CREATING A MORE SECURE AND
CONSUMER-FRIENDLY CLOSING PROCESS
WHERE EVERYONE IS INVOLVED
W
hether you’re buying a home for the first time or you’re a seller, the closing process can be quite overwhelming. People usually want to close the sales of a home as soon as they can, but there’s usually a lot of steps to take, expenses to take care of, and documents to put in place before the deal is made official. The closing process can be quite tiring, and the buyer or seller might feel removed from the process at some point; this calls for a more secure and consumer-friendly closing process that involves everyone and facilitates a smooth transition of ownership.
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OBTAINING TITLE INSURANCE
Closing agents will want to carry out a title search to ensure that you’re the legal owner of the property. If there are claims against the property, carrying out a title search on the home should uncover them, and they need to be resolved in time for the sale to proceed. While buyers might be carrying out home insurance, there is a need for sellers to obtain title insurance to protect their property against events that might affect their home like unpaid bills; this helps to smoothen the closing process for both parties. Title insurance usually comes in two types: a policy for the owner and the lender; both parties can agree to share the cost for the policies.
THE POWER IS NOW MAGAZINE | FEBRUARY 2021
