Selling a home without assistance is a complicated and time-consuming process that many people take on to increase profits. It can be tempting, when trying to be frugal, to bypass many of the professionals that are available to help in the sale of your home. Despite the allure of money saved, title services are something you definitely don’t want to skip. The services provided by title companies not only take much of the stress and complication out of the transaction, having professionals at your side could also save your sale.
Title insurance gives you, and the buyer, a guarantee that there are no outstanding claims against your property before the sale. The title company searches the title history of the property to find any claims that must be handled before the title can be transferred. Once these obligations are addressed, the buyer can receive the title freely and the seller can walk away knowing all debts on the property have been paid.
Escrow services are available to protect the money and property interests between the buyer and seller. An escrow account is set up to hold any money that is related to the sale. The title company is responsible for ensuring that the title, and money, is disbursed to the correct parties at the appropriate time. This guarantees the title won’t be released to the buyers until all money has been paid, protecting the sellers’ interests.
The close is probably the most exciting part of the process. This is usually the moment when all parties sign the required documents, the sale is finalized, and the keys and money exchange hands. Because this meeting comes at the end of the transaction, it is extremely important that everything run smoothly. All parties are invested at this point of the sale and a significant amount of work has gone into making the transaction happen. The title company will host the close by providing the meeting place for the buyer and seller to work out any remaining details. The title company’s additional closing services include handling the paperwork, distributing money, and executing and recording the deed.
Without the use of the title company, sellers are responsible for ensuring there are no claims on their property, must navigate the financial transaction alone, and are responsible for handling their own close with the buyer. Buyers may be less trusting without a title company involved and there is always the potential that something was missed during the title search, a mistake is made with the purchase funds, or that a mistake is made during the close. Any one of these things could cause you to lose the sale and put you back at square one. If you’re considering selling your home yourself, or already have your home on the market, and don’t yet have the a title company to assist you, it’s not too late. Find a title company today so you can focus on what’s really important: finding the right buyer and deciding what to do with the next chapter of your life.