In Parkland, FL, a title agent mostly plays a combined role of the insurance company, the property seller, buyer, mortgage lender, and practically everyone involved in real estate transactions. This means that such an organization has the complex role of overseeing the entire closing process from beginning to finish. With that said, it’s essential to communicate that there are some specific responsibilities of a title company in real estate transactions in Parkland, FL.

 

Research Property’s Title

Before a sale can go through, a title agency must research the property’s title to ensure no outstanding claims or liens against it. This process is known as a title search, and it’s essential to make sure that the property is free and clear before any money changes hands. In addition to researching the property’s title, a title company will also provide a title insurance policy. This policy protects the buyer (and lender, if there is one) if any title problems arise after the sale.

 

Act as Escrow Agent

The title company will also act as an escrow agent, holding onto money from the buyer until all of the conditions of the sale have been met. Once everything has been squared away, the title company will release the funds to the seller. Escrow agents must be impartial and have no stake in the sale outcome, which is why title companies are often used for this purpose.

 

Coordinate Closing

In addition to acting as an escrow agent, the title agent will also coordinate the closing. This includes preparing all of the necessary documents, scheduling a time and place for the closing, and ensuring everyone involved has what they need to complete the transaction. The title company will also provide a final title insurance policy at the closing, which will protect the buyer (and lender) from any future problems that might arise with the property’s title.

 

Prepare Closing Documents

The title agency is also responsible for preparing all closing documents, including the deed and mortgage (if there is one). These documents need to be prepared correctly for sale to be legal, so it’s essential to ensure that everything is in order before the closing takes place. Remember, the title company is there to protect everyone involved in the transaction, so don’t be afraid to ask questions if you’re unsure about something.

 

Issue Title Insurance Policy

As mentioned earlier, the title company will also issue a title insurance policy to the buyer (and lender, if there is one). This policy protects the buyer (and lender) from any problems that might arise with the property’s title. In addition, the title company will also provide a final title insurance policy at the closing, which will protect the buyer (and lender) from any future problems that might arise with the property’s title.

 

Handle Post-Closing Matters

After the closing, the title company will handle any post-closing matters that might come up. This includes recording the deed and mortgage (if there is one) at the county courthouse and disbursing any money that might be left over from the sale. The title company will also help resolve any problems that might come up with the property’s title.

 

Conclusion

Title companies play a vital role in real estate transactions, and it’s essential to understand their responsibilities before you buy or sell a property. By doing your research and working with a reputable title agent, you can rest assured knowing that your transaction will be handled smoothly from start to finish. Contact us and learn more about our title services and how we can help you with your next real estate transaction.