Rhode Island Title Search: When Do You Need It?
August 29, 2024
Real Estate Title Companies deal with property transactions. Legally speaking, a title is a bundle of rights proving you can sell, mortgage, lease, and much more. Whether buying or selling a property, a clean title is a must. A real estate title company in Rhode Island, with its extensive expertise and years of experience, ensures that you will have a smooth transaction and protects your rights as a homeowner. Read this post to learn more about a real estate title company and the services they can provide, making your real estate transaction easier.
Services Offered by a Real Estate Title Company in Rhode Island
What services does a Real Estate Title Company offer?
- Title Search. A Title Search is a procedure where they examine public records to check if there are any claims, judgments, or encumbrances that can prevent the lawful sale of the property. These could include unpaid taxes, liens, or legal disputes over ownership.
- Title Insurance. Title Insurance protects either the buyer or the lender from financial losses if any issues that may arise are related to the title.
- Escrow services. An escrow is an arrangement where a neutral third party, in this case, a real estate title company, holds your money until the buyer and the seller perform their obligations. This third party ensures that the conditions of the sale are met before releasing the funds, providing a level of security for both parties.
- Closing Coordination. Finally, this is the final stage in a real estate transaction, where ownership is legally transferred to the buyer. A closing sale entails many steps and paperwork, and hiring a title company can help ease the burden of complying with all the legal requirements.
How much does a Real Estate Title Company Cost?
The costs of hiring a real estate title company vary from state to state. Furthermore, some companies have specific fee structures. In Rhode Island, it typically ranges from 0.5% to 1% of the home’s sale price.
In a nutshell, a title company ensures that your real estate transaction is as smooth sailing as possible.
Do you need title services in Rhode Island? Click here to contact the First National Title & Escrow team. We are your real estate law experts in Rhode Island.
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