The short answer to what does a title company actually do is this: We ensure a smooth and legal transfer of property ownership to the buyer from the seller. But how we get there is more complex.
At Lilly Title & Settlement, we do title searches, researching public records to find the property’s ownership history.
Why is that important? Because to transfer title from the buyer to the seller, it must be clean and marketable.
That’s why we search for:
• Court judgments against the property
• Unpaid property taxes
• Outstanding mortgages or liens
• Any disputes over ownership or easements
If we find any encumbrances on the title, we work with the seller to get them removed so the sale can go through.
Why is that important? Because to transfer title from the buyer to the seller, it must be clean and marketable.
That’s why we search for:
• Court judgments against the property
• Unpaid property taxes
• Outstanding mortgages or liens
• Any disputes over ownership or easements
If we find any encumbrances on the title, we work with the seller to get them removed so the sale can go through.
Title Insurance for Buyers and Lenders
Lenders require buyers to purchase lenders title insurance on their behalf. But what most buyers don’t understand is that the insurance only covers the lender should a legal property dispute arise. It does not cover the buyer.
If lenders think it’s important enough to cover the property, we hope it would also be important to the buyer. However, in Virginia, homeowner’s title insurance is optional.
We encourage every new homeowner to make the one-time purchase that protects you for as long as you own your home.
If lenders think it’s important enough to cover the property, we hope it would also be important to the buyer. However, in Virginia, homeowner’s title insurance is optional.
We encourage every new homeowner to make the one-time purchase that protects you for as long as you own your home.
Closing Services for a Title Company
As part of closing on your new home, we do more than just research the title of the home you’re buying.
It’s our responsibility to:
• Hold funds in an escrow account
• Prepare and file all required documents for your city or county
• File legal documents including the deed and settlement statements
• Make sure all documents are properly notarized and signed
• Schedule and conduct the closing.
• Disburse funds to the appropriate parties upon successful completion of the closing
In addition, in Virginia, it’s required to get a property survey. This verifies property lines, and any structures on the property. We make sure we have the survey before closing.
It’s also our job to keep you informed every step of the way. To answer any questions, you have so that your closing is on time and handled smoothly.
When you’re ready to close on your new home, turn to the trusted experts at Lilly Title & Settlement for a smooth and timely closing.
It’s our responsibility to:
• Hold funds in an escrow account
• Prepare and file all required documents for your city or county
• File legal documents including the deed and settlement statements
• Make sure all documents are properly notarized and signed
• Schedule and conduct the closing.
• Disburse funds to the appropriate parties upon successful completion of the closing
In addition, in Virginia, it’s required to get a property survey. This verifies property lines, and any structures on the property. We make sure we have the survey before closing.
It’s also our job to keep you informed every step of the way. To answer any questions, you have so that your closing is on time and handled smoothly.
When you’re ready to close on your new home, turn to the trusted experts at Lilly Title & Settlement for a smooth and timely closing.
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