Are you gearing up to sell your house? Well, then you might be wondering whether you need to hire a title company for this big step you’re taking.
Whether you’re selling for the first time or you’ve done this before, you know that this is no easy process you have ahead of you. Here’s everything you need to know about if you should hire a title company as you sell your home.
What Is a Title Company?
A title company will do a title search on your home, which means they will examine public records to ensure no claims, liens, or issues with a property. Doing this prevents another person or entity from asserting a stake in the home. The title company is the one agency that will provide you with a title insurance policy for your home. The title company will also provide you with a closing statement to ensure that everything is in order before the transaction can occur.
Why Would You Hire a Title Company?
First and foremost, a title company can help you understand your property and what your property is worth. They’re experts in the field, and they know all about property values and what local real estate trends are happening. Title companies also handle all the paperwork for you. You don’t have to worry about anything like paperwork or permits because they’ll take care of this for you.
How Do They Help You?
If you’re selling your home, a title company will help to verify that the person buying it has enough money to afford it.
Title companies are necessary because they have the expertise to handle these responsibilities. However, they can be expensive. While it varies state by state, title companies take a percentage of the amount you sell your home, which can be costly to someone who wants to sell their house without breaking the bank.
Can I Sell My Home Without Hiring a Title Company?
It’s possible to sell your house without hiring a title company. However, the process becomes significantly more complicated, and you’ll likely have to get a property lawyer involved. Without a title company, you’ll have to do all of the paperwork yourself, and the possibility of legal mistakes can be exceptionally costly.
However, there are exceptional cases where you don’t need to hire a title company, do ample amounts of paperwork, or get a lawyer. One of these unique situations will be selling your house for cash.
No Need for a Title Company With Midwest Homebuyers
Are you thinking about skipping the title company when you sell your house? Then sell your place to Midwest Homebuyers, where we purchase homes as-is with cash. No need for realtors, lawyers, or expensive closing costs. We’ll take care of all that so you can sell fast and get into your next home.
We buy houses in Illinois or Iowa, so contact us now if you’re ready to learn more about our fast and straightforward process!