Imagine going to Jacksonville for vacation and then falling in love with the place all of a sudden. You slowly find yourself looking for job opportunities and properties you can purchase since Jacksonville seems like the perfect place for the kind of life that you want to live. You find properties that seem like perfect investments but the question is, how can you be sure that these properties don’t have defective titles?
You seek the help of a Jacksonville title company.
Title companies can help guarantee that the title of the property that you want to purchase is free of issues and defects. They do the necessary paperwork and they conduct a meticulous search through documents to ensure that the title of the property is legitimate. Title companies also have the capacity to process a title insurance that can protect all of the parties involved in the transaction.
What is the Title Insurance For?
A much more important question to ask would be, “what is title insurance?” since it’s best to answer the “what” before the “for”. Knowing more about the title insurance will help you understand why you need to get one. The title insurance gives protection to both the owner and the lender against claims or lawsuits concerning the property. These issues may escalate into disputes about the property title as time passes and taking legal action to defend yourself might cost you an arm and a leg. You can keep that from happening by securing a title insurance before buying the property.
The title company issues a title insurance policy once they prove the validity of the property title. Two types of title insurance exist in this day and age: the owner’s title insurance and the lender’s title insurance. The owner’s title insurance, also known as the buyer’s title insurance, provides protection to the owner of the property from title issues that might arise in the future while the lender’s title insurance gives protection to mortgage company. It is the responsibility of the buyer of the property to purchase the lender’s title insurance when closing the transaction. Moreover, it is important that the buyer of the property secures an owner’s title insurance as well. These insurance policies will serve as safety nets for the buyer and the lender should anyone claim that they are the rightful owner of the property. If it is proven that there are indeed defects in the title and those who came forward and claimed ownership are indeed the rightful owners of the property, the title insurance policy will shoulder all of the expenses.
What Does the Title Company Do to Ensure the Validity of the Property Title?
To streamline the processing of a property purchase and to guarantee buyer’s ownership of the property, the title company does a title search to ensure the legitimacy of the property title. During the title search, the title company in Jacksonville, FL conducts a thorough research and examination of property title records to check who the real owners of the property are. The title company confirms that the company or individual claiming ownership of the property is the legal owner, and that no other person can declare partial or full ownership of the property that’s being sold.
Unpaid taxes, outstanding mortgages, judgments, liens, leases, easements, restrictions, and other documents linked to the property that might eventually affect ownership are also examined during the title search. In some cases, the title company may opt to request for a property survey to determine what the boundaries of the property are, and to ensure that the home or building sits within the boundaries of the property. The property survey will also help determine if the neighbors have encroachments or easements on the property since these will have an effect on the ownership claim.
Once these processes are done, the Jax title company creates a short summary or abstract of the title stating the findings during the title search and property survey. The abstract of the title will also show the history of individuals or companies who owned the property, making it easy to trace people if problems arise in the future. The title opinion letter, a legal document that certifies that the title is indeed valid, is issued after the release of the abstract of the title.
What are the Benefits of Working with a Title Company in Jacksonville?
Buyers of properties have some peace of mind when working with a title company because they are backed up with the organization’s experience, knowledge, and expertise in processing property titles. The title company will conduct the research and legal actions needed to ensure the title’s validity and to prevent issues from happening. Should there be any problem during or after the transaction, the title company will help resolve the issue at the soonest possible time. Other benefits from working with a title company are:
- You have a neutral third party that supervises the settlement and closing process.
- The title company conducts title searches and property surveys.
- They provide title reports which show the property’s history of ownership, additional ownership claims, state or county liens for property taxes that still need to be paid, mechanic’s liens, property restrictions, pending judgments or legal action, and easements.
- The process of property purchase is seamless since they review the title for defects.
- They process owner’s title insurance and lender’s title insurance to protect both parties.
How to Choose Your Jacksonville Title Company
Partnering with the right title company or escrow official in Jacksonville is essential if you want a quick and hassle-free property transaction. You need to have a good working relationship with your title company because you will be in constant communication with them day in and day out while the purchase of the property is being processed. The title company should be able to earn your trust because they will be safekeeping your money in an escrow account. It is also imperative that they keep your details private, pay attention to your needs, answer all of your concerns, and resolve title-related issues that might arise in the future.
Do a background check just to make sure that the title company has a good reputation. Seek the advice of friends, acquaintances, lenders, and realtors for title companies they can recommend. It is also important to know if the title company or the escrow agent is prompt in returning calls, patient in explaining details, and knows the ins and outs of property transactions.
The title company’s years of experience is also something that you need to look into. What types of transactions have they processed? Are they familiar with the process of property transactions? What are their business ethics? Do they know how to keep personal details private? It’s also important to know if they have had any experience in processing loan documents, and if they are capable of resolving issues connected to the property title.
The location of the title company also plays a crucial role. If you live in Jacksonville, it’s best to look for title companies based in Jacksonville to make the communication lines accessible for all parties involved. You will need to visit the escrow agent or title company’s office several days each month to submit requirements, sign legal documents, and pick up or deliver a check.
It is also important to look into the fees charged by the title company or escrow agent. The fees vary from one title company to another so it’s important to find one that charges reasonable fees. You will also need to take a look at your budget and see if you have enough money to pay for the expenses.
Attorney’s Title Services
One of the most recommended title companies in Jacksonville is Attorney’s Title Services, a national title provider that offers closing services, escrow, and title insurance to homebuyers, realtors, developers, and lenders. We have licensed closing and title agents located in twelve states, plus the U.S. Virgin Islands. Our title company started as a mortgage and lending law firm that’s why they know how to navigate through legal documents. Through the years, we have broadened our geographical reach and we have capitalized on recent developments in technology to make it easier for our clients to communicate with us.
We can be reached at (904) 260-0105 or by using our contact form. We are located in Mandarin, 12428 San Jose Boulevard 1, Jacksonville FL, 32223. We also have locations in Downtown Jacksonville, Orange Park and Ponte Vedra Beach.