What is a Title?
When a seller comes to us and asks us how long will it take us to close, we answer that we can usually close really fast but we have to make sure that the title comes back clean.
What that means is before we buy the money, we need to make sure that the seller owns the property and has the right to sell it. This is where the title comes in.
To find out more about this, you can visit our website at: https://www.effortlesshomebuyers.com/
Fernando O. Angelucci is Founder and President of Titan Wealth Group. He also leads the firm’s finance and acquisitions departments. Fernando Angelucci and Steven Wear founded Titan Wealth Group in 2015, and under his leadership, the firm’s revenue has grown over 100% year over year. Today,
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So what is title? When we have sellers that come to us and ask us how quickly we can close, we'll usually say we can close pretty quick, we just have to make sure that title comes back clean, or we have to pull title. Now, what that means is before we go to buy the property and give the cash for the purchase price, we need to make sure that the seller actually owns the property, and not only owns the property, but has the right to sell it. So this is where title comes in to play. In certain States, it may be called the abstract. It just depends on what state you're in either abstract or title. And basically what happens is you will hire a title company, the seller, or the buyer will hire a title company to go back through the entire chain of ownership or the chain of title, if they call it.
And they'll look for, okay, for the last 50 years, every time this property was transferred, was it transferred appropriately? The person that sold it, were they allowed to sell it? Was there any errors or any inheritance that was not accounted for? So once we go and the title will come back clean, meaning that you, as the seller are, have the legal right to sell this property to me, and there's no one else that needs to be either consulted to approve the sale of a property. Then what we'll say is, okay, great, let's close on this property, but just to make sure in case the title company did not catch something that they should have we'll also purchase what's called title insurance, and with title insurance, if for whatever reason, there was say a long lost great granddaughter that nobody knew about.
And a couple years back, somebody sold this property, even though she had, or he had a right to that property, then the title company will make the parties that lost any type of value whole with this title insurance. So that's what title is it's required on every property that's sold, be very careful and very wary of people that are trying to either sell or buy properties without title and title insurance. This is usually done using a quick claim deed. That's something you want to avoid as much as possible. And it usually will cost anywhere between $1,800 to $3,000, depending on the value of the property. So that's what title is.
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