As the number of bank-owned properties increases, it’s crucial to have a reliable REO Title Company in West Palm Beach to ensure clear title. Title companies provide essential title insurance to protect buyers in a market saturated with REO properties.
Banks often possess properties with undisclosed or known liens, causing frustration for buyers during the purchasing process. West Palm Beach title companies are dedicated to preventing and safeguarding the property sale for buyers.
For REO properties, banks issue a special warranty title, which only guarantees the bank’s ownership period. If title issues arise during discovery that predate the bank’s ownership, the buyer will be liable. Liens attached to the property after closing but before the deed is recorded also fall under the buyer’s responsibility.
Title companies offer title insurance with ‘gap coverage’ to protect buyers from post-closing title issues. In addition to serving as your REO Title Company in West Palm Beach, a Title Attorney can review contracts, make changes, and represent the buyer in all legally complex aspects of the process.
Given the uncertainty surrounding clear titles in bank-owned properties, choosing the right REO Title Company and Title Attorney in West Palm Beach is one of the best decisions a buyer can make during the home-buying process.