University Title Agency plays a crucial role in real estate transactions by ensuring that the transfer of property ownership is legitimate and that the title to the property is clear of any legal issues. Here's a breakdown of the main functions here at University Title Agency:
Title Search: University Title Agency conducts a thorough search of public records to confirm the ownership of the proper
ty and identify any potential legal issues, such as liens, claims, or unresolved disputes. This helps ensure that the seller has the right to sell the property and that the buyer is receiving clear title. Title Insurance: Once the title is verified, University Title Agency provides title insurance. This protects both the buyer and the lender (if applicable) from future claims or issues that may arise with the property’s title, such as undiscovered heirs or fraud. There are two types of title insurance:
Owner's Title Insurance: Protects the buyer's interests. Lender’s Title Insurance: Protects the lender's interest in the property, typically required when a mortgage is involved. Closing Services: University Title Agency often handles the closing process for real estate transactions. We coordinate the final paperwork, ensure all financials are settled (such as paying off existing mortgages or distributing funds), and facilitate the signing of documents by both the buyer and seller. This means we hold funds (like the buyer’s deposit or the full purchase price) in an escrow account until all conditions of the sale are met. Only then will they release the funds to the appropriate parties. Recording the Deed: After the transaction is complete, University Title Agency ensures that the deed of sale is properly recorded in the local government’s public records, officially transferring ownership from the seller to the buyer. In essence, University Title Agency ensures that the buyer is receiving legitimate and clear ownership of the property, protects both parties from future title disputes, and facilitates a smooth closing process.