Title defects are soon going to be a thing of the past, following the recent announcement made by the Nationwide Title Clearing, Inc. (NTC) of making property reports readily available online. Title defects have been thought to be a major issue within the real estate markets, especially since they are thought to be the cause of wrongful foreclosures and the stagnation of smooth transitioning of assets within the secondary market. Now with the new system of ordering property reports online the NTC ensures that there will be clear title conveyance and the reduction of risk of buyback or the inability for foreclosure.
As one of the best research and document-processing provider for the mortgage and financial sector, the NTC has taken the recommended steps towards simplifying the process of securing property reports. This has been made possible through the launch of an updated website that readily avails property reports online.
Usually, most defects occur when an individual or entity lays claim to a property that is possessed by another individual or entity. Nevertheless, a title might be considered null and void if::
1. The title has wording issues that do not comply with the real estate standards of the area.
2. The title lacks a signature(s) of a party that is necessary to the transaction of the piece of property
3. The title still has previous liens and other encumbrances
4. The title has not been recorded or filed accordingly to the procedures of recording real estate documents.
With this in mind, the Chief Executive Officer of Nationwide Title Clearing, John Hillman, states that addressing title defects prior to selling the property is crucial in avoiding such situations. Also, the NTC with the aim of assisting the growing mortgage industry, has made Assignment Verification, Current Owner, Tax Status and Tax Status (Plus) Reports readily available via online ordering.
The NTC guarantees that their property report services are based on research carried out from legitimate land records and can be easily accessed by any residential property owner nationwide. Officials of the company claim that their processes are ensured to obtain accurate results and they even go beyond to identify a report’s financial impact in case a client is ordering too many fields.
The Nationwide Title Clearing, Inc. was founded in 1991 and incorporated in Palm Harbor, Florida. The company offers its specialties in auditing and document processing to the nation’s largest investors, lenders and servicers. The privately-owned institution has received recognition for Top 100 Workplaces for five years straight since 2011.
The company was initially located in California and then later on relocated to Palm Harbor, Florida in 2002. The company recently expanded its operations to Dallas, Texas by opening their offices and as of 2016 NTC has over 450 local employees.