The Title Company's Role in Owner and Seller Financed Land Purchases
The title company's role is to protect the buyer's interest in the property. They do this by making sure that the property is free and clear of any liens or encumbrances. This includes searching for any outstanding mortgages, taxes, utility bills, or HOA dues. The title company will also verify that the seller is the rightful owner of the property.
The title company will also prepare all of the necessary documents for the transfer of ownership. This includes drawing up a new deed in the buyer's name and transferring any existing mortgage to the new owner. The title company will also issue a title insurance policy to protect the buyer from any future problems with the property.
The title company plays an important role in ensuring that land purchases go smoothly. They search for any liens or encumbrances on the property, verify that the seller is the rightful owner, and prepare all of the necessary documents for ownership transfer. They also issue a title insurance policy to protect buyers from future problems with their purchase.