What Does a Title Company Do?
A title company acts as a neutral third party to handle the legal documents and funds on behalf of a seller and a buyer, or a lender and a borrower.
Speak with your agent or National Title Co. to learn more about these important services:
Title Report – A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a title insurance policy is issued.
Title Policy – Insurance against loss resulting from defects of title to a specifically described parcel of real property. Defects may run to the fee (chain of title) or to encumbrances on the property.
Pay Off Existing Loan(s) – The title company pays off existing loan(s) if instructed.
Taxes and Insurance – The title company prorates the taxes and insurance when instructed by the buyer and the seller.
Signing – Assists the buyer and seller when signing documents.
Recording – The title company records the appropriate documents with the county office, giving public notice.
Disbursement – The title company disburses the documents and money to each party involved
About Title Insurance
In Nevada, most real estate transactions include a title insurance policy. Sometimes, a deed to the property is not enough to prove ownership. Hidden hazards may attach to real estate. A property owner’s greatest protection is a policy of title insurance.
What is Title Insurance?”
Title Insurance is a contract of indemnity that guarantees that the title is as reported. If not reported and the owner is damaged, the title policy covers the insured for their loss up to the amount of the policy.
Title insurance assures owners that they are acquiring marketable title. Title insurance is designed to eliminate risk or loss caused by defects in title from the past. Title insurance provides coverage only for title problems that were already in existence at the time the policy was issued.
The Title Search
Title companies work to eliminate risks by performing a search of the public records or through the title company’s own plant. The search consists of public records, laws and court decisions pertaining to the property to determine the current recorded ownership, any recorded liens or encumbrances or any other matters of record that could affect the title to the property. When a title search is complete, the title company issues a preliminary report detailing the current status of title.
The Preliminary Report
A preliminary report contains vital information which can affect the close of escrow: Ownership of the subject property; where the current owners hold title; matters of record that specifically affect the subject property or the owners of the property; a legal description of the property and an informational plat map.
Detailed Las Vegas Home Search
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