One of the major problems facing the real estate market is the title defect. This is according to a recent report that has been released in the US. Title defects, on the other hand, cause several serious issues in this market which include wrongful foreclosures as well as stagnation that would have been prevented. In reaction to this allegation, the Nationwide Title Clearing Inc. said that it was implementing measures to ensure that proper records are in place. The firm started by updating its website. This will ensure that the records can be accessed on the web making it possible for people to keep up to date with their properties.
There are several scenarios that usually lead to a title defect. Most of the time, it occurs when someone claims another person’s property. Other cases that may lead to title defect include small issues with the way a document is written leading to failure to follow the real estate standards of a certain area. Whenever a party fails to include a signature in the title, a defect is likely to occur. Lastly, another scenario that may cause a title defect is the failure to follow the filing procedure in the initial process.
The current chief executive officer of NTC is John Hillman. He was quick to acknowledge that the key to solving title defects is addressing the underlying issue before the property is sold. When making the announcement that the NTC had made the records available, he also gave a list of the reports that would be accessed. They include Tax Status Report, Tax Status plus report as well as assignment verification report services and current owner report. Hillman also said that NTC was still committed to offering simple and fast services when it comes to property reports. On the other hand, they were also committed to ensuring that the process will be a step by step process to ensure that it would be easy to make a follow-up.
NTC has been in operation since the year 1991 and has maintained its offices in Palm Harbor, Florida. According to the CEO, the firm acquires its data from various shareholders, but counties are the main sources of the data. It has built a reputation of offering research services that are very accurate.