At Cash4Detroit.com, we buy properties in Detroit. Most people know that part of our business. What some may not know, is that we use a closing company to research the property we are buying to find out whatever it may owe as far as back taxes, water bills, and more. As well as any liens on the property and to verify that the person selling us their home is the actual owner of the property.
For these matters, we use a Title Company dedicated to researching these details and making sure that we are making a legal purchase. Title companies offer Title insurance on our purchases guaranteeing that no other headaches or issues will derive from the purchase of a home in Detroit by our staff.
Title Companies will provide us with:
Title Search & Examination
Title companies will examine their findings and see how it affects the title to the property. This is a search made of the public records in Detroit. Records that include deeds, mortgages, assessments, liens, wills, divorce settlements and any other documents affecting title to the property. Verification of the legal owner is made at this point. Once the title search and examination is completed by the title company, a title report is prepared sent out to interested parties (Us, the Buyer & You the Seller)
Document Preparation
The Closing agent at the title company will prepare closing statements and schedules the closing. An agent from the title company will oversee the closing of your home. The Seller signs the deed and closing affidavit. Seller, real estate professionals, attorneys and other parties present at the closing of the transaction are paid.
After The Closing
After all documents have been signed, the title company will pay any prior lender, and pay all parties who performed services in connection with the sale of your home. Documents are recorded in the county in which the property is located. Title insurance policies are prepared and sent to the new lender and to you. This all happens without any further actions by the buyer or seller.