Basics of Property Management: Screening Potential Tenants
3 Reasons To Hire A Title Settlement Agent Before Closing On A House
Jesse Obrien
Are you excited about closing on the new house that you purchased? Before you go through the closing process, you might want to invest in the services of a title settlement agent. Basically, a title settlement agent will help you determine if you are purchasing the house from the actual owner. There are also several other benefits that will make assistance from the agent beneficial. Take a look at this article to learn more about the services that a title settlement agent can provide on your behalf.
Perform a Thorough Title Search
One of the first things that a title settlement agent will do is verify that you are buying the house from the rightful owner. No matter how much money you spend or how smooth the closing process goes, you will not have any rights to the house if you are not dealing with the actual owner. You can then end up having to file a lawsuit to get your money back. A title settlement agent will find out about every owner that the house has ever had, which will allow him or her to also determine if you will have full rights to the property or not.
Find Out About Outstanding Liens
Assistance from a title settlement agent is beneficial because he or she will be able to find out if the house has any liens on it. You don't want to buy a house that has a lien because you can end up losing it in an untimely manner. A lien means that the owner has not fully paid back a debt and that a loan company has the right to take ownership of the house. You would basically have to pay the debt back on your own in order to keep the house.
Discover If the House is Under a Lease Agreement
A title settlement agent, like Whitford Land Transfer, will make sure that no one has leased the house from the owner and has legal rights to live in it. Buying a home that is under an active lease agreement can cause numerous legal problems for you after the closing process. You would end up having to allow someone else to live in the house until the lease is up, or would have to take the matter through a possibly long court battle. Get in touch with a title settlement agent so he or she can help you get through the closing process without problems developing later on.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.