What is a Title Company?
Before we get into the details of the Title Company definition, it is important to first understand what the term Title means. A Title is essentially a document that proves that the property is owned by a specific person or company.
This is different than Possession, which means that a person simply holds the property without regard to whether or not he has the right. The title, however, is proof of true ownership.
A Title Company is a company that searches for Title Deeds. The new jersey company also examines the title to verify its authenticity and tries to uncover all financial and legal issues associated with the property. It also facilitates the closing of real estate deals.
What are the duties of a Title Company?
A new jersey title firms primary responsibility in addressing title issues is to search for the Title Deed. This will allow the seller to determine if the property is actually theirs. The company searches for ownership details as well as possession details. False claims could adversely impact the deal. Title research is therefore crucial.
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A Title Company's next responsibility is to discover all financial and legal issues that may be affecting the property. These issues are of great concern.
These issues must be addressed by the seller. However, once the deal is closed, the buyer becomes the new owner and inherits all the hassles. Hire a Title Company if you want to secure a clear and clean title.
Another important responsibility of the Company is to verify titles and assist in closing the deal. There are many documents that must be read and signed before the deal can be closed.