In real estate, a defective title puts a hindrance on the buying and selling of a property. Title defects denote a complication regarding the ownership of the property. Many in the industry think that these title defects cause wrongful foreclosures and others think that it stalls an asset’s smooth transition in a secondary market. John Hillman, CEO of Nationwide Title Clearing, Inc. (NTC) believes that it is the property records that are crucial to reducing buybacks or the inability to foreclose.
Title defects usually occur when someone or something such as a business claims the property when it is actually owned by someone else. There are several factors that contribute to making a title invalid:
- Wording that in not in compliance with the standards of real estate in the area
- A missing signature, such as a spouse, which is necessary for the transaction
- Failure to remove previous liens and encumbrances
- Recording or filing procedures not followed on real estate documents
NTC’s goal is to make the acquiring of property reports simple and fast. Based on research from actual land records, these property report services are accessible for any residential property in the nation.
NTC officials claim they have a full understanding of their clients’ needs and produce accurate results by using correct data to customize property reports.
These reports are available online for ordering: Assignment Verification Report Services, Current Owner Report, Tax Status Report and Tax Status (Plus).
Founded in 1991, NTC is headquartered in Palm Harbor FL, operating a five-building campus. They are the largest lien release and assignment providers, employing over 450 local employees and recently expanded to a new office in Dallas, Texas.
NTC is the highest in the industry with an over 70% eRecord rate, a less than 1% rejection rate, and a 99.8% compliance rate. NTC services include eight of the top ten residential mortgage servicers in the country. They protect homeowners, preserve our nation’s land records and assist the mortgage banking industry by tracing and fulfilling all county document requirements in close to 3600 recording jurisdictions nationwide.