Nationwide Title Clearing, Inc. has reacted to urge for action concerning title defects by making property reports accessible by ordering online. Title defects have become an alarming issue in the real estate market of late. The title defects have some feeling that it is causing wrongful foreclosures while others feel it has caused trouble in what would be a smooth handover of assets in the secondary market. Property records hold the key to making sure that a clear process of ferrying and minimizing the risk of buybacks.
The Online Project
Nationwide Title Clearing, which is a leading document processing and research provider for financial and homeowners loans industry, has made a step in making the process of securing property reports easy. The company launched an updated website, which has made property reports available online.
Causes of Title Defects
Title defects often occur when a person or entity lay claim to property possessed by someone else. A title is rendered invalid if simple matters on wording in the document do not compliment the area standards of real estate. Lack of an influential party’s signature that is necessary to the transaction may also cause a title to be invalid. A title also becomes invalid if there is the presence of encumbrances and prior liens. For a title to be marketable, it needs to be free of encumbrances. When recording real estate documents, one need to follow filing or recording procedure or else the title will be rendered invalid.
Products Available Online
According to the company’s Executive Chairman, John Hillman, getting property reports well before a property is transferred or sold is the only way to avoid title defects. So as to assist the developing mortgage industry, the company has made the various online services available including tax status report, tax status (plus) report, current owner report, assignment verification report
An Overview of NTC
Nationwide Title Clearing is a single location business in Palm Harbor established in 1992. It provides expert research, document processing, audit services to companies that lender mortgage and investors. It also offers lien release, document tracking, retrieval, and imaging.
It provides training packages for mortgage servicers, investors, and lenders based on best packages. It aims at providing a fast, simple, step-by-step process of securing property reports. The firm enables buyers and sellers to access information about any residential property nationwide before making any transactions.