What You Need to Know About a Real Estate Title Report
Buying a home can be an intimidating experience, and the process can often be complicated. One important step in the process is obtaining a real estate title report, which provides an overview of your property's legal ownership status. This report helps provide peace of mind for buyers that their new property is free from liens or other encumbrances. Let’s take a closer look at what exactly is contained in a real estate title report in New York.
What is Included in a Real Estate Title Report?
A real estate title report is compiled using public records, including deeds, mortgages, easements, judgments, and tax liens. It also includes information about previous owners and any active pending legal matters related to the property. The purpose of this title report is to provide assurance that the seller has clear legal authority to sell the property and that no claims will arise after closing.
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Why You Need A Title Report
In order to obtain financing for your home purchase, lenders typically require proof of ownership through a title search or title insurance policy. This helps protect both buyers and lenders by confirming that there are no outstanding debts or unpaid taxes associated with the property before closing. Additionally, it ensures that all existing liens have been paid off at closing so that you don't end up responsible for them afterwards. The title search also serves as proof of ownership when you go to register your deed with the county recorder's office after purchasing your home.
The Role of a Title Company
A reputable title company plays an important role in ensuring that all documents pertaining to the sale are prepared properly and all parties involved are legally protected throughout each step of the transaction process. They work closely with attorneys and other professionals throughout this process in order to ensure accuracy and compliance with all applicable laws. At closing time, they coordinate all activities related to the transfer of funds and deed execution on behalf of both buyer and seller so that everyone gets what they need from the sale without issue or delay.
A real estate title report is an essential element in securing financing for your new home purchase; it provides confirmation regarding ownership rights as well as evidence of any outstanding liens or unpaid taxes associated with the property prior to closing time. By understanding what goes into this document and working with experienced professionals like those at The Donaldson Law Firm, PLLC, throughout each step of the transaction process, you can rest assured knowing that everything has been taken care off correctly before signing on the dotted line!
If you have questions about title reports, please give us a ring or email us.