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3 Things Title Companies Do That You May Not Know Of
When most people think of title companies, they think of one thing: closings. But did you know that title companies offer a variety of other services as well? Here are three things you probably didn't know a title company could do.
1. Property Searches
Have you ever wondered how title companies keep track of who owns what property? The answer is through regular property searches, property owner, the last sale date, the purchase price, any outstanding mortgages or liens on the property, and more. This information is important for buyers, sellers, real estate agents, and anyone else with a vested interest in a piece of property.
2. Tax Searches
Most people are familiar with the property taxes they have to pay each year, but did you know that there are other taxes that may be owed on a piece of property? Things like back taxes, special assessments, and even unpaid water and sewer bills can become the responsibility of a new owner if they're not properly accounted for. That's where tax searches come in. A title company will research any outstanding taxes owed on a piece of property to make sure the buyer is aware of them before closing.
3. Homeowners' Association Searches
If a piece of property is subject to a homeowners' association (HOA), the title company will conduct an HOA search to make sure there are no outstanding dues or violations associated with the property. This information is important for buyers to know because, in some cases, an HOA can foreclose on a property for failure to pay dues or remedy violations.
Title companies offer a variety of services beyond closings, including property searches, tax searches, and homeowners' association searches. These services are important for buyers, sellers, real estate agents, and anyone else with a vested interest in a piece of property. By the way, they are also part of the refinance process. One thing we hope to go back to when rates finally go down.
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