Nationwide Title Clearing (NTC) Inc. has responded to the increasing cases of title defects by launching an updated website. The website is specially developed to allow property owners to order property reports. This new approach will help in reducing the number of title defects and cut down the amount of time spent on the process.
Title defects have created numerous concerns in the real estate market. Many buyers have been discouraged from making transactions with the fear that the person selling a given property may not be the actual owner. Moreover, banks have wrongfully foreclosed properties due to the defects.
NTC is working towards eliminating all these problems. The company believes that property reports are key to easing the process of transferring property ownership from one person to another. This process will enhance validity of the title to a given property, thus helping leading research and documentation providers to ensure that their clients in the mortgage and financial industries have booming businesses.
According to NTC, title defects are caused by numerous factors. The most common cause of the defects is individuals who illegally claim ownership of other people’s properties. Moreover, title defects can be brought about by noncompliance with the wording standards of given jurisdiction, and omission of the required signatories. Failure to remove the name of previous owners from ownership documents and follow the set filing procedures can contribute to title defects.
According to John Hillman, NTC’s chief executive officer, property owners will be able to access four types of reports through online ordering on the company’s website. They are the Tax Status Report, Tax Status (plus) Report, Current Owner Report, and the Assignment Verification Report Services. One can decide to order for one or more of these reports. This information was originally reported on National Mortgage News as outlined in this link http://www.nationalmortgagenews.com/press_releases/nationwide-title-clearing-revamps-website-online-ordering-available-1041942-1.html
NTC is confident about the accuracy of the reports. The company develops its report from actual land records. Both an automated system and humans verify the information about any given property.
About Nationwide Title Clearing, Inc.
NTC was founded in 1991 to provide the residential mortgage industry with research and document-processing services. The Palm Harbor-based company’s services are used by 8 of the top 10 residential mortgage servicers. The company has won the Inc’s Hire Power Award and has also been listed as the 26th fastest growing company in Tampa Bay.