House Ownership
A house owner is someone who has legal title to the property. Title is a legal document that shows who owns the property and what rights they have to the property. It is usually recorded in the county where the property is located.
The Process Of Getting The Title:
When you buy a property, the seller will transfer the title to you. This is done through a real estate transaction that is handled by a title company.
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The title company is a neutral third party that is responsible for ensuring that the title to the property is clear and free of any defects. They do this by conducting a title search, which is a review of the public records to determine who owns the property and whether there are any liens or other encumbrances on the title.
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Closing a deal - Step By Step
​Here are the basic steps of the closing process done with the title company:
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The buyer and seller will sign a purchase agreement, which is a legally binding contract that outlines the terms of the sale.
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The title company will conduct a title search and issue a title report, which will identify any liens or other encumbrances on the title.
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The buyer and seller will provide the title company with all of the necessary documents, such as the purchase agreement, the title report, and the deed.
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The title company will issue title insurance to the buyer and lender.
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The buyer will make a down payment and other closing costs to the title company.
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The title company will disburse the funds to the seller and lender.
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The buyer will take possession of the property.