Title companies spend a high percentage of their operating income each year collecting, storing, maintaining and analyzing official records for information that affects title to real property. Their technical experts are trained to identify the rights others may have in your property, such as recorded liens, legal actions, disputed interests, rights of way or other encumbrances on your title. Before closing your transaction, the title company will proceed to “clear” those encumbrances which you do not wish to assume. The goal of title companies is to conduct such a thorough search and evaluation of public records that no claims will ever arise. Of course, this is impossible — we live in an imperfect world, where human error and changing legal interpretations make 100% risk elimination impossible. When claims arise, professional claims personnel are assigned to handle them. Proper title plant maintenance, research, evaluation and legal interpretation are the foundations upon which a title policy rests. That is where most of your dollar goes, and that is the source of your protection and peace of mind as a homeowner.
ABOUT THE AUTHOR
› Margaret Jimenez has over 13 years of experience in title, management and real estate. She’s worked with top developers including The Related Group, Maefield Development and Key International and has managed closings for many top South Florida projects; 786.327.9052; [email protected].
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