In the recent years, title defects have been a major concern in the real estate market. The matter has caused wrongful foreclosures and also has contributed to the stagnation of transition of assets in secondary markets. The Nationwide Title Clearing Inc. has made property reports readily available with online ordering. The move was in response to calls made regarding for title defects. A report by the executives of NTC showed that property record is the key to enabling title issuance as well as minimizing the risk of buyback or lack of ability for foreclosing. NTC recently launched an updated website that has made property reports available online.
Most title defects occur when a claim is made on a piece of property that is owned by someone else. However, there are also other factors that cause title defects. These factors are;
- The omission of a signature of a party that is necessary for the transaction such as the spouse.
- Failure to follow filing and recording procedures during the recording of real estate documents.
- Wording In the document that does not comply with the real estate standards of that particular area of land issue.
- A Situation where previous encumbrances have not been removed from the title deed.
According to John Hillman NTC CEO, addressing title defects before the land is sold is crucial. The real estate industry is evolving, and title defects are the major hindrance to more growth. As a way of solving this problem, NTC has made the following reports available on their website
- Tax status report
- Assignment verification report services
- Tax status plus report
- Current owner report
The goal of NTC is to provide simple, fast and step by step process of securing report. The reports on the property are sourced through research conducted from original reports accessible nationwide on residential property. They combine data from countries, and there is an automation process whereby human verification is performed. The exercise has made NTC successful in providing services to large lenders in the US. The success of NTC is attributed to the understanding of the results that a client requires and customizing the property report with right data sets.
About National Title Clearing Inc.
National Title Clearing Inc. is a single location private company in Palm Harbor FL. The corporation was established in 1991 and is categorized under Bond and Mortgage companies. The annual revenue of the company is 103045309 with a staff number of approximately 150. The company offers document services to in investors and mortgage lenders. The documents provided include assignments and lien services. While the reports are tax status, remediation and audit report among others.
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