You’re buying your first home- I get it! It’s exciting! Getting to pick out a place to put down roots and set up a new future for yourself- it’s amazing! But along with buying your first home comes a whole slew of new terminology, phrases, and even nouns!
Today, I want to help you with a little-understood aspect of home buying.
What does a title company do?
They ensure that the new buyer has the right to buy a property and that there are no liens (loans) on the property, so that we know that the seller has the right to sell the property as well! I like to get this title work done as early as possible when doing a home sale- and let me tell you why!
I’m currently working on a property in Spanish Fork. UDOT took some of the property, which changed the property entrance. BUT- They never changed if officially paperwork-wise, so there’s no documented deeded access right to the property, which means the buyer can’t get financing.
Of course, once we clear up this paperwork misunderstanding and get documentation that there is, indeed, a new entrance, the buyer can get financing on it. This process does, however, take time, which is why I like to get started on title work quickly!
BONUS tip? When picking a title company, try to pick a company that has a good reputation and history, one that will likely be around for some time. Why? Many title issues don’t pop up until 10 or 20 years down the road. If your original title company is still in business at that time, you will get much better support for problems that arise.
Need help picking a title company? I have recommendations! Feel free to contact me.