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When purchasing or refinancing a home, it's important to work with a reputable title agency to ensure that the property's title is clear and that you have a good understanding of any potential issues or risks. Here are some questions you should ask a title agency when trying to purchase or buy a home:
What is a title search and what does it entail? A title search is a process that involves reviewing the property's legal records to verify ownership and identify any liens, encumbrances, or other issues that could affect the property's title. A title agency can conduct a title search and provide you with a report outlining any potential issues that you should be aware of.
What is title insurance and why do I need it? Title insurance is a type of insurance that protects you in the event that there are issues with the property's title that are not uncovered during the title search process. Title insurance can protect you from financial losses if you are sued as a result of an issue with the title, or if you have to pay to resolve a title issue.
What is a closing disclosure and what information does it contain? A closing disclosure is a document that provides a summary of the terms of your mortgage loan and the costs associated with the loan, including closing costs and any prepaid items. A title agency can provide you with a closing disclosure and explain the information it contains.
How do I ensure that the title to the property is transferred to me? To transfer the title to the property to you, you will need to sign a deed transferring ownership to you. A title agency can help you prepare and review the deed to ensure that it is properly executed and recorded.
By asking these and other questions, you can get a better understanding of the title process and any potential risks or issues associated with the property you are purchasing or refinancing. This can help you make informed decisions and protect your financial interests. Call today for more specific and direct answers: Tanya: 734-330-4310
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