Nationwide Title Clearing Inc (NTC), the country’s leading research and document service provider has made property reports available to the public as the country was dwelling on the issue of title defects. Title defects have been a cause of concern for the real estate market which the public believes is causing wrongful foreclosures and is a causing irregularities in the smooth transition of assets in the secondary market. As per a statement issued by the NTC, having property records ensures a clear title conveyance and reduces the risk of foreclosure and buyback in the real estate market.
Title defects occur when individuals or entities lay their claim on a property which in fact is owned by someone else. A title deed includes several factors that can render the title invalid like:
• Minor issues with wording in the documentation which does not bond with the real estate rules of a particular place.
• Not including the signatures of a concerned party involved in the transaction like a spouse and partner.
• Encumbrances and lien not yet removed from the title
• Failing to follow filing procedures while charting real estate documents
NTC has largely addressed this issue by revamping their website and making available following reports to the public:
• Tax Status Report
• Assignment Verification Report Services
• Current Owner Report including the ownership and encumbrance report
• Tax Status Plus Report
NTC has claimed that the data obtained by them comes from multiple sources and includes automation of services combined with human verification. NTC is confident that their procedures help them obtain accurate results as per the basic intention of the report. The company also recognizes a report’s financial impact if the client ordering the documents that are irrelevant to the user. NTC attributes the success it owes in the field to its understanding of the end result the client is expecting which is then corrected by customizing the reports with a correct set of data.