Whenever mortgage services are sought for buying a property asset, the title needs to be checked thoroughly for any claims. Title checking is one of the most crucial processes in Mortgage Services as any discrepancy would end up in the lender and the borrower either or both losing their money. Because it involves a lot of documentation, verification and validation, Title Checking is typically outsourced to a competent outsourcing partner such as a title services company. This ensures that the borrower and lender can complete providing their details and then the most meticulous job in mortgage processing is completed by the outsourcing partner. Typically, the lender benefits greatly by engaging the title services company because there’s very little risk involved in the transaction once the titles are made clear. Here are some major benefits offered by the Title Services Company:
Review of the Property Title
All transactions involving the specific property are searched for extensively by the title services company and details are provided to the mortgage processing company. Any claims, unsettled tax liens or any other issues pertaining to the property can be clearly identified by the title services company with the help of contacts, connections, technology and specific processes they follow. They obtain all the legal records to establish a clear title or unsettled claim and provide the details to the Mortgage Claim Processing service provider to make sure that they do not take up lending for the wrong property.
Closing & Post Closing Services
The title deed company will act as a closing agent providing signed legal documents to effect closing a transaction. They help complete closing the property transactions by registering the property transfer records with the right authorities in the required formats. This is a meticulous process involving much legal documentation. The title service company will ensure that the transaction is completed and recorded legally in all aspects.
The title services company may even act as the escrow between the buyer and seller. The buyer will deposit the money in the mediator’s escrow account and the seller will provide the title documents to be checked for clearance. The Mortgage Title Search Services provider will ensure clear titles and transfer the buyer’s money to the seller’s account and also transfer the property title to the buyer’s name.
Even when it seems that you hold a clear title to a property, there may be other claims arising on various accounts. To avoid such issues, the title service provider will also offer title insurance which will ensure the buyer to get a clear title claim even if some other claims pop up later. It adds more security to the entire Mortgage Processing service as both buyer and lender can rest assured that the title remains clean and clear.