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Simple English definitions for legal terms
title company
Read a random definition: etiam causa non cognita
A quick definition of title company:
A title company is a group that helps people buy property by making sure everything is legal and fair. They check to see if anyone else has a right to the property and if the seller is telling the truth about where the property ends. If they find any problems, they tell the buyer so they can decide if they still want to buy the property. The title company also offers insurance to protect the buyer in case they miss something and lose the property later. The buyer pays for this service when they buy the property.
A more thorough explanation:
A title company is an organization that helps people buy property by providing title insurance and conducting title searches. When someone wants to buy property, they usually want to make sure that the person selling it actually owns it and that there are no problems with the property's title. A title company can help with this by doing a title search, which looks for any issues with the property's ownership history.
For example, let's say you want to buy a house. You hire a title company to do a title search, and they find out that the person selling the house doesn't actually own it - someone else does! Without the title company's help, you might have bought the house and then found out later that you didn't actually own it.
Another example is if the property has a lien on it. A lien is when someone else has a legal claim to the property, usually because the owner owes them money. If you buy a property with a lien on it, you might end up having to pay off that debt yourself. A title company can help you avoid these kinds of problems by doing a title search and providing title insurance.
Overall, a title company is an important part of the process of buying property. They help make sure that the buyer is getting what they think they're getting, and that there are no surprises down the road.