When you buy a house, you will need to deal with a lot of different people: real estate agents, sellers, inspectors, lenders, title companies, and perhaps more. Each entity has a different role to fill, and all of them are important to ensuring a smooth and timely closing process. One of the companies with whom you will have a lot of contact is the title company. If you’re not sure exactly what they do, we’re here to give you a brief rundown.
A title company’s basic role is to determine if the title to a piece of real estate is legitimate and then to issue title insurance once they have confirmed this. Title insurance exists to protect lenders and owners from lawsuits or claims against the property based on disputes over the title. Title companies also maintain the funds needed to close on the house and ensure that this money they hold in an escrow account is only used for closing expenses. Because of this, title companies are often present at the closing, bringing all the necessary documentation and making sure everything is completed and accurate for both parties.
Another important thing title companies do for home buyers is to coordinate with a surveying company to produce a survey of the property, which many lenders require as part of the loan approval process. A survey protects the lender because it identifies any potential issues with the title, such as encroachments or easements. Residential land surveying involves determining the historic boundaries for a piece of land as well as recording accurate current measurement of boundaries.
Arthur Surveying works with several area title companies to provide homebuyers with surveys they need to complete their home buying transaction. A typical title land survey includes:
- The home’s location and a sketch of the location
- The name of the subdivision
- Acreage of the land
- Dimensions of home
- Easements, encroachments & restrictions
- A surveyor’s information & seal, plus the date of the survey
We strive for quality and accuracy in every survey we undertake, so when you need residential land surveying in the Dallas area, don’t hesitate to give us a call.