In case you aren’t familiar, a “title” is the legal right to ownership of a property and the right to sell it. When there is a legal purchase of a property, the title is transferred to the buyer.

Why Are Titles Important?

Titles are important because they ensure the property owner’s right to own and to sell the property in the future. If you want to make sure your title remains clean and valid so you can eventually sell your property, then you need to protect your title from past and future issues. Since almost anyone can put a lien on a property, landowners must stay on top of their bills and any outstanding debts.

What Is the Role of a Title Company in Real Estate Transactions?

Title companies are almost always involved in real estate transactions. But what do they do? In short, title companies ensure the seller has the right to sell their property to the prospective buyer. These companies are neutral third parties that seek to help both the buyer and the lender. Their main goal is to make sure the property is “clean” and there are no encumbrances on it.

Title companies assist with the following matters:

  • Title Search: Title companies are involved in real estate transactions to ensure that no one else can claim ownership of your property.
  • Property Survey: In some cases, a property survey might be required. The goal of this is to find out if there are any types of encroachments on the property.
  • Title Insurance: Title companies provide two kinds of title insurance policies: one for the buyer and one for the lender. A lender in this type of transaction has a financial interest in the property just like the buyer. The title insurance provides both parties with the same financial and legal protections in case someone comes forward with a claim for the property that was missed in the title search. Title insurance is required in the City of Philadelphia.
  • Closing: The title company will aid in all the essential requirements of closing the transaction. The company will receive all the closing documents and record the deeds and mortgages in the local county land records office.

Pritzker Law Group Is Here to Assist with Your Real Estate Transactions

As legal experts, we have the knowledge and experience that clients need to deal with contracts, titles, deeds, and other complicated paperwork that is necessary to complete their real estate transactions. Our experienced and esteemed attorneys at Pritzker Law Group are here to assist you with your real estate closing to ensure that the seller has a good marketable title to the property. With our extensive resources in your corner, you can feel confident that we will fiercely advocate for your best interests.

To set up a free 15-minute initial consultation with our dedicated legal team, please give us a call today at (215) 515-0882 or contact us online.

Related Post
  • Temporary New Landlord/Tenant Lockout Rules as of July 19th 2023 Read More
  • Act 135: Conservatorship for an Abandoned & Blighted Property Read More
  • Bill No. 210474-A01: Mixed-Income Housing Bonus Read More