Title Services

Buying a home is a long, sometimes complicated process with plenty of opportunities for issues. While some of these can be easily avoided by carefully reviewing contracts and asking the right questions, there are some that new homebuyers may not even realize exist. A title company can help you avoid these issues. But exactly what is a title company responsible for? In short, a title companies help you review documents, protect your investment, and finalize the purchase of your home with no extra stress.

What Is A Title Company Responsible For?

Here are a few services you can expect your title company to provide when you decide to buy a house.

Property Deeds

Title companies primarily focus, of course, on titles. An attorney prepares the Deed to the property in question. Sellers must sign the Deed showing that the property has a new owner, and a title company’s representative will notarize those signatures. They will also submit the deed to the county recorder’s office, where the buyer will then become the official owner of the property.

Title Searches

A title company will hire an independent examiner to carefully research and review the title to your new property. The examiner can search public records to identify any problems with the status and condition of the title, including any concerns relating to the transfer of the title. The company will provide both the buyer and the seller with information about the title in a preliminary title report, which can then be used to secure title insurance. This important step in the closing process helps avoid delays and expensive legal fees that could result from purchasing a property with an unsound title.

Title Insurance

Most mortgage companies require that you obtain title insurance prior to agreeing to a loan. Title insurance protects the lender if there are any prior claims on the title to your home, such as mechanics liens, undisclosed heirs to the property, and any other roadblocks that would make it impossible for you to use the property as collateral for the loan.

Closing Assistance

Using a title company can make the process faster and easier. Your representative will insure that everyone has submitted the proper documents, review closing instructions, and conduct closing processes according to state and federal laws. Title companies will also submit documents as necessary to ensure they are properly filed in the relevant property records.

Your Fairfax Title Company

Speak to Mathis Title Company for more information about the home buying process and how a title company can assist you. Robin Mathis has years of experience in both the legal and real estate fields, including both commercial and private real estate transactions. This unique combination of knowledge helps her provide clients with in-depth, comprehensive services during their home buying process. Mathis personally oversees each closing herself to give clients personalized attention and support.

There are many aspects of the closing process that can be confusing for both the buyer and the seller. One of them is the contract preparation & review process. This aspect is particularly tricky because who is responsible (the buyer or the seller) for the contract can change depending on the circumstances of the sale. For example, usually it’s the buyer’s real estate agent who creates the contract, but it can also be created by an attorney.

Contract Preparation & Review Process

During the closing process, the home purchase agreement is the contract that outlines many specific details about how the sale is going to commence. These details include things like the agreed-upon price of the home, identification of the parties, description of the property; the essential details, rights, and obligations of the contract, contingencies or conditions that must be met before the sale is complete, condition of the property, specifics about what fixtures and appliances are included or not included, amount of the deposit, closing costs and who is responsible for paying each of them, prospective date of closing, signatures of each party, and the terms of possession.

This document can also be known as an agreement of sale, a purchase contract, or a sale contract. The contract might also specify dates for which the buyer has to apply for a mortgage, obtain pre-qualification, pre-approval, final approval, and close of the purchase. If the buyer misses any of the dates outlined in the contract they risk being “out of contract” and could lose the property or have to close under unfavorable terms.

When both parties sign the purchase contract, it is a binding agreement that states they each party has the legal capacity to make the purchase, exchange, or other conveyance of the property. When the buyer signs the purchase contract they must place down an earnest money deposit. This money is held in escrow and is a credit towards the final negotiated purchase price of the home and is specified in the contract.

The purchase contract must be in writing or it is not considered enforceable. If the homeowner has decided to forgo using a real estate agent, the burden of the title company purchase agreement can fall on the buyer. When the homeowner chooses to sell their house without the assistance of an agent it is known as an FSBO or For Sale By Owner. Whether you have some experience or none at all with this situation, it is highly recommended that you obtain the help of an experienced attorney like Robin Mathis.

Benefits of Hiring Mathis Title Company

Hiring Robin Mathis, Esq. for assistance with your contract preparation & review process will ensure that everything runs smoothly and is done correctly. Robin Mathis will assist you in creating and reviewing the title company purchase agreement. When it comes to dealing with something as big as buying your dream home, you don’t want to take any chances and risk losing out on the sale. She will help make sure that your purchase agreement is legally sound and outlines all of the important details.

Mathis Title Company is unique in the way that it is a title company alongside a law firm with the legal experience of attorney Robin Mathis. If you chose to go with other Northern Virginia title companies that lack this advantage, you can find yourself limited in what they can do to protect you. Title companies that lack attorneys can only provide basic form documents and can not be used to create purchase agreements because they cannot provide legal advice. These issues could include things that relate to the specific parties involved, title requirements, or the transaction in general. However, because of Robin Mathis’ legal background, she has the knowledge about how to deal with these things and any other discrepancies that could arise. Her expert knowledge can be invaluable in helping you buy your dream home. Be sure to reach out to Robin Mathis, Esq. at Mathis Title Company for more information or assistance with the contract preparation & review process.

A Title Company makes sure that the title to a piece of real estate is legitimate then issues title insurance for that property. Title insurance protects the owner and/or lender in the event that lawsuits or claims against the property arise after the property has been purchased. Not only is having title insurance a good idea, but it is most often required by lenders for them to issue you a mortgage. There are two types of title insurance: title insurance for lenders, and for owners. Each requires an insurance policy to protect their investment in the property.

Often times, title companies also maintain escrow accounts that contain the funds needed to close on the home. This money is held by the title companies to ensure that the funds are only used for settlement and closing costs. At closing, a settlement agent from the title company will gather all of the necessary documentation and collect closing costs and distribute the funds. Title companies will also ensure that new titles, deeds and other documents are filed with the appropriate entities.

Title companies can offer services that include settlements, title insurance, contract preparation and review, and refinancing.

Settlements

Title companies often act as the closing agent for real estate transactions. This means that the title company acts as an agent for each party in the transaction. The title company will obtain signatures on all closing documentation and it will also receive and distribute payments related to the conveyance transaction. They will then record documents such as deeds and mortgages in the local county records office.

Contract Preparation and Review

When purchasing title insurance, a title company is going to research the property through the public records. They are looking to make sure that the property has passed hands legally, and that no one else has any legal claim to the property. They are also going to ensure that there are no other events that may affect the ownership of the property such as liens or encumbrances. This is part of the contract preparation process. A title company can also act as the final review of all documents that relate to the transference of ownership of the property.

Title companies offer many services, and as a result, they are very involved in the home buying process. This is why it’s very important to understand what services a title company offers because you are going to be highly involved with them. Do not hesitate to reach out to us at Mathis Title Company to learn more about our services or to ask any questions you may have.