title companyWith all the talk about the real estate industry in recent years, you may think that people are not buying property, anymore.  Actually, more people are purchasing properties again, which is a sign that the economic situation in the United States must be upturning, to some degree.  Of course, if you are considering making a purchase, there are a bunch of different factors to consider.  You cannot rush into a major purchase, without knowing the details and how they will effect you.  One way to sort through the details that could affect the property you are purchasing is to hire a title company.  Having the financial and legal experts at a title company help you work through the mess of paperwork that comprises your transaction will make your life a lot easier.  First of all, they can establish if the seller of the property even fully owns the property.  This is not to say that he or she stole it.  In many cases, though, the owner of the house still has unresolved issues regarding ownership.  There are many ways in which a situation like that can occur, and it is best to avoid buying properties that have more than one potential, rightful owner.  Of course, without a title company to help you, you would probably have no way of knowing whether or not the issue of ownership of the property was under dispute.  Purchase agreements are one way in which title companies can minimize the problems that occur with buying or selling a property.  Purchase agreements ensure that every party in the agreement keeps up their end of the bargain.  There are financial and legal repercussions for breaking one of these agreements.  Plus, purchase agreements make the lenders feel more comfortable.  Another service that title companies provide that will make everyone involved in the transaction safer is title insurance.  Title insurance is a very unique type of insurance that has to do with things that have already happened.  While most insurance policies cover bad things that may happen in the future, a title insurance policy protects you against bad things that have already happened that you do not know about.  Specifically, if you suddenly discover that the previous owner still owed a bunch of money on the house in the form of back taxes, you are held accountable if you do not have title insurance.  Too many people assume that there is no chance that there is anything they do not know about.  Unfortunately, more often than people think, even properties with a short list of owners may still have problems that you are not aware of.  With title insurance, you do not have to worry about being responsible for penalties that you did not even incur, yourself.  Without title insurance, you and the lender can potentially be held accountable for anything that is wrong with the land title.  If you are going to the trouble of being loaned money for a major purchase, you should invest in title insurance to protect your investment.

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