The industry of mortgage across the world is facing consistent changes on a daily basis. This has led to a hassle based management of the related non-core tasks such as mortgage title search process, etc. Hence, comes the emergence of renowned offshore mortgage outsourcing service providers.
Clearing the title is very crucial before a buyer purchases the property as it will keep them free of legal challenges.
The title search ascertains whether the seller has a right to sell the property and whether the buyer will have access to all the property rights for which they are paying a sum. The mortgage title search process includes examining the records and detect a document which can make an impact on the property title.
Being a mortgage lender, the title search will have a significant role because it will assure the buyer that he/she will be the sole owner of the property. The mortgage BPO service providers will ensure an effective title search process wherein the property title will be kept away from errors.
The top tips for effective title search process are listed below:
- Title transfer
Title transfer is also commonly referred to as ‘chain of title’. It is a streamlined arrangement of all the property rights, from the previous owners to the present owner.The details can be fetched from the public records which are stored at the Recorder’s office. If not, you can also get these details in a private mode from the title companies that ensure management and storage of these records.During the instances wherein the title transfer is incomplete, the claimants should appear in the court to develop their legal rights for a property. And in case, if they are unable to authenticate their ownership, they will have to quit all the claims.Hence, it is of utmost importance to get these details in the most accurate format.
- Tax applied on the property
When the tax search is applied, it would disclose the present status of the real estate tax. The status can be either up-to-date or unpaid. The taxes that go unpaid can enable the government to list the property for sale so as to regain the unpaid taxes.
- Property inspection
The person inspecting the property has the authority to create a report related to any issues which can have an impact on the property title or ownership. The property inspector can authorize the property size and also detect the areas which require constant betterment. He also has the liability to ensure whether the property is occupied by someone else in an unrecorded way. The outsourcing service providers will help you to handle the documents (evidence) which is showcased by the inspectors before informing the customers.
- Due constancy about previous owners
The incomplete mortgage measures against the seller or any of the previous owners should be duly noted during the exit of the property owner. The outsourcing mortgage BPO service providers ensure to offer complete support in handling and managing such crucial information. If any unpaid taxes are identified, they should be noted and solved immediately before transferring the title to a new buyer.
- Closing of mortgage
Once all the issues are solved, the mortgage lender can close the mortgage transaction in the presence of both the buyer and seller. The buyer can claim all the benefits only once the title clearance is done with success. The outsourcing service providers will help to easily close the mortgage transaction and finalize the deal.
Being a mortgage lender or being a part of a mortgage business, it is of paramount importance to execute a clear and error-free title search process. Hiring the best offshore mortgage outsourcing services will enable you to take the business in the long run.