Step 3: Understanding the Role of the Title Company

The title company is selected by the buyer.  A couple of exceptions to that rule are foreclosures and new construction.  Banks that are handling foreclosures will direct the title work to be completed by a company that normally handles their business, and the same is true for builders.

The title company will run a title search to confirm a clear title, and also obtain a title insurance policy on behalf of the buyers and the lender for your new home.  They will also order the termite inspection, on behalf of you and your lender.  Some of their other responsibilities include preparing the deed set for the sellers, the deed for the buyers, and the transfer statement for the county. They will prepare your final closing statement and balance that statement with the lender.  This final step will happen just days before closing, and this is where they arrive at the final amount that you will need to bring to closing.

 

We generally use Title Core National, as they are located in our offices and are accessible and convenient.  But, this is the buyer’s choice, so if you have another title company that you prefer to use, please let us know, as it needs to be noted on the Purchase Agreement for your new home.

 

Questions?  Feel free to contact us at 402-415-4799 or via www.OmahaHomeEquityGroup.com

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