What is a title company, and what is their role in a real estate transaction? On today’s episode of The Bob Wahl Show, I speak with Meredith McVehil with Hillsboro Title Company here in St. Louis County. Find out all about titles and how a title company protects you.
What is a title?
A title is the legal right of ownership of land or property.
What is a title company?
A title company is an independent, third-party entity whose role is to protect the customer, whether they are the buyer or the seller.
What is the role of the title company?
Every title company office has a closer and processors. Once you sell a home or have a buyer, that contract goes to the title company’s office and the processor enters the contract order into the system. Then there is a series of steps to close the deal.
First, the title company investigates whether there are any liens or outstanding claims on the land. They will research up to 100 years back to find out the history of a property.
If there are any issues with the property, the title company works with the buyer and the seller to resolve those before the property is officially sold.
The earnest money check is usually made payable to the title company who, as an independent third-party, holds the money during the entire transaction. If a transaction were to fall apart for whatever reasons in the St. Louis market, a mutual release signed by all parties is required for the title company to release the funds. When a real estate transaction is closing the amount of money given as earnest money is usually deducted from the amount the buyer needs to bring to closing.
Meredith McVehil and Hillsboro Title Company
Hillsboro Title Company is a female-owned company, and serves residential and commercial clients by providing title insurance. In an escrow closing, they conduct the closing on a property and maintain an escrow account holding the funds needed. They also make sure that new titles deeds and other closing documents are filed with appropriate entities in a timely and efficient manner.
Meredith McVehil is an Account Executive for Hillsboro Title and she has a background in real estate sales and marketing. She considers herself a master connector, and was hired to develop relationships with realtors and loan officers. Her job is to add value to the transaction and to connect customers with other contacts that can enhance their businesses.
Meredith McVehil’s Links