Some title insurance companies also provide these services.
It may be held at the office of an escrow company hired by you or the seller to handle the necessary paperwork and register the sale with the proper authorities. This is the meeting at which you and the seller will sign and exchange various documents to seal the deal. Whether you or the seller pays the one-time premium for this insurance is for you to negotiate. Title insurance protects you against any problems that the title search might have missed. The title insurance company’s job is to search public records to verify that you’ll have clear title to the property that you’re purchasing-meaning that you own it free of any liens, claims, or disputes over whether the seller was the actual owner. However, you will want owner’s title insurance. Since no mortgage lender is involved, you won’t have to pay for lender’s title insurance. This most likely would be mandatory if you were using a mortgage, but it’s also a very good idea if you’re paying cash. You will want the contract to include a home inspection contingency so that you can get out of the deal or renegotiate the price if there’s anything seriously wrong with the property. Sample forms are available online, from your real estate agent, or from your or the seller’s lawyer. Often referred to as a sales and purchase agreement, this contract will confirm the terms to which you and the seller have agreed.