What is the Purpose of a Title Company?
A Title company is usually involved in a San Diego real estate transaction. The Title Company is hired to make certain there are no hidden or unknown problems when transferring ownership of a San Diego property. What are the steps that they take?
- Complete a title search on the seller. This is to determine if the buyer is buying the San Diego home from a person who is legally able to sell the property.
- Complete additional title search to reveal any judgments or liens against the property.
- Determine chain of title; this work involves looking for possible unseen claims to the title of the house.
- Provide title insurance, which is often required by the lending institution. Title insurance ensures the new San Diego buyer will hold a proper and legal claim to the title of the property in San Diego.
- Work closely with a California escrow company so that neither the San Diego seller nor San Diego buyer can claim the money was mismanaged or used for other purposes than closing the deal.