Today, we're diving into the world of title searches, a crucial but often overlooked aspect of real estate transactions.
Whether you're a seasoned professional or a first-time homebuyer, understanding the ins and outs of title searches can save you time, money, and potential headaches down the road. Join us as we demystify the process, share expert tips, and empower you with the knowledge you need to make informed decisions in your real estate journey. Let's get started on the exciting quest of unraveling the mysteries behind title searches!
Before we explain what a title search is, it is important to understand what title means.
Title is a legal term that means registered owner of a property.
Records associated with the title of a particular property are usually kept in a land registry office, which is responsible for record keeping. These records include deeds, court records, property and name indexes, and other documents related to the property.
Before you purchase a property, your lawyer conducts a title search to examine the property’s title history and ensure that the seller has the legal right to sell the property, and that there are no other encumbrances (such as liens, title claims, judgements, mortgages etc.) or property line issues that could prevent the buyer from taking full possession.
What Does a Title Search Show?
A title search clarifies the legal owner(s) of the property, any existing easements, leases, or restrictions that affect the property, any mortgages, judgements against the property, liens, or unpaid rental contracts (such as hot water tanks) that will need to be dealt with before the property can be sold to a buyer.
What if There Are Issues Found With The Title?
If title issues arise with the property you are purchasing, your lawyer will work with your seller’s lawyer to try to resolve. Often times, issues can be corrected prior to closing
What if There Are Issues Found With The Title?
If title issues arise with the property you are purchasing, your lawyer will work with your seller’s lawyer to try to resolve. Often times, issues can be corrected prior to closing.
What If a Title Issue is Discovered After Closing?
In case an issue is discovered on your title after you have closed your transaction, title insurance covers several situations and is meant to protect you against the unforeseen. For more information on title insurance, click here.
How Much Does a Title Search Cost?
Our transparent fees include a title search for purchases and refinances of properties. Depending on the extent of the searches required, you may incur some disbursements for service fees incurred for the searching the land registry.
I’m Refinancing, Why Do I Need a Title Search?
Your lender will likely require a new title search as a condition of refinancing. Lenders typically will need to see if there are any issues standing in the way of your property being fit to sell when approving refinancing transactions.
Unlock Your Seamless Closing Experience
Your Journey to a Worry-Free Closing Starts Here!
