Title company responsibilities – Metro Detroit buyers tips
One of the title company’s responsibilities when they close and insure a loan is to make sure all liens, water bills, and past taxes are paid up and cleared on the day of closing. That is what their job is. To insure that you the buyer have clean title. Otherwise it does not close. So the title company “examines” the public records to check for liens, and past mortgages. They pull public records and check what taxes or assessments have or have not been paid. What ones are due? The title company holds money to make sure water bills are paid. This is what the title company’s role is. To make sure when the property transfers to the new buyer that the title is free and clear – no taxes due, no assessments due, no water bill due, no liens. Your mortgage company even checks the title work. If you look at your good faith you will see that there is a mortgage title policy on their. The mortgage company requires you to pay for a mortgage title policy so they are protected. They do not want to loan on a property that is free and clear. They won’t loan on a property that has liens or property taxes due. So you can feel better when closing because the title company is working to provide you with a clean property. Remember the end goal – home selling tips Real estate terms “chasing the market down” [wnt_grid keyid=”1″ title=”Homes for sale in Independence Township MI” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”MI” single_family=”y” condo=”y” min_price=”500000″ max_price=”1000000000″ listing_status=”Active” county=”Oakland” city=”Independence Township” /]
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