In response to a call to address the issues of title defects, Nationwide Title Clearing has made the property reports readily available through an online platform. Title defects have become a major concern to the real estate market. The shortcomings have led to wrongful closures and stagnation of the asset acquiring process. The defects have inhibited the smooth transition of assets in the secondary Market. While addressing the public, the Nationwide Title Clearing Executives said that property record held the key to addressing the issues of title defects. The property reports ensure and reduce the risk of buyback and foreclosure to minimal.
The company has also taken a step to ensure the process of accessing the property reports is simple. They have launched an updated website that provides for the property reports portal. It is important to note that most of the title defects are as a result of a legal claim to the property that is owned by someone else. However, many factors can lender a Title invalid.
Among those factors include
- Proper wording- misspelled names that do not comply with the standards of the area may cause a title to be declared invalid
- Signatories- failure to include the appropriate signatories in the title may cause it to be nullified
- The title deed should also be free of prior liens and encumbrances. Otherwise, it is deemed unmarketable
- During filing, the right procedures should be followed. Failure to follow the correct procedure may cause title defects.
According to the company’s CEO, John Hillman, addressing these title defects before the sale of a property is the key to a smooth transition. The company, in an attempt to address the title defects made the following property reports available;
- Tax Status Report
- Tax Status (plus) Report
- O&E- Ownership & Encumbrance Report
- Assignment Verification Report Services
Hillman said that it was the company’s main goal to provide a simple and step by step process of providing and securing property reports. He also stated that the company report services are based on research conducted by experienced people. The reports are carried out from the actual land records, and they include all residential properties Nationwide.
During data collection, multiple sources are employed. The data is then passed through human and machine verification to attain a high degree of certainty. The audit process has enabled the company to serve most of the United States lenders.
Nationalwide Title Clearing Inc. is based in Palm Harbor, Florida. It was founded in the year 1991. It is privately owned and acts as a service provider to the Real Estate industry. It is known for delivering high level and accurate research services. The company also does document processing and also acts to preserve the nation’s land records.