When buying or selling a property, there are many crucial steps in the process, and one of the most important is working with a reliable title company. A title company helps ensure that the transferred property has a clear title and is free of legal claims or disputes. Property transactions can face serious delays, financial losses, or even legal trouble without this essential step.
At Pittman Title & Escrow, we have over 25 years of experience in the industry, providing expert guidance through every real estate transaction. Licensed in both New Jersey and Pennsylvania, we’re here to explain why you need a title company and how we can help ensure your closing goes smoothly.
What is a Title Company?
A title company plays a key role in the real estate transaction process. Its primary responsibility is to verify the legal ownership of a property, ensure the title is clear, and provide title insurance. This protects both buyers and lenders against any future claims or disputes over the ownership of the property.
Here’s what a title company typically does:
- Conducts a thorough title search to uncover any issues, such as liens, unpaid taxes, or unresolved ownership disputes.
- Facilitates the closing process by preparing and reviewing the necessary documents.
- Offers title insurance, which safeguards the buyer and lender from financial loss due to title defects.
- Ensures the proper transfer of funds and property ownership at closing.
Who Picks the Title Company?
The decision of who selects the title company can vary based on local customs and the terms of the real estate contract. In some areas, the buyer may choose the title company, while in others, the seller might make the selection. Regardless of who picks the title company, it’s important to choose one with a solid reputation and the right credentials.
For those buying or selling property in New Jersey and Pennsylvania, Pittman Title & Escrow is an excellent choice. With our extensive knowledge and over 25 years of experience, we’re prepared to handle all aspects of your transaction with precision and professionalism.
Importance of a Title Search
One of the most critical functions of a title company is conducting a comprehensive title search. This search ensures there are no legal issues that could prevent the sale from moving forward. The title search uncovers any liens, judgments, or other claims that could impact the ownership of the property.
A title search is essential because:
- It protects both the buyer and lender from potential legal and financial risks.
- It ensures that the property is free of any undisclosed claims, giving peace of mind to all parties involved.
- It helps prevent costly legal battles down the road by addressing issues before closing.
What is Title Insurance?
Title insurance is a critical part of any real estate transaction. It protects the buyer and the lender from potential losses related to disputes over the ownership of the property. Even with a thorough title search, there may be issues that aren’t immediately visible, such as clerical errors, undisclosed heirs, or fraudulent claims.
Title insurance typically covers:
- Legal fees in case the ownership of the property is challenged.
- Compensation for financial losses due to title defects.
- Protection against hidden issues, like forged documents, mistakes in public records, or unresolved liens.
There are two types of title insurance policies: an owner’s policy, which protects the buyer, and a lender’s policy, which protects the mortgage lender. Having title insurance provides peace of mind that your investment is secure, even if unexpected issues arise after the sale.
Why You Should Choose Pittman Title & Escrow
With over 25 years of experience, Pittman Title & Escrow has the expertise to navigate the complexities of any real estate transaction. Our team includes licensed Title Producers, Reconciliation Accountants, and Independent Examiners, who all work together to ensure a smooth process from start to finish. Additionally, our close relationship with a Real Estate Attorney with over 25 years in the industry ensures that we provide top-tier legal insight and support.
We proudly serve clients throughout New Jersey and Pennsylvania, offering a range of services, including title searches, title insurance, escrow services, and notary services. Whether you’re a first-time homebuyer or an experienced real estate investor, we’re committed to providing personalized attention and expert service for every transaction.
If you need a trusted partner for your next real estate transaction, Pittman Title & Escrow is here to help. Contact us today to learn more about how we can make your closing process smooth, secure, and stress-free.