Minnesota Title Company – Steps involved in closing

A title company coordinates all the parties of a real estate transaction that includes buyers, lenders, sellers and real estate agents. Minnesota Title Company ensures that the title to a piece of land of real estate is legitimate and then it should issue title insurance for that property. It is the duty of St Paul Title Company to protect lender and owner against the property that might results from disputes over the title. Title companies are also responsible to maintain escrow accounts in which they are fully responsible for funds that are needed to close the property- the company also ensures that the money is only used for formal conduct and so on.

The settlement agent of Minnesota Title Company will also bring all the necessary documents that are important for closing; explain it to parties and collect closing costs. It is also the responsibly of St Paul Title company to make sure that the new titles, documents and deeds are out together in appropriate entities! The whole process of closing a property involves following points-

• Title Abstract- This includes getting all the information about the property such as history and its ownership. It is ensured that there are no property liens so that the buyer receiver a clear property.
• Survey- A survey is done to review all the potential problems. If there are any issues on the survey, then a real estate agent will be notified about them.
• Property taxes - Verification is done with the local or state authority if the property taxes have been paid.
• Title insurance policy- There are two types of title insurance – lenders - that is required by St Paul Title Company and the Owners which may be purchased at settlement for the benefit of the owner.
• Documents for closing- Last, but not the least – It is important for Minnesota Title Company mortgage lender to receive all the loan documents for closing.