- “Title” refers to the ownership interest in a property and is reflected in a recorded Deed.
- The Title report & Title (or Abstract) Company, in the most simplest of terms, will confirm that the Seller is the legal Seller of the property & will make sure all the debts associated with the property are cleared at or by Settlement.
- There are 1000s of abstract companies (title companies) like our in-house title company. They are all underwritten by one of 5 national insurance providers.
- The Title Company coordinates the flow of paperwork & money throughout the transaction and ultimately
- causes the City to record the Buyer as the new owner and
- causes the payment of all the Seller’s debt/liens associated with the Property.
Why use Northwest Abstract and Class Abstract?
- You have the right to choose the Title Company & will pay the one-time title insurance premium at closing.
- All Title Insurance policy premiums are based on the sales price and state regulated so a Buyer doesn’t need to “shop” for title insurance like they would for hazard & liability insurance, which would protect the Buyer and the home against future incidents and damage.
- You won’t pay any extra fees to travel for settlement (if the settlement is not in your office).
- When you as an individual chooses a title company, they don’t have any accountability built into the process (unless there is a prior relationship) because the likelihood of the Buyer using them again is slim to none or 7 years down the road. Conversely, as Agents, we routinely send them business so they want to keep earning our business by serving us and our Buyers well.
- There is no economic benefit not to use my in-house title company and there is only a service benefit to use them.