If you’re thinking about selling your house, you may be wondering, “do I need a title company to sell my home?” While it’s possible to sell your property without a title company, using one will help ensure the sale goes smoothly and will also save you money in many cases. If you’d like more information on which type of seller agency makes sense for you, read on to find out what to expect from each one.
What is a Title Company?
A title company is a third party that carries out the final steps of the home buying process, most significantly delivering the title to the buyer after closing the property. They are responsible for ensuring that all conditions in the purchase contract have been met and that both parties are in good standing with their lenders or financiers.
When Do I Need a Title Company?
Selling your home without a title company may save you money in the short term, but it can also lead to major headaches down the road. Title companies take care of all the paperwork and legal requirements for you, such as escrow accounts and closing assistance, which are essential when selling your home.
To find out if you need a title company to sell your property, take a look at these scenarios:
Scenario 1: You’re Selling Your Home for Cash
If you’re not taking any money with you when you sell your home—either because the sale is in full or because there’s no mortgage on the property—you most likely don’t need a title company. This is because they only handle the paperwork and closing costs related to mortgages.
Scenario 2: You’re Selling Your Home With a Mortgage
If you’re selling your home with a mortgage on it and you’re thinking, “can I sell my home without a title company?” the answer is no, and you’ll need to have a title company involved in the process. A title company will help prepare paperwork for both parties involved in this type of sale—the seller and lender. It will also ensure that funds are transferred.
Types of Seller Agencies
There are two types of seller agencies that you may come across when selling your property. The first is the typical “agency for buyer.” This is when the title company works on behalf of the buyer, protecting them from any problems with the property during the sale process.
The second type is called “agency for seller.” This is when the title company works on behalf of the seller, protecting them from potential problems with the property during the sale process.
Sell Your Home for Cash to Joe Homebuyer Dallas!
Joe Homebuyer Dallas has developed an innovative approach to buying homes. We purchase houses in cash and do not require a title company to sell your home. There’s no lengthy negotiation process like when selling your home through traditional channels because there’s no mortgage involved in the transaction, which is perfect if you’re thinking, “I want to sell my home quick.” Give us a call today!