For most of us, buying a home is one of the biggest investments that we will find in our lives. It's important that we do not run into problems, fraud and other problems related to the acquisition of property ownership.
This is where a national title company is a great relief. Verifying information about the property that you want to buy is not easy. This is where companies help. Their task is to obtain information, research and validate the title claims and limitations on the property.
To do this, they will check their records, history and previous owners of the property. They will also find out whether the seller actually has the right or authority to sell the property at hand.
Once all the information is gathered and evaluated, the company will issue the Abstract Title. Abstracts will be present who the real or legitimate owner of the property is. It also would present any liens, unpaid taxes, and judgments relating to the property.
Once the abstract is done, the company will publish both the Opinion Letter Title and Title Insurance Commitment. The latter will be issued if the company will release a Title Insurance Policy.
These documents will provide a course of action or other requirements that must be met before Title Both can be released.
The title company will still be responsible for taking care of these things to straighten out the issues relating to the property. Once completed, the closing can take place.