One of the reasons I enjoy being a notary is because I can really make a difference in a person’s life. Today was a prime example. I had a customer call me needing someone to notarized a handwritten document. This is nothing out of the ordinary. I ask my typical questions – what needs to be notarized and etc. They needed help getting electrical services turned on but needed to show they were the new homeowner. What made me stop was the caller’s confusion on what was exactly needed.
I proceed to ask the client if it was ok for me to place a call so we can see what was needed for them. After 3 hours on the phone helping this client out, we were able to get this resolved for them. One of the questions asked was, did they buy the house with a real estate agent? The answer was no.
It was a property that was purchased, like it was a car purchase. Yes the property was a mobile home inside a mobile home park. Thank God it was just a past due electric bill on the property. What would have happened if it was more than just a light bill. What would have happened if it was some type of lien on the property that would not allow the new owner the ability to put the property in their name unless they can satisfied the lien? Their 5k may have turned to be a 25k deal. This gave me an opportunity to educate the benefits of having title company handle transactions such as these. I further explained to him how this is a safety net for both parties.
A title company will research the property to make sure the title is clear from any liens. The other benefit is that you will get issued title insurance for the property. This insurance helps protect the owner against claims over the property’s title. Title company can also hold the money paid to an escrow account to make sure all parties are protected. If all goes well, the money would then be released to the seller.
It is important as buyers, we do our homework to make sure we have as smooth as a possible transition. Other services to consider are home inspections and surveyors. A home inspector would inspect the property to see if there are any major structural damage. A surveyor would inform buyer where the property line ends for the property being sold. I hope this information was helpful to you if you ever decide you wanted to buy a property without a real estate agent, of course you can always hire and agent as well to help you maneuver though all this.
Best of Luck!