Another role of the title company is to issue an owners title insurance policy to a buyer to guarantee against fraudulent ownership claims. Title insurance usually is a part of the buyer's closing costs. Mortgage lenders also require title insurance before funding a home loan, called a loan policy. A loan policy is required for a purchase or refinance, any time a new mortgage is taken out from a lender.. Through title searches, title companies arrange for the title insurance on behalf of the buyer and produce the policy after the closing.
Title companies also are tasked with maintaining a variety of real estate escrow accounts on behalf of buyers and sellers. Title company escrow accounts hold the money used to finish real estate settlement and closing procedures. A title company must ensure that money in its escrow accounts go only toward actual settlement and closing costs. Sellers, buyers, mortgage lenders and real estate brokers all rely on title companies to be honest and impartial escrow account custodians.
When a seller of a property and a new buyer enter into a formal purchase agreement, Landguard plays a large role in the formal process of closing. Landguard helps the seller transfer the title / ownership of the property, and we help the new buyers take possession of the title / ownership to the property from the seller, much like when you purchase a new car, just more complex. Landguard conducts multiple searches to complete the process, including property current and past ownership / deed records, mortgage searches, tax searches, lien, claim and easement searches and more. Landguard prepares new deeds, power of attorney documents, maintains escrow accounts for buyers and sellers and many other closing related services.
When a property is purchased, sold or refinanced, a title company often is tasked with searching the property's title history for defects or clouds. Typical defects or clouds include other claims on the property from liens or easements, which can possibly affect the value of the property negatively. Landguard conducts multiple searches and prepares a title report listing the history of the property and any potential issues if any. Mortgage lenders require a title commitment / title search before lending any money for a new transaction.
If you are a homeowner just looking to have an independent mortgage, deed or tax search done on your property or another, give us a call!!
At Landguard Title Services,LLC. we offer full service settlement and closing services. Whether the transaction is a refinance or purchase, residential or commercial, our dedicated team of title professionals will perform all required or requested services to insure a smooth, worry free transaction..
Title company settlement agents often are the people who conduct the formal real estate closing event. At a property closing, title company agents produce all necessary funding documents, tax certificates, title insurance policies and the like. At a real estate closing, title company agents also collect buyer and seller closing costs and distribute commission checks, if applicable. Finally, title companies ensure all documents such as property deeds and mortgages are recorded properly.
Copyright © 2015 Landguard Title Services, LLC. All rights reserved.
703 Mill Creek Road, Suite B - Manahawkin - New Jersey - 08094 | Phone: (609) 549-6892 | Fax: (856) 494-1784 | Email: Info@LGTitle.com