Buying a new home can be stressful, especially if you’re unfamiliar with the process. When you’re ready to close on your property and sign the papers, you want to make sure everything is in order. A good title company in will ensure this happens.
Here are four more reasons why you should hire a title company when purchasing a property:
4 Reasons Why You Should Hire a Title Company
1. Assistance With Your Title Search
A title search will reveal any issues before you purchase a property. You don’t want to buy a home and then find a lien on it.
If there is any lien or encumbrance on the property, a title company will be able to find out and tell you right away. Buying a property with a lien means you inherit that debt as it goes with the property. In this way, title companies can save you a lot of money if liens are unknown to the seller. It is not an uncommon occurrence for a lien to be discovered on a title report that is years old. The seller didn’t know it was there and the company who put it there may have forgotten as well.
2. Breach of Contract
If one party breaches the contract, the title company will have a specific process of processing the deposits in their trust. If a seller cancels due to no fault of the buyer, the seller can’t make off with the deposit without the consent of all parties. Conversely, if a buyer defaults after committing to the sale, the title company will ensure their deposit is issued to the correct party as agreed.
3. Issues With Your Title Insurance
If someone makes a claim against your property after closing, your title insurance policy will pay defense costs and any damages that result from it if you’re liable for the claim. If there are issues with your title insurance policy, your title company will assist you in resolving them so that all claims are covered.
4. Property Closings
The closing process is an integral part of any home sale or purchase, but it isn’t always easy. Most buyers and sellers think of these events as opportunities for celebration, but there’s a lot of legal paperwork involved. That can make it stressful for anyone without the right experience.
Title companies are responsible for coordinating everything that needs to happen within their role.
The Bottom Line
No matter what type of business you’ve got, if you’re looking for a title company in the Knoxville or Dickson area, Title Group of TN can help. We offer a wide variety of services to assist you in closing your deal and making sure everything goes smoothly.
Our team knows Knoxville and the surrounding counties very well, so we’ll get the job done as directed. To find out more about our services or how we can help you, call us today at 865-392-5801 or click here!
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