Purchases of any property are considered to be a big investment. And therefore it is very important that as a buyer you should have all the information about the property before purchasing it so that you are not into any problem in the near future.
Apart from the pre-sale home inspection you should also check out the legal aspect of the property. You must understand that the entire real estate transaction is a lengthy and detailed procedure. There are lots of legal aspects attached to it. And as a buyer it is very important for you to find out the legal owner of the property before purchasing otherwise your ownership on the new house will be at stake in the future.
For example, the house that you liked so much and want to purchase might have been advertised by a third party and the legal owner might not even be aware of it. Eventually if you purchase this house then in future you are bound to have legal problems. You can easily avert any situation like this if you get complete information about the legal owner of the property and this is done by the title companies.
The title company's foremost duty is to conduct a research on the title of the house or better known as “title search” in real estate. They will scan all the public and real estate records within the county, city or town and collect information on the property. This will provide them information about the owner who has the legal rights to sell the property and also if the property was under any legal dispute or if there are any restrictions against the property.
Apart from title search the title companies also provide information on the unpaid taxes and liens on the property. As a buyer if you know about these information prior to purchase then you will not have any legal problems associated with your property in the future. This will again not just save you from any expense on legal issues but also help you to have a peaceful and stress free life as an owner of the house.
Many title companies also provide title insurance. In this case if a buyer after purchasing house from a seller who does not have a legal right to sell the property gets into legal problem about the title of the house with a third party then the title insurance takes care of it. This insurance actually protects the financial aspect of the owner or the lender against the loss due to the title defect or other legal matter. In this case either the money loss is reimbursed to the party or the case is defended by the title company against the lawsuit. As a buyer you can have the same insurer title policy as that of the lender.
However as a homeowner you do have the right to choose your own title insurer. But most of the time the buyer rely on the property attorney choice or the lender's choice of title insurer. In real estate any property including lease, life estate or easement can be title insured.
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