Title Process and its Importance in Real Estate Transactions
The real estate industry is a complex and multifaceted field that requires a team of experts to come together to make a successful transaction happen. One of the most critical but often overlooked parts of the process is the title. In this blog post, we will be exploring the role of title in real estate transactions and how industry professionals, like our guest Jordan Sheard, are making a positive impact in the Hampton Roads, Virginia area.
What is Title in Real Estate Transactions?
Title refers to the person or entity listed on a physical record as the owner of a specific property. It is the legal evidence of ownership of a property, and it is crucial to ensure that the property being purchased is free from any deficiencies or defects that could pose a risk to the new owner.
A settlement agent like Jordan is responsible for conducting the research necessary to determine the chain of title for a property and ensuring that there are no encumbrances or other issues that could pose a threat to the new owner. They work closely with the buyer's agent, loan officer, and the county or city in which the property is located to complete the transaction. In some cases, they may also work with attorneys to resolve any legal issues that may arise during the process.
What Does the Research Entail?
Title research is an in-depth process that involves going back six years to determine the chain of title for a property. The research is conducted by subcontracted title companies and can be done electronically or in person. The goal is to make sure that the property is safe and secure and that there is no risk of someone else trying to claim ownership.
Title is an essential part of any real estate transaction. Without proper title research, there is a risk of issues arising down the line that could affect the new owner's ability to sell the property or secure a loan. By working with a settlement agent like Jordan and her team, buyers and sellers can have peace of mind knowing that the title for their property is clear and secure.
In conclusion, the title process may not be the most exciting part of a real estate transaction, but it is certainly one of the most critical. Without it, there is a risk of issues arising that could affect the ownership of the property. Industry professionals like Jordan Sheard are making a positive impact in the Hampton Roads, Virginia area by ensuring that the title process is completed correctly and efficiently.