What are homeowners association mortgages
Who does the title company work for?
When buying a house or property, does the title company work for the buyer, the seller, or are they neutral and only play the role in managing the business?
It depends on what you mean by title company.
In one case, they are the company handling the deal.
Some call this a settlement company, but many have the word title in their name. In my real estate transactions, the buyer paid part of the billing costs for the service. Who is chosen is a negotiation between buyer and seller. One day I sold one house and bought another, the most convenient being to have them in the same office one after the other.
The firm's representative may be a lawyer, but in Virginia at least they don't have to be. But even if they are lawyers, they do not represent a party. They ensure that all the right forms and the right money end up in the right place at the right time. They will make the transaction easier, but they will not protect either side from bad deal.
The other use of the term title company can mean title insurance company.
They are a company that insures the lender in case there is a problem with ownership of the property. The lender will get you to take out property insurance. You determine who to use them and how long the policy will last.
The property purchaser can also purchase an optional policy to protect themselves if the title is bad. The lender does not require that you purchase this policy.
Title policies protect the lender and you when ownership is not clear. The ex-spouse can claim the property, the homeowners association can claim back the contributions owed, a construction company can claim they were never paid. In some cases, the problem may have occurred years before your transaction and was overlooked when searching for securities. Without a policy, ownership could go back to the previous party. The lender wants their policy to make sure they don't lose their money. You want a policy to make sure you don't lose your equity and that roof over your head.
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