One way to secure property is a bond for title. This method is used in matters of real estate where the buyer pays the seller in installments.
Bond for title represents an agreement that the funds associated with the closing of the real estate sale are not misused or stolen.
Sellers who allow a bond for title are protected since they maintain deed and title to the property. This type of sale can provide sellers and buyers with more flexibility when determining sale amount and amount of payments.
State Requirements For Bond Title
A title bond is used in many states as an avenue for people to become homeowners. The bond for title requirements vary state by state which is why it is important to find a bond company that is knowledgeable of different state mandates.
Some states are more willing to accept a surety bond than others. In many cases a bond for title concerning vehicles is more widely known. However, this may be because real estate bonds are looked upon as akin to a mortgage.
Working with a credible bond company is the best way to utilize a title bond.
Bond Best Deal For Both Parties
Both the buyer and seller of a home benefit from a surety bond.
A seller of property retains their legal title to the property until the buyer pays the agreed upon full amount owed. The bond covers them against a financial loss while giving them grounds to foreclose on a buyer.
Buyers still maintain status as equitable owners of the property under the sales agreement. Even without the title to the property a buyer still receives tax benefits and other benefits awarded homeowners.
Fast And Easy Title Bonds
Working with a nationwide bond provider like Jurisco offers reassurance in knowing that all state and local requirements are being met for the bond for title. The seller and buyer should both want to secure the bond through a reputable bonding company.