property is secured by title insurance. Most individuals are willing to make this expense as it involves a single time payment with no monthly premium to think about.

Closing- Settlement of the property transaction is also referred to as closing. The concerned company will be responsible for dealing with the formalities, including the appointment of a signatory or an attorney to check the closing documents carefully before finalizing the deed and transferring the title to the buyer.

The title company may also be an abstract company in Bethlehem and Easton, PA, that provides an abstract of the title after the survey. It is a form of document that includes a synopsis of the title record with the name of the existing owner, liens, transfers, and legal actions associated with the property listed carefully. This summary is an important document that needs to be retained by the property owner for validation of facts.