If you’re uncertain of what exactly a South Florida title company does, you’re not alone. There are plenty of people first entering the area of real estate that are still a bit unfamiliar with how everything works.
Before anyone decides to purchase a property, it’s important to consider different factors due to the many various things that are involved. Major financial transactions, like buying a house or leasing a property, need to be handled with careful consideration and diligence to avoid potential consequences down the line.
A South Florida title company like World Title Company helps to ensure the accuracy and success of major transactions. Learn more about what a Weston title company like ourselves does below or contact World Title Company today to schedule a free consultation.
What Does A South Florida Title Company Do?
Title companies ensure that the processes involved in property acquisition are both accurate and legal. This includes securing everything from the initial choice of a potential property to buy to the final process of transferring the title over to the buyer.
Primarily, a South Florida title company will facilitate three vital processes in property acquisition. Title services generally include property title checks, property preparation, and title insurance.
Title companies must first confirm a property’s status. This generally involves checking for any unfavorable factors or circumstances associated with the title.
Importance Of A Title Check
During the title check, title companies will determine the legal owner of a property, disclose any unpaid taxes, mortgages, judgments, or liens that will have to be satisfied before the property is purchased.
The title check will also specify any existing easements, leases, or restrictions that affect the property. If these factors are not properly verified, the buyer will most likely take on problems like back taxes, claims, and second mortgages themselves after acquiring the property.
If title companies fail to recognize these problems, surely the buyers would have headaches once the title has been transferred to their ownership.
When the title is verified to be clear of any issues, title companies will find and recommend committing to a form of title insurance. This commitment indicates the parties involved are insured and designates the amount of coverage, the current owner of the property, the property’s legal description, and any requirements that need to be met for the insurance to be issued, such as a deed to the property.
Your South Florida title company will then prepare all the documentation necessary for the complete transfer and purchase of the property. This also means assisting with any problems that might arise during the transaction.
If you’re considering purchasing a property and would like assistance from an experienced South Florida title company, don’t hesitate to reach out for help. Call World Title Company today at 954-888-4646 to schedule a free consultation.