The title company will conduct a finalize title search and stratify closing conditions like; mortgage pay off, water payments and any other conditions of title policy.
The prior to closing the title company will conduct a title search to ensure the property is legitimate and find if there are any outstanding mortgages, liens, judgments, restrictions, easements, leases, unpaid taxes, or any other restrictions that would impact your ownership associated with the Property. It is at closing that these encumbrances have been cleared or will be cleared, like the seller’s mortgage.
Once the title is found to be “clear”, the title company will issue a title insurance policy that protects lenders or owners against claims or legal fees that may arise over ownership of the property. This is required when obtaining a mortgage and highly recommended even if you are paying cash. This will also be a part of your closing costs, and the fees are state regulated, which means every title company will charge the same amount for title insurance, making It easier for you because you don’t need to “shop around”!
components. This type of invasive inspection may also include testing of soil by a Geotechnical engineer, and/or examination of the property by a structural engineer. Examples of Comprehensive Property Inspection Scope Determine Code Compliance.
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