Functions of a Title Company in Katy Texas and all of Texas
Functions of a Title Company in Katy Texas and all of Texas
I was recently interviewed by a potential client who is not sure yet if she wants to sell her home and move to Katy Texas. She bought her existing home several years ago and has several questions about the whole home buying process. I give all potential clients a booklet when we first meet that describes the home buying process from front to end. My potential client's question was " What is the function or role of the Title Company"? I explained to her a Title Company's role in the home buying process and reminded myself to write a blog about this topic so I can send links to this article when I correspond with new potential clients.
After the original contract for sale and addendum s are signed by all parties Title is opened with the selected Title company. Many sellers in Texas will select the Title Company and they in turn pay for the buyer's Title policy. This company will handle the Closing of both the mortgage loan and conveyance of title to the property. In addition to all the loan documents provided by the applicable lender the Title Company is responsible for :
* Preparation of the HUD 1 Settlement Statement
* Obtaining Title Insurance for both the lender and the new owner.
* Preparing the deed that transfers Title.
* Researching and determining all debits and credits affecting both buyer and seller. This also includes pro rating of taxes and/or homeowner dues.
* Providing evidence that a clear title to the property exists.
* Overall review of contractual terms to ensure all have been meet.
* Disburse funds by obtaining cash from the buyer and buyers lender and proving cash to the seller and seller's lender
The Title Company In Katy Texas and all of Texas provides an invaluable service to both the buyers and sellers.